President Obama last Tuesday signed an executive order calling for a government-wide review of regulations that are presumed to discourage job creation and make the U.S. economy less competitive.
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Obama Seeks to Shed Conflicting, Costly and ‘Just Plain Dumb’ Rules
President Obama Tuesday signed an executive order calling for a government-wide review of regulations that are claimed to discourage job creation and make the U.S. economy less competitive.
Browner: Gas Needs to Be ‘Bigger Part of Our Energy Future’
While Obama administration policies may tend to discourage the development of natural gas on public lands, environmental czar Carol Browner last Monday said natural gas is critical to the nation’s energy future.
Browner: Gas Needs to Be ‘Bigger Part of Our Energy Future’
While Obama administration policies may tend to discourage the development of natural gas on public lands, environmental czar Carol Browner Monday said natural gas is critical to the nation’s energy future.
ConocoPhillips CEO Suggests Energy-Price Insurance for New Ventures
ConocoPhillips CEO Jim Mulva cautioned Congress last week about imposing new taxes on oil and natural gas producers, which he said would discourage production in U.S. basins on- and offshore.
ConocoPhillips CEO Says No Silver Bullet for Energy Needs
ConocoPhillips CEO Jim Mulva Thursday cautioned Congress about imposing new taxes on oil and natural gas producers, which he said would discourage production in U.S. basins on- and offshore.
Industry Briefs
To discourage a hostile takeover, Houston Exploration Co.’s board of directors has adopted a shareholder rights plan that may be exercised if any group — with the exception of 24% shareholder KeySpan Corp. — acquires or announces a tender offer for 10% or more of the company’s outstanding common stock. The “poison pill” plan was not in response to any specific effort to acquire the independent producer, it said in a statement. Rather, it is designed to “assure that all stockholders of the company receive fair and equal treatment in the event of any proposed takeover of the company and to guard against two-tier or partial tender offers, open market accumulations and other tactics designed to gain control of the company without paying all stockholders a fair price.” CEO William G. Hargett said the plan was adopted “in light of recent acquisition activity in our sector, continuing volatility in commodity prices, and the prospect of KeySpan divesting their remaining interest in our company. Given the cyclical nature of our sector these plans are very common and have been adopted by virtually all of our peers, allowing the board of directors to ensure equal and fair treatment of all stockholders in an acquisition context.” In May, KeySpan successfully completed a $449 million exchange transaction with Houston Exploration that reduced its ownership from 55% to 24% (see NGI, May 31).
Houston Exploration Adopts Plan to Prevent Hostile Takeover
To discourage a hostile takeover, Houston Exploration Co.’s board of directors on Thursday adopted a shareholder rights plan that may be exercised if any group — with the exception of 24% shareholder KeySpan Corp. — acquires or announces a tender offer for 10% or more of the company’s outstanding common stock.
AGA, NRDC Say Current Utility Rate Designs Discourage Conservation, Energy Efficiency
If regulators want to see lower gas prices and meet the public’s call for more energy conservation, gas utility rate designs must be changed, the American Gas Association (AGA) and the Natural Resources Defense Council (NRDC) said last week in an unusual joint statement.
AGA, NRDC Say Current Utility Rate Designs Discourage Conservation, Energy Efficiency
Most local gas utilities earn a profit based on the volume of gas they deliver, which penalizes them for encouraging conservation and energy efficiency. If regulators want to see lower gas prices and want to meet the public’s call for more energy conservation, rate designs have to be changed, according to the American Gas Association (AGA) and the National Resources Defense Council (NRDC).