Dollars

With dry gas prices continuing to disappoint, the oil and liquids-rich Eagle Ford Shale in South Texas is continuing to draw numerous investors and billions of dollars from near and far, including most recently China’s CNOOC Ltd. (China National Offshore Oil Corp.) in a deal valued at more than $2 billion.

Possible sales of hundreds of millions of dollars in assets by the nation’s largest municipal utility to help avoid large rate increases are still being considered, according to Austin Beutner, the acting head of the Los Angeles Department of Water and Power (LADWP). An upcoming integrated resource plan is expected to show more detailed plans.

Oil and gas heavyweight ConocoPhillips said last week it is planning on divesting billions of dollars in assets over the next two years as part of a plan to improve its financial position and increase returns on capital. The company said it plans to achieve its goals through a combination of enhanced capital discipline and portfolio rationalization.

Oil and gas heavyweight ConocoPhillips said Wednesday it is planning on divesting billions of dollars in assets over the next two years as part of a plan to improve its financial position and increase returns on capital. The company said it plans to achieve its goals through a combination of enhanced capital discipline and portfolio rationalization.

Even though California utilities have been spending billions of dollars pushing renewables and energy efficiency while preparing for stringent greenhouse gas (GHG) emission restrictions that start in 2012, a host of legislative proposals dealing with all of those issues and more were kicked around in an all-day meeting of the state Senate Energy, Utilities and Communications Committee last Tuesday. Most of the 34 items passed.

Even though California utilities have been spending billions of dollars pushing renewables and energy efficiency while preparing for stringent greenhouse gas (GHG) emission restrictions that start in 2012, a host of legislative proposals dealing with all of those energy issues and more were kicked around in an all-day meeting Tuesday of the state Senate Energy, Utilities and Communications Committee. Most of the proposals among an agenda packed with 34 items were passed after being amended with agreement from their authors.

The former CEO and former CFO of Quest Resource Corp. last week were sued by the Securities and Exchange Commission (SEC) for allegedly siphoning millions of dollars from the Oklahoma City-based producer. Separately a federal grand jury in Oklahoma City issued a criminal indictment against the CFO.

The former CEO and former CFO of Quest Resource Corp. have been sued by the Securities and Exchange Commission (SEC) for allegedly siphoning millions of dollars from the Oklahoma City-based producer.

Six coastal states will share nearly half a billion dollars from offshore oil and natural gas revenues in fiscal years (FY) 2009 and 2010 to help restore and protect coastal wetlands, wildlife habitat and marine areas, Interior Secretary Ken Salazar said Monday.