Strong support by descendants of John D. Rockefeller, who founded forerunner Standard Oil, failed to persuade ExxonMobil Corp. shareholders Wednesday to vote in favor of creating an independent chairman. Shareholders also defeated measures to require goals to be set to reduce greenhouse gas (GHG) emissions.
Failed
Articles from Failed
Industry Briefs
In what brings to an end nearly all the major lawsuits still pending against the failed energy trader formerly known as Enron Corp., Citigroup will pay Enron Creditors Recovery Corp. $1.66 billion under terms of a MegaClaims settlement approved by the U.S. Bankruptcy Court for the Southern District of New York. The settlement was reached March 26, Enron said. Citigroup also agreed that indemnification claims, to which the bankruptcy court had already established a $4 billion claim reserve, and an additional $249.4 million of claims against the Enron estate held by the bank, would be waived. In addition to the cash settlement, about $1.7 billion of cash held in a disputed claims reserve will be included in a special distribution to creditors in the near term, Enron said. “The settlement with Citigroup marks an important milestone in winding up the Enron estate,” said Enron CEO John Ray III. “Upon implementation of the settlement, the Enron estate expects to return approximately $5 billion to creditors, which brings us to nearly $20 billion in total returned to creditors.”
Prices Continue Advance at Nearly All Points
Only three scattered points failed to see March-ending prices continue to advance Friday, and their losses were small at 2-5 cents. The rest of the market remained on an upward track as cold weather stubbornly refused to leave northern market areas, and chilly conditions were slated to return in the eastern South. The weekend decline of industrial load apparently had little impact on pricing.
DC Judge Sides with Native Americans Against Interior Over Royalties
A district judge in Washington, DC, said last week that the Department of Interior has failed to provide a workable plan to account for the oil and natural gas royalties that Native Americans claim they are owed, giving the plaintiffs a big win in an ongoing effort to recover trust monies.
DC Judge Sides with Native Americans Against Interior Over Royalties
A district judge in Washington, DC, said Wednesday the Department of Interior has failed to provide a workable plan to account for the oil and natural gas royalties that Native Americans claim they are owed, giving the plaintiffs a big win in an ongoing effort to recover trust monies.
Enron Shareholders Could Reap Record Payout
Enron Corp. shareholders could see a record payout from the failed energy trader, with average payouts of $6.79/share for common stock and $168.50/share for preferred stock, under a court agreement that would settle a 2001 class action lawsuit. The settlement is expected to be finalized in a Houston courtroom in February.
Enron Shareholders May See Record Payout
Enron Corp. shareholders could see a record payout from the failed energy trader, according to court documents. Average payouts are expected to be $6.79/share for common stock and $168.50/share for preferred stock in an agreement to settle a 2001 class action lawsuit that is expected to be finalized in February.
Benefits of Oil’s Spike Largely Lost to Canadian Producers
Envy instead of glee was the dominant mood among Canadian producers as Alberta natural gas failed to take off when international oil prices shot up into the $100-a-barrel-plus stratosphere.
Benefits of Oil’s Spike Largely Lost to Canadian Producers
Envy instead of glee was the dominant mood among Canadian producers as Alberta natural gas failed to take off when international oil prices shot up into the $100-a-barrel-plus stratosphere.
Amaranth, Traders Lose Bids to Block FERC Enforcement Action
A federal appeals court in Washington, DC last Thursday denied the requests of failed hedge fund Amaranth Advisors LLC and a former trader to stay FERC’s enforcement actions against them for alleged manipulation of natural gas markets. The order came two days after the U.S. District Court in Washington denied another former Amaranth trader’s bid to enjoin FERC from moving forward with the enforcement against him.