Fiscal

New Jersey Resources (NJR) reported first quarter fiscal year 2010 earnings of $27.4 million (66 cents/share), down 15.7% compared with $32.5 million (77 cents/share) in 1Q2009. The decrease was due primarily to lower earnings at the company’s wholesale natural gas subsidiary, New Jersey Natural Gas (NJNG), partially offset by increased earnings from the midstream asset segment.

Domestic producers slammed President Obama’s fiscal year (FY) 2011 budget proposal to roll back $36.5 billion in tax breaks for oil and natural gas over the next 10 years.

President Obama’s budget proposal to repeal in fiscal year (FY) 2011 $36.5 billion in tax breaks for the oil and natural gas industry — notably the popular expensing of intangible drilling costs (IDC), which independent producers contend is critical to their business — will meet with resistance in Congress, say energy analysts with FBR Capital Markets (see Daily GPI, Feb. 2).

Domestic producers slammed President Obama’s fiscal year (FY) 2011 budget proposal to roll back $36.5 billion in tax breaks for oil and natural gas over the next 10 years.

President Obama’s budget proposal to repeal in fiscal year (FY) 2011 $36.5 billion in tax breaks for the oil and natural gas industry — notably the popular expensing of intangible drilling costs (IDC), which independent producers contend is critical to their business — will meet with resistance in Congress, say energy analysts with FBR Capital Markets (see Daily GPI, Feb. 2).

In rolling out the Interior Department’s budget request of $12.2 billion for fiscal year (FY) 2011, Secretary Ken Salazar Monday said the department would initiate a rulemaking next year to increase onshore royalty rates for oil and natural gas production on federal land.

In rolling out the Interior Department’s budget request of $12.2 billion for fiscal year (FY) 2011, Secretary Ken Salazar Monday said the department would initiate a rulemaking next year to increase onshore royalty rates for oil and natural gas production on federal land.

Offshore lease owners and operators will be subject to new fees to recover costs of inspections conducted during fiscal 2010, the Department of Interior’s Minerals Management Service (MMS) said.

Montana Gov. Brian Schweitzer will lead the Western Governors’ Association (WGA) in its coming fiscal year, following the conclusion of the WGA annual meeting Tuesday in Park City, UT. Idaho Gov. C. L. “Butch” Otter was elected as the new vice chairman for the group, which is leading an aggressive effort for regional climate change initiatives addressing more renewable generation and major electric transmission lines throughout the West. “Western states are at the very center of our country’s energy future, and Western governors will take the lead in building the bridge to a new energy economy,” Schweitzer said. WGA closed its three days of meetings by focusing on ways to foster more international cooperation (throughout North American and beyond) on energy and the environment. Earlier, the governors adopted a series of policy resolutions that called for “several actions to foster development of clean energy resources and reduce greenhouse gas emissions” (see Daily GPI, June 16).