Tag / Late



BP: Market Manipulation Allegations ‘Without Merit’

BP plc’s former chief of natural gas liquids trading has accused the company of wrongfully firing him to manipulate the U.S. market.

February 5, 2013

McClendon Cites ‘Philosophical Differences’ with Board

Chesapeake Energy Corp. CEO Aubrey McClendon, whose retirement from the company he founded 24 years ago was announced late Tuesday, told employees in an email that the departure centered on some differences with the board of directors.

January 31, 2013

Chesapeake’s McClendon Loses Bonus, Some Perquisites

Chesapeake Energy Corp.’s board is withholding CEO Aubrey McClendon’s 2012 bonus and has cut some of his perquisites, according to a filing late Monday with the Securities and Exchange Commission.

January 9, 2013

Industry Brief

Dow Chemical Co. began producing on-spec ethylene in late December at its St. Charles Olefins 2 Plant near Hahnville, LA, the company said. “The start-up of our St. Charles ethylene plant represents the first major milestone within our U.S. Gulf Coast investment strategy,” said Brian Ames, president, of Dow’s olefins, aromatics and alternatives business. “This action further reduces the company’s purchased ethylene, lowering costs and strengthening the competitiveness of our high-margin, high-growth derivatives businesses.” Restart of the plant had been previously announced and is part of the company’s plan to further connect its U.S. operations with cost-advantaged feedstocks from U.S. shale gas (see Shale Daily, Dec. 13, 2012). “Plans to increase ethylene and propylene supply and ethane cracking capabilities at existing U.S. Gulf Coast facilities strengthen the competitiveness of Dow’s performance plastics, performance products and advanced materials businesses and enable profitable growth in the Americas,” the company said. The St. Charles plant was idled in January 2009 and is now expected to deliver a $150 million increase in earnings before interest, taxes, depreciation and amortization this year.

January 8, 2013

Industry Briefs

The City of Dallas Plan Commission late Thursday voted unanimously to deny without prejudice an application by Trinity East Energy LLC for specific use permits to perform the first natural gas drilling within the city limits. The commission refused to recommend to Dallas City Council approval of the company’s plans to drill on two city-owned sites and one private site in northwest Dallas. The city-owned sites are in a floodplain, and the private site is near where a soccer complex is being developed. Drilling in a floodplain is against city ordinance, and council would need to amend the city’s floodplain ordinance before voting on zoning approvals for drilling. The city has yet to adopt a new ordinance to deal with gas drilling despite the completion earlier this year of a set of recommendations developed by the Dallas Gas Drilling Task Force (see Shale Daily, Dec. 10). Dallas City Council next month is expected to have the final say on Trinity’s request.

December 26, 2012

Colorado Producers Challenge Longmont’s Fracking Ban

The Colorado Oil and Gas Association (COGA) late Monday filed a lawsuit in a county district court seeking to invalidate the city of Longmont’s ban on hydraulic fracturing (fracking) within its city limits. COGA told the court the resolution essentially is a ban on oil/natural gas drilling.

December 20, 2012

Marcellus Lifts Cabot to Record Natural Gas Production

Cabot Oil & Gas Corp. late Tuesday said for the first time in its history the Marcellus Shale operations surpassed 1 Bcf/d gross of natural gas production, primarily because of new wells and additional infrastructure.

December 20, 2012

New York Landowners Start Legal Fund to Target Frack Bans

A landowners group in central New York that supports natural gas development has established a legal fund to fight local bans and moratoriums on hydraulic fracturing (fracking).

December 13, 2012

Canada OKs Nexen-CNOOC Deal

The Canadian government late Friday approved the C$15.1 billion takeover of Canada’s Nexen Inc. by CNOOC Ltd., an arm of state-controlled China National Offshore Oil Co.

December 10, 2012

Helmerich’s Land-Rig Migration to Horizontal Almost Complete

Riding high on record profits and continuing efficiencies, the contract drilling sector nevertheless faces uncertainties during the first half of next year that require patience and flexibility, said the CEO of Tulsa-based Helmerich & Payne Inc. (HP).

November 16, 2012