An Alabama jury on Friday returned an $11.9 billion judgment against Exxon Mobil Corp. over disputed natural gas royalties. The jury, which deliberated after a four-week trial, awarded the state $63.6 million in compensatory damages and $11.8 billion in punitive damages. The award was more than $9.3 billion than Alabama’s attorneys had asked for.
Loses
Articles from Loses
Proposed CA Law on Energy Indexes Loses Steam
Even before the utility-state regulators bankruptcy settlement emerged, a high profile state legislative proposal (SB 173) to address what some lawmakers perceived as “unreliable” energy price indexes failed to move from its house of origin in the California Senate to the legislature’s lower house assembly. The failure to meet the June 6 state legislative deadline renders the proposal virtually dead for this year with the possibility it could re-emerge next year as a so-called “two-year bill.”
Spreading Frigid Weather Loses Price-Boosting Impact
The cash market failed to derive much new strength Wednesday from a polar air mass continuing to dominate the weather picture in the northern half of the U.S. from the Rockies eastward and starting to spread into parts of the Southeast, not to mention a soaring screen. Instead, most points ranged from a nickel or so higher to down about 20 cents, with considerably greater declines recorded at Northeast citygates.
Energy Experts: FERC Can Extract ‘Pound of Flesh’ If El Paso Loses
If FERC should find El Paso Corp. affiliates manipulated natural gas prices in California, some energy industry experts believe the Commission has “very broad authority” to take disciplinary action against the energy corporation and essentially could destroy it, while others believe the agency’s remedial powers are “somewhat limited.”
Harsh Winter Weather Loses Price-Boosting Power
Severe winter-like conditions continued to tighten their icy grip Wednesday, but only San Juan/Rockies points were still experiencing rising prices. Perhaps in anticipation of an approaching easing of the harsh weather blanketing Canada and most of the U.S. from the Rockies eastward, most of the cash market fell between about a nickel and 20 cents. Some Northeast citygates saw losses approaching half a dollar, while others rose a dollar or more.
Long Beach City Utility Goes After New Gas Supplies; Loses Local Source
After historically having about one-third of its fuel supplies available right in its own backyard from local production, the port city of Long Beach, CA Tuesday went into the market for up to 10 Bcf of supplies for between one and five years to serve this city of nearly half a million 25 miles southeast of downtown Los Angeles.
Long Beach City Utility Goes After New Gas Supplies; Loses Local Source
After historically having about one-third of its fuel supplies available right in its own backyard from local production, the port city of Long Beach, CA Tuesday went into the market for up to 10 Bcf of supplies for between one and five years to serve this city of nearly half a million 25 miles southeast of downtown Los Angeles.
Dynegy Loses Interim Chair, Moody’s Downgrades Once Again
Concerns about the amount of cash that Dynegy Inc. and its subsidiaries will be able to generate, and the continuing worries about the energy merchant’s ability to refinance debt obligations not due until next year, led Moody’s Investors Service to downgrade the Houston-based company’s credit ratings on Thursday. Those included in the latest cuts were parent corporation Dynegy Inc., Dynegy Holdings Inc., its primary operating subsidiary, and that of Illinois Power, its largest utility.
Next-Week Weather Loses Its Price-Raising Magic
The National Weather Service (NWS) reaffirmed that next week’s colder temperatures — on which many traders had based price hikes earlier this week — are still there, but apparently their market strength had already been milked for all they were worth. Quotes were in mild to moderate retreat in all regions Thursday.
Weather-Induced Rally Loses Steam as Traders Turn to Storage
Bullied by winter weather — both outside their windows and in the latest forecasts — futures traders were quick to react Wednesday morning as they propelled natural gas prices above the $3.00 mark for the first time since November. In dramatic fashion, the January contract not only gapped higher on the open, but also gapped above psychological support at $3.00. However, after posting its $3.02 opening trade, the market fell lower throughout the session as traders looked apprehensively to today’s release of fresh storage data. The prompt month settled with a slim, 1.6-cent advance at $2.911, more than a dime off its high for the session.