ExxonMobil Urges Shareholders to Defeat Shale Proposals

Shareholders once again are urging ExxonMobil Corp. to report how its natural gas operations in shale formations impact the environment. The oil major once again is recommending the proposal be defeated.

April 15, 2013


The Natural Gas Supply Association (NGSA), which represents major natural gas producers and marketers, said Greg Vesey, president of Houston-based Chevron Natural Gas, was elected chairman of the association for a two-year term. Vesey is responsible for marketing natural gas to wholesale and large end-use customers throughout North America, as well as contributing to the growth of Chevron’s European gas business. NGSA’s other officers for the 2013-2014 period are Bill Green of Devon Energy, who has been elected vice chairman; and Frans Everts of Shell, who is serving as secretary/treasurer. R. Skip Horvath will continue as president and CEO of the NGSA.

April 5, 2013

BP Selling U.S. Wind Unit, Focusing on Oil, Natural Gas

BP plc is putting its U.S. wind energy business on the market to refocus on growing its oil and natural gas operations, the operator said Wednesday.

April 4, 2013

Industry Briefs

Major environmental groups leading opposition to the northern portion of the proposed $7 billion, 1,700-mile Keystone XL oil pipeline project from Alberta to refineries in the Gulf of Mexico region lashed out at the U.S. State Department last Friday for not making public the comments being collected on the project’s draft supplemental environmental impact statement (see Shale Daily, March 4). Effectively, the only way to hear and respond to public comments on the draft study will be at a hearing scheduled for April 18 in Grand Island, NB, said a Friends of the Earth spokesperson, calling the move “unusual.” This is prompting the foes of Keystone XL to claim the State Department is violating public transparency practices followed by other federal agencies regarding draft environmental studies. The stakeholders are in the middle of a 45-day comment period on the proposed northern portion of TransCanada Corp.’s controversial tar sands oil pipeline from Western Canada to Cushing, OK.

April 2, 2013

SandRidge’s Next Hurdle: Shareholder Lawsuits

SandRidge Energy Inc. was able to come to terms with a hedge fund that sought to revamp the company’s leadership, but some shareholders apparently think the changes don’t go far enough.

April 1, 2013

Stakes Raised on California Nuke Outage

The majority owner-operator of one of two major California nuclear generating plants is seeking a short cut to restart at least partially one of two 1,100 MW units this summer at the same time the state grid operator is publicly expressing growing concerns about the idle plant.

March 26, 2013

ExxonMobil Builds Woodford War Chest

ExxonMobil Corp.’s quest to remain the biggest operator in the Ardmore Basin’s Woodford Shale remains on track after the super major agreed to pay $147.5 million to buy the bulk of BNK Petroleum Inc.’s leasehold in the Tishomingo Field.

March 25, 2013

Industry Briefs

BP plc completed a landmark transaction with Russian oil giant OAO Rosneft, which gives the London-based major a 20% stake in what now is the world’s largest publicly traded oil company. BP is using some of the proceeds to buy up to $8 billion of its shares over the next 12-18 months. BP agreed to sell its half-stake in Russian explorer TNK-BP to Rosneft for $17.1 billion in a cash-and-stock transaction, which gave it a 12.84% stake in the company (see NGI, Oct. 29, 2012). BP already held 1.25%, and it used $4.8 billion of the cash it received to buy another 5.66% stake. Rosneft bought the other half of TNK-BP from Alpha Group Consortium. In total, Rosneft’s transactions are worth an estimated $55 billion.

March 25, 2013

BP Completes Landmark Rosneft Tie-Up

BP plc on Thursday completed a landmark transaction with Russian oil giant OAO Rosneft, which gives the London-based major a 20% stake in what now is the world’s largest publicly traded oil company.

March 22, 2013

Murkowski, Landrieu Propose Bill to Share Offshore Energy Revenue

Sens. Mary Landrieu (D-LA) and Lisa Murkowski (R-AK), who represent major offshore oil and natural gas producing states, are expected to introduce legislation Wednesday aimed at capturing a greater share of the revenues for the coastal states.

March 20, 2013