Predecessor

A year-old, privately held California micro exploration and production (E&P) company founded by former senior executives from a predecessor Chevron Corp. company (Texaco), Pacific Energy Development Corp. (PEDCO), plans to merge with publicly held Houston-based energy services firm Blast Energy Services to form a new publicly held company headed by PEDCO CEO Frank Ingriselli.

Sen. Bob Casey (D-PA) reintroduced legislation on Tuesday to increase regulations on hydraulic fracturing (hydrofracking), but the new bill is entering a different world than its predecessor.

The administration of Pennsylvania Gov. Tom Corbett continues to roll back natural gas development regulations put in place by its predecessor.

A debate over how to regulate the nascent Marcellus Shale industry in Maryland is progressing more subtly than similar debates in Pennsylvania or New York.

Chevron Corp. has agreed to pay nearly $45.6 million to resolve claims that it and predecessor companies (Texaco, Unocal Inc. and their affiliates) violated the False Claims Act by knowingly underpaying royalties owed on natural gas produced from federal and Indian leases, the U.S. Department of Justice (DOJ) said late last month. Three other producers previously settled with DOJ in the nearly 10-year-old case.

Chevron Corp. has agreed to pay nearly $45.6 million to resolve claims that it and predecessor companies (Texaco, Unocal Inc. and their affiliates) violated the False Claims Act by knowingly underpaying royalties owed on natural gas produced from federal and Indian leases, the U.S. Department of Justice (DOJ) said Wednesday. Three other producers previously settled with DOJ in the nearly 10-year-old case.

Harold J. “Bill” Haynes, former chairman and CEO of Chevron Corp.’s predecessor company Standard Oil Company of California, died Wednesday. He was 83. Haynes interrupted his college studies to join the U.S. Navy during World War II. He then graduated from Texas A&M University and began a 34-year career with Standard Oil. He was named president in 1969 and chairman and CEO in 1974. Haynes retired in 1981. He also spent 28 years as a consultant and adviser to the Bechtel companies, the Bechtel family and Fremont Group, a private investment company. “Bill drove tremendous growth in the company and solidified its preeminent position in the industry by the time of his retirement,” said Chevron CEO Dave O’Reilly. “He left an indelible mark on our company, and our industry, by encouraging open dialogue and challenging conventional thinking. He ushered in a new era of communication between the industry, public and news media on energy issues that was truly trend-setting. I speak for our board of directors and employees in saying we are deeply saddened by his passing.”

Eight years after an original royalties lawsuit was filed by the state of Alabama against predecessor company Exxon Corp. for unpaid gas royalties and three years after the verdict went against the company, ExxonMobil continues to argue that the $3.5 billion punitive damages award should be overturned. The matter was argued before the Alabama Supreme Court last Tuesday, but the court did not give any indication on when it would rule.

Eight years after an original royalties lawsuit was filed by the state of Alabama against predecessor company Exxon Corp. for unpaid gas royalties and three years after the verdict went against the company, ExxonMobil continues to argue that the $3.5 billion punitive damages award should be overturned.