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.
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Goldman Sachs on Friday joined two other analyst houses in boosting U.S. natural gas price forecasts, recommending that investors position themselves for “higher prices over the course of 2013.” The gas rig count also is predicted to surpass the 500 mark by the end of the year.
In an attempt to leverage the state’s two biggest industries, North Dakota is considering construction of a world-scale, $1.5 billion nitrogen fertilizer plant. The plant could make use of some of the state’s natural gas now being flared in the face of low prices to fuel the facility, while the North Dakota Corn Growers Association (CGA) would use the plant to make anhydrous ammonia.
Directors of Australia-based Eureka Energy Ltd. have rejected a proposal from Fort Worth-based Lonestar Resources Inc. for Eureka to acquire Lonestar for scrip consideration. Eureka said it had expected to reject the proposal when it was received last week. “Nevertheless, over the weekend the company pursued discussions with Lonestar with the objective of securing a proposal on more favorable terms,” Eureka said. “The parties were unable to agree on terms, and consequently Lonestar has withdrawn the proposal.” An offer by Australia’s Aurora Oil & Gas Ltd. to acquire Eureka expires Friday (see Shale Daily, June 11). Both Aurora and Eureka have assets in the Eagle Ford Shale of South Texas, as does Lonestar. On Wednesday Eureka said “it is reasonable to accept” the Aurora offer after previously recommending that shareholders reject it.
A state regulatory judge last Friday indicated that he is recommending that the California Public Utilities Commission (CPUC) give a green light to a proposal to develop an underground natural gas storage field under a residential neighborhood in the southeast corner of Sacramento, but the assigned CPUC member has filed an alternative.
A panel of West Virginia lawmakers approved three amendments to a draft Marcellus Shale regulatory reform bill on Monday, recommending that the state expand the public notice and comment period over drilling activities and change the way it hires natural gas well inspectors.
A public commission established earlier this year to guide Marcellus Shale policy in Pennsylvania is recommending that the state consider an impact fee on natural gas drillers and look at conservation statutes that include forced pooling, among 96 total recommendations.
The California Energy Commission (CEC) last Thursday unanimously approved its 2009 Integrated Energy Policy Report (IEPR), recommending a fresh mix of strategies for lowering the state’s greenhouse gas (GHG) emissions along with maintaining reliable, efficient and affordable energy supplies. The focus continued to be on reliability and renewable resources in this latest annual update of the report that goes to the governor and legislature.
With its board recommending that shareholders reject the unsolicited Exelon Corp. offer and proposed expansion of its board, Princeton, NJ-based NRG Energy Inc. has mailed proxy materials to shareholders for its July 21 annual meeting. Exelon, based in Chicago, responded less than a day later with a proxy mailing of its own.