California regulators have approved a general rate case settlement agreement for Pacific Gas and Electric Co. (PG&E) for 2017-2019 that includes an $88 million (1.1%) increase this year, pushing the San Francisco-based combination utility’s overall authorized revenue level to slightly above $8 billion. The settlement includes small decreases for natural gas and electric distribution operations and a $153 million increase for electric generation this year, while authorizing collective increases of more than $800 million for the subsequent two years — $444 million (5.5%) next year and $361 million (4.3%) in 2019. The California Public Utilities Commission (CPUC) noted that the revenue levels would allow PG&E to provide “safe, reliable service.” CPUC President Michael Pickercalled the settlement “a compromise” that significantly reduces a revenue requirement that was originally sought by PG&E.
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Schlumberger’s North American Activity Climbing as Equipment Redeploys, Pricing Accelerates
Schlumberger Ltd. has begun to rapidly pull idled hydraulic fracturing equipment off the stacks and is rehiring people in North America to build on a long-awaited recovery for the oil and gas business.
Superior Energy Positions Permian Over Pennsylvania as Completions Activity Dominates
Global completions expert Superior Energy Services Inc. is reactivating pressure pumping equipment and relocating business to the Permian Basin from Pennsylvania as onshore activity in West Texas and southern New Mexico continues to escalate.
Helmerich & Payne Raising High-Spec Rigs, Adding People as U.S. Onshore Gets Back to Work
Exploration and production customers are adding drilling rigs in all of the U.S. basins in which Helmerich & Payne Inc. (H&P) works, leading the contract driller to increase its capital spending and boost its workforce, executives said Thursday.
Schlumberger Puts North American E&Ps on Notice: Expect More Aggressive Pricing
Healthier commodity prices are sending oil and natural gas producers back to work, which sets the stage for Schlumberger Ltd. (SLB) to begin a push for higher prices for its services, CEO Paal Kibsgaard said Friday.
Senate Votes to Proceed With Revenue Sharing Bill
Lawmakers in the U.S. Senate convened Thursday to resume consideration of a bill that calls for revenue sharing among states involved in existing, new or future energy production from both onshore and offshore leasing areas.
U.S. Onshore E&Ps Still Shying Away From Activity, Says Superior Energy Chief
Houston-based completions specialist Superior Energy Services Inc. has seen a smattering of an upturn in U.S. onshore markets, but customers still are not inclined to boost activity levels, CEO David Dunlap said Tuesday.
Halliburton Sees Green Shoots, Surprises to Upside in 3Q, with North American Revenue Jumping 9%
Halliburton Co., the largest pressure pumper and completions expert in North America, swung to an unexpected profit in the third quarter, driven by “relentlessly managing costs” and a slightly improving market, CEO Dave Lesar said Wednesday.
Three Top North American Drilling Contractors Encouraged by E&P Momentum
A trio of contract drillers that work in North America’s onshore — Helmerich & Payne Inc. (H&P), Patterson-UTI Energy Inc. and Pioneer Energy Services — said Thursday the oil and gas environment remains challenging, but each reported encouraging signs that an upturn may be in the works.
Baker Hughes Lays Off 3,000 in 2Q, Expects ‘Slow Grind Upwards For North America’
Responding to declining revenues amid continued commodity price pressures, Baker Hughes Inc. (BHI) looked to cut costs during the second quarter, including 3,000 layoffs as part of an organizational overhaul.