Setback

BP’s Deepwater Thunder Horse Ramp-up Pushed to Mid-2008

BP plc plans to “retrieve and rebuild” all of the seabed production equipment from the Thunder Horse field in the deepwater Gulf of Mexico (GOM), a significant setback which could push the ramp-up to mid-2008 — as much as three years longer than originally anticipated.

September 25, 2006

BP’s Deepwater Thunder Horse Ramp-up Pushed to Mid-2008

BP plc plans to “retrieve and rebuild” all of the seabed production equipment from the Thunder Horse field in the deepwater Gulf of Mexico (GOM), a significant setback which could push the ramp-up to mid-2008 — as much as three years longer than originally anticipated.

September 19, 2006

AK Judge Rejects Antitrust Suit Against BP, Exxon Mobil

A federal judge dealt a setback Monday to the Alaska Gasline Port Authority (AGPA) with dismissal of the consortium’s antitrust complaint against Exxon Mobil and BP. The AGPA complaint charged Exxon Mobil and BP with conspiring to refuse to sell natural gas from the resources they control on Alaska’s North Slope (see Daily GPI, Dec. 21, 2005).

June 21, 2006

Merrill Lynch Suffers Setback in Legal Battle with Allegheny

U.S. District Judge Harold Baer, Jr. in Manhattan has agreed with Allegheny Energy that its counterclaims against Merrill Lynch should be heard by the court, particularly the charges regarding whether Allegheny was misled when it purchased Global Energy Markets (GEM) from Merrill in 2001 for $490 million and a 2% equity interest in the trading unit.

December 1, 2003

Merrill Lynch Suffers Setback in Legal Battle with Allegheny

U.S. District Judge Harold Baer, Jr. in Manhattan has agreed with Allegheny Energy that its counterclaims against Merrill Lynch should be heard by the court, particularly the charges regarding whether Allegheny was misled when it purchased Global Energy Markets (GEM) from Merrill in 2001 for $490 million and a 2% equity interest in the trading unit.

November 26, 2003

ICE Vows to Continue Legal Battle with Nymex, Say Ruling Isn’t a Setback

Bitter rivals IntercontinentalExchange (ICE) and the New York Mercantile Exchange (Nymex) had a public spat last week over a judge’s decision in their legal dispute over ICE’s use of Nymex settlement prices in ICE over-the-counter (OTC) contracts.

August 18, 2003

ICE Vows to Continue Legal Battle with Nymex, Say Ruling Isn’t a Setback

IntercontinentalExchange (ICE) took issue Thursday with an announcement made by the New York Mercantile Exchange (Nymex) a day earlier concerning a judge’s decision in their legal battle. Nymex had announced that the judge ruled on the merits on the case and dismissed four out of five counterclaims made by ICE against Nymex. But ICE said that’s not entirely true. In fact, the judge left open the possibility that ICE could file amended counterclaims and continue its fight (see Daily GPI, Aug. 14).

August 15, 2003

Without Fundamental or Technical Consensus, Futures Continue Choppy Trade

Rebounding from the 18-cent setback suffered by the market Friday, natural gas futures rebounded Monday as technical bullishness mixed with sympathy buying following the run-up in crude oil futures. In a mirror image to Friday’s session when prices shuffled lower throughout the day, Monday’s natural gas trading action saw its highest prices near the 2:30 p.m. EDT closing bell.

March 25, 2003

SEC Judge Rejects PUHCA Exemption Bid by Enron, PGE

In a decision that could prove to be a significant setback in Enron Corp.’s efforts to sell its Portland General Electric (PGE) subsidiary, a Securities and Exchange Commission (SEC) judge last week rejected a bid by the former energy trading giant to procure exemption status for itself and PGE from the Public Utilities Holding Company Act (PUHCA).

February 10, 2003

Ninth Circuit Overturns Injunction against Clinton ‘Roadless’ Policy

In a setback for oil and gas producers and other industries, the U.S. Court of Appeals for the Ninth Circuit earlier this month overturned a lower court’s preliminary injunction against implementation of the Clinton administration’s ban on road building in U.S. national forests, a move that now could put more than 58 million acres of forest lands off-limits to energy exploration and production, logging, recreational pursuits and other activities.

December 23, 2002