Spilled

Phase Two of BP Trial Underway

The second phase of the multi-district litigation (MDL) against BP plc concerning the Macondo well blowout got underway Monday in New Orleans, with lawyers battling it over the amount of oil spilled into the Gulf of Mexico for 87 days beginning April 20, 2010.

October 1, 2013

Industry Briefs

A train derailment near the town of Parkers Prairie, MN, Wednesday morning spilled 20,000-30,000 gallons of crude oil into a field, but frozen, snow-covered ground was “a saving grace” that should keep environmental damage to a minimum, a Minnesota Pollution Control Agency (MPCA) spokesman told NGI’s Shale Daily. Fourteen of the Canadian Pacific Railroad train’s 94 cars derailed and oil from three of them was leaked, the spokesman said. “They’re going to be able to recover most, if not all” of the oil, according to MPCA spokesman Dan Olson. No injuries were reported.

March 28, 2013

California Butane Tanks Causing Safety Concerns

The fallout from last year’s fatal San Bruno natural gas transmission pipeline rupture has spilled into Southern California where two 40-year-old butane storage tanks operated by a unit of a Houston-based company are stirring up local safety concerns. Three different risk scenarios completed in the past two years have stimulated debate.

October 11, 2011

Dynegy Indicates Bankruptcy May Be Necessary

With an interim CEO and the report Tuesday that it spilled more red ink last year, Houston-based independent power producer Dynegy Inc. warned Wednesday in a 10-K Securities and Exchange Commission filing that it may file for bankruptcy if it doesn’t renegotiate new terms with its creditors. In the meantime, four new directors joined the Dynegy board on Wednesday.

March 10, 2011

Futures Sink as Rigs Hit 17-Month High

The natural gas futures market’s bearish momentum Thursday spilled over into Friday as the September contract recorded a low of $4.456 before closing the regular session at $4.467, down 13.1 cents from Thursday’s close and 45.6 cents lower than the previous week’s finish.

August 9, 2010

Futures Fall After Failing to Break ‘Major Resistance’

After reaching a two-month high for the spot contract on Tuesday at $4.494, the resulting tumble that began Tuesday afternoon spilled over into Wednesday’s regular trading session as June futures plummeted 18.4 cents to close at $4.158.

May 20, 2010

NatGas Futures Drop 45 Cents in Two Days

Downward price momentum from Tuesday spilled over into trade on Wednesday as natural gas futures flirted with support in the mid $12.60s. One day before expiration, the July contract recorded a low of $12.654 before closing out the regular session at $12.753, down 25.8 cents from Tuesday’s finish.

June 26, 2008

AEP Writes Down $1B in Assets, Plans to Cut Dividend, Work Force

American Electric Power (AEP) spilled its guts on Friday, announcing a long series of negative conditions, including the removal of about $1.6 billion in common equity from its balance sheet in the fourth quarter, plans to cut its dividend by 40% and reduce its work force, and fourth quarter and full-year net losses. But credit rating agency Standard & Poors expressed confidence in the measures the company is taking to right its financial ship. AEP shares fell sharply initially on Friday but ended the day down only 5% to $25.65.

April 24, 2003

AEP Writes Down $1B in Assets, Plans to Cut Dividend, Work Force

American Electric Power (AEP) spilled its guts on Friday, announcing a long series of negative conditions, including the removal of about $1.6 billion in common equity from its balance sheet in the fourth quarter, plans to cut its dividend by 40% and reduce its work force, and fourth quarter and full-year net losses. But credit rating agency Standard & Poors expressed confidence in the measures the company is taking to right its financial ship. AEP earnings fell sharply initially on Friday but ended the day down only 5% to $25.65.

January 27, 2003

California Crisis Sends Ripples Across Wall Street

The volatility in the California energy market finally spilledover into the stock market last week. The uncertainty over thefinancial health of California’s two largest utilities, SouthernCalifornia Edison and Pacific Gas and Electric, triggered panic onWall Street over the potential impact on many other energycompanies and even some utility lenders.

January 8, 2001