Triggered

Natural gas and oil drilling in Ohio could create 65,000 jobs and add nearly $5 billion to state coffers by 2014, according to an academic study.

Gene Isenberg, former CEO of Nabors Industries Ltd., has agreed to terminate his employment contract and waive a claim to $100 million that was triggered when the company promoted Anthony G. Petrello to CEO. Isenberg’s contract provided him with $100 million in cash and other bonuses under a severance-type payment. Nabors, which was criticized by shareholders when the contract terms were released, said Isenberg now is to receive no cash compensation and would forfeit about $7 million in deferred bonuses. Some of the proceeds are to be donated to charity. Isenberg’s estate is to receive a payment of $6.6 million, plus interest, when he dies. Isenberg, who had been CEO since 1987, retired in December but continues as chairman until June, when he is to become chairman emeritus.

In response to Japan’s earthquake/tsunami-triggered nuclear power plant crisis, the Nuclear Regulatory Commission (NRC) has launched a two-pronged review of the safety of U.S. nuclear plants, and state regulators in California and Arizona sought reviews of their plants.

In response to Japan’s earthquake/tsunami-triggered nuclear power plant crisis, the Nuclear Regulatory Commission (NRC) on Wednesday launched a two-pronged review of the safety of U.S. nuclear plants.

Conventional wisdom says the bursting of the real estate bubble triggered the nation’s latest recession. But a researcher at the University of Texas at Austin (UT) puts the blame on energy — or rather the fact that citizens were forced to pay a greater percentage of their incomes for energy.

Conventional wisdom says the bursting of the real estate bubble triggered the nation’s latest recession. But a researcher at the University of Texas at Austin (UT) puts the blame on energy — or rather the fact that citizens were forced to pay a greater percentage of their incomes for energy.

September natural gas futures fell quickly in what appeared to be aggressive technical selling Monday. The selling was nearly instantaneous and looked like it was triggered by a breach of last week’s lows. At the close of the day September fell 10.0 cents to $4.228 and the October contract retreated 10.1 cents to $4.249. September crude oil fell 15 cents to $75.24/bbl.

The Maritimes & Northeast Pipeline (M&N) said Tuesday that cold weather forecasts and high demand on the M&N system have triggered a number of restrictions that will be in effect until further notice. Shippers are required to schedule receipts commensurate with expected deliveries; meter operators are required to flow at scheduled volumes, and imbalance gas will not be allowed to be taken off of M&N’s system. More specifically, the pipeline said due shipper payback and/or due pipe creation imbalances will not be allowed. “If necessary, M&N may take action as permitted by the general terms and conditions of the M&N FERC Gas Tariff, including the issuance of OFOs, to minimize due pipe creation and/or due shipper payback imbalances,” M&N said.

Shale plays have triggered a “massive upward shift” in U.S. natural gas production and are driving unprecedented growth, with output from publicly traded exploration and production (E&P) companies in 2Q2008 up 6.7% year-over-year (y/y), according to data compiled by energy analysts.