Energy Roundup: Anadarko's Triple Play, Salazar Quashes Leases, and More

Anadarko strikes oil twice, reports tripled profits – Anadarko Petroleum, one of the nation’s largest independent oil and gas producers, hit pay dirt twice this week when it announced back-to-back deepwater Gulf of Mexico oil discoveries. The news came on the heels of its fourth-quarter earnings, where the Houston-based company reported that net income more than tripled from the same period last year. [Source: EnergyCurrent; MarketWatch]

Salazar just says no to drilling leases — The U.S. government will lose up to $7.5 million in bids because Interior Secretary Ken Salazar nullified 77 oil and natural gas leases that were auctioned off back in December. Salazar canceled the leases because of their proximity to national parks and concerns over proper environmental reviews. Environmentalists applauded the move while one oil industry group criticized it, asking if it undermines President Obama’s energy agenda. [Source: Bloomberg]

Borrego raises $14M for expansion — Borrego Solar Systems, one of the country’s fastest growing private energy companies, managed to secure a chunk of venture capital despite the recession. The solar company, which reported $60 million in revenue for 2008, will use the $14 million in venture financing to expand its design and installation operation in the Mid-Atlantic states and to make other efficiency improvements. [Source: Renewable Energy World]

Xcel, atmospheric researchers team up to tackle fickle wind– Scientists with the Boulder, Colo.-based National Center for Atmospheric Research will develop a prototype wind forecast system aimed at giving detailed predictions for Xcel Energy’s wind farms. The system, which will help maximize wind generation, is expected to save Xcel up to $12 million in the first two years. [Source: Reuters; Tech Fragments]

Beleaguered Flying J cuts staff, seeks pipeline buyer — Flying J, a private oil company that filed for Chapter 11 bankruptcy in December, is laying off 200 workers and putting its 700-mile Texas pipeline up for sale in an effort to cut costs and pay off its creditors. The Ogden, Utah-based company is also eyeing a sale of its Bakersfield, Calif., refinery, which it shut down last month. [Source: Salt Lake Tribune]