Shell president downplays end of drilling ban –U.S. Shell Oil Co. President Marvin Odum has said that he’s optimistic that drilling could take place off the Atlantic and Pacific coasts in the next few years, but that there are still major challenges ahead that could prevent new production, including interference by Congress. [Source: Rigzone] Chavez calls for creation of oil bank...
Energy Industry Archive
September 2008
The Company: Basic Energy, servicing every stage in the well lifecycle. The Filing: Form 10-Q filed with the SEC on August 2008. The Finding: On September 9, Ken Huseman, Chief Executive Officer of Basic Energy Services, said selected operating data for August 2008 — utilization in well servicing and drilling segments — signaled that the company was successfully leveraging its...
Gulf production hit harder than thought by Ike — The federal Minerals Management Service has revised its calculation of Gulf rigs destroyed or severely damaged by Hurricane Ike. At present, Gulf oil production stands at 48 percent and natural gas at just over 47 percent. Twenty-three rigs have been confirmed destroyed and 111 of 694 manned platforms currently stand evacuated. [Source:...
The Company: Patterson-UTI Energy, one of the largest onshore drilling contractors in North America. The Filing: FORM 10-Q filed with the SEC on August 1, 2008. The Finding: The North American gas drilling industry suffered an earthquake of uncertain magnitude last week when Chesapeake Energy, third-largest overall producer of natural gas in the US, slashed its drilling capital expenditure...
The Company: Capstone Turbine Corp., a producer of low-emission microturbine systems. The Filing: Registration Statement filed with the SEC on September 18, 2008. The Finding: Capstone Turbine expects to raise $29.5 million through an offering of common stock (and warrants). In large part, the proceeds will be used for continued performance testing and commercial production of its C200...
The Company: TransCanada, an energy infrastructure company. The Filing: September 10, 2008 Project Update Presentation. The Finding: On September 3, TransCanada said it acquired the Bison Pipeline project from Northern Border Pipeline Co in order to attract US Rockies producers who are interested in moving their growing natural gas production to US Midwest markets. Left unsaid, however, was...
Areva and Duke team to develop biomass — French nuclear power giant Areva and Duke Energy are planning a joint venture to develop biomass power plants in the U.S. Areva is to will design and build the plants and Duke Energy it to manage them. [Source: StrategyEye] Confluence raises $12.7 million — Confluence Solar has raised nearly $13 million in a Series A round from Convexa...
The Company: China Sunergy, a solar cell product manufacturer. The Filing: FORM 6-K filed with the SEC on August 25, 2008. The Finding: For the latest second-quarter, China Sunergy said its gross profit was $11.6 million, which led to a blended gross margin of 10.4 percent, up from 4.9 percent in the quarter ended June 2007. An average higher selling price (ASP) resulting from the shipment of...
T. Boone Pickens loses big in market turn — Billionaire oil man, T. Boone Pickens, author of the “Pickens Plan” to get the U.S. out of the pocket of foreign fossil fuel producers, apparently took a wrong turn in the oil market that has cost him some $1 billion. “Well, that’s about it. We missed the turn, and when you miss the turn at the level we operate, well, it is going...
Oglethorpe Power Corporation last week announced plans to build as many as three 100 megawatt biomass energy plants in Georgia. The news comes on the heels of our post last week that Nacogdoches Power, LLC got the controversial go-ahead to build a single 100 megawatt facility to power the city of Austin, Texas. Oglethorpe says it has secured options for five potential sites for the three plants...
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- Clinton: Energy Efficiency Is Not Sexy, But Important Low-Hanging Fruit
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