Replacements for ousted StatoilHydro execs named after scandal — StatoilHydro, Norway’s state owned oil company and the largest producer in Norway’s offshore blocks, has announced the appointment of three new senior executives. The move comes after a corruption investigation into the handling of Libyan oil contracts led to the resignations of executive vice presidents Tore Torvund...
Energy Industry Archive
November 2008
The Company: SunPower Corp., a solar cell and panel maker. The Filing: FORM 10-Q filed with the SEC on November 7, 2008. The Finding: SunPower filed its third-quarter 10-Q with the Securities and Exchange Commission late Friday. In addition to new foreign exchange currency issues, a read of the report suggests the solar cell maker could face a cash shortage in coming quarters, too. The...
The Company: Provident Energy Trust, a Calgary-based energy income trust. The Filing: FORM 40-F filed with the SEC on March 28, 2008. The Finding: Based on the current annualized distribution rate of $1.20 a share, Provident Energy Trust offers an attractive dividend yield of approximately 20 percent. In addition, much of the income being generated from the company’s oil and gas...
Oil companies post record profits in third quarter — There’s no doubt 2008 has been a gusher year for oil companies. Here’s how some of the biggest players stacked up in the third quarter: ExxonMobil — Profit: $14,830,000,000. Last year: $9,410. Percent change: + 58. Royal Dutch Shell — Profit: $10,903,000,000. Last year: $6,329,000,000. Percent change: + 71. British...
The Company: Carrizo Oil & Gas, a Houston-based energy company. The Filing: FORM 8-K filed with the SEC on November 4, 2008. The Finding: As lower natural gas prices and tight credit cause some natural gas companies to cut back on drilling activity in the costly Appalachian Basin, Carrizo Oil & Gas announced a joint venture with Avista Capital Partners to pursue growth opportunities in...
Shell calls “force majeure” on Nigeria exports due to OPEC cuts — Royal Dutch Shell has called force majeure on some of its crude exports from Nigeria. Shell called the force majeure based on Nigeria’s compliance with OPEC — of which Nigeria is a member — to reduce output by 1.5 million barrels a day. Shell didn’t detail who exactly would be getting screwed. Literally...
The Company: Cimarex Energy, a U.S. oil and gas producer. The Filing: FORM 10-Q filed with the SEC on November 4, 2008. The Finding: In the current environment of lower natural gas prices, especially in the Mid-Continent and Permian Basin, Cimarex Energy expects to drop its operator rig count from the third-quarter high at 42 to somewhere between 25 and 30 rigs by the middle of the...
The Company: Exxon Mobil, the largest US oil company. The Filing: FORM 8-K filed with the SEC on October 30, 2008. The Finding: In Exxon Mobil’s 2007 Corporate Responsibility Report, the energy giant admits that the risks to society and ecosystems from increases in CO2 emissions could prove to be significant, and the company is committed to developing and and implementing strategies that...
ExxonMobil, Inpex win exploration rights off Indonesia — ExxonMobil subsidiary Esso Exploration International has won rights to explore the Gunting Block in East Java, in a three-year deal worth $17 million. Inpex has also won exploration rights, theirs in the Semai II Block off West Papua. That deal is said to be worth $127.5 million over 3 years. [Source: Oil & Gas Journal...
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- Week in Oil & Gas: Peak Oil, a Climate-Bill Interlude and Devon's Big Sale
- About Those Anti-Nuclear Arguments: They're Dishonest
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- The Great Climate Change Scandal of 2009
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- Week in Oil & Gas: Punting in Copenhagen and Gulf of Mexico Leases -- Abridged
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- Week in Renewables: Glowing and Grim Reports, a New Bank, and Big Wind
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- Clean Coal, a Global Failure in the Making
- The Technologies for a Nuclear Resurgence
- About Those Anti-Nuclear Arguments: They're Dishonest
- Boxer Rolls Political Dice, Climate Bill Moves Onto Senate Floor
- Week in Renewables: Obama vs. Public Opinion, and New Energy Bets
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- Clinton: Energy Efficiency Is Not Sexy, But Important Low-Hanging Fruit
- Trina Solar: Still Struggling to Bring Manufacturing Costs in Line With Falling Prices
- Boxer Rolls Political Dice, Climate Bill Moves Onto Senate Floor
- Valero to Shutter Some Refinery Operations, Cut Hundreds of Jobs
- Week in Oil & Gas: Climate Bill Hurdles and Refining Blues
- Spillover Effect: Another Pre-Salt Discovery in Brazil
- Canada Starts Doling Out Carbon Capture Dollars
- Natgas Conundrum: Calming Volatility Fears in Push for Clean Energy Alternative
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