Although the news is filled with stories of falling oil and gas prices and suggestions that a third of the exploration and production companies may file for bankruptcy, this most recent downturn may not produce the bankruptcy filing boom many anticipate.
Chesapeake Energy, the second-largest natural gas producer in the United States, plunged as much as 50 percent on Monday after multiple reports that it had hired restructuring attorneys. [CNBC] David Cameron is making an enormous “legacy mistake” by going all-out for fracking in the UK, the actor and environmental activist Mark Ruffalo has warned. [The… Keep reading →
Senate Democrats on Thursday blocked a comprehensive energy bill after majority Republicans rejected hundreds of millions of dollars in emergency federal aid to Flint, Michigan, to fix and replace the city’s lead-contaminated pipes. [Fox News] The US renewable energy industry installed 16 GW of clean energy in 2015, which is 68% of all new capacity… Keep reading →
Royal Dutch Shell shares rose after it confirmed it would cut 10,000 jobs and a sharp fall in annual profits. [BBC News] According to new data just released in the 2016 Sustainable Energy in America Factbook — a project of Bloomberg New Energy Finance, the shift from coal to clean energy may be occurring earlier… Keep reading →
On December 31, 2014, when the price of West Texas Intermediate crude oil dropped 50% from summer prices that year to just under $55.00 per barrel, experts predicted there would be a flurry of industry restructurings.
Iran’s plan to export liquefied natural gas (LNG) within two years is what you call a market signal, one that should cause U.S. policymakers to reconsider the ponderous pace with which proposed U.S. LNG export projects are gaining federal approval. The Wall Street Journal reported: Iran is pushing to find new ways to extract and… Keep reading →
The newest measure of the oil industry’s falling fortunes came on Tuesday in the form of a $3.3 billion fourth-quarter loss reported by BP. [The NY Times] Germany has overtaken the UK in the rate at which it is installing wind turbines at sea, industry figures show. [The Guardian] NV Energy is proposing “grandfathering” existing… Keep reading →
Morgan Creek Capital Management chief Mark Yusko said Monday he’s on the same page with Carl Icahn when the billionaire investor says there’s danger ahead in credit markets due to falling oil prices. [CNBC] The industrial giant General Electric is saying farewell to the compact fluorescent light, or CFL prompting a full transition to LED… Keep reading →
BG Group PLC’s shareholders on Thursday signed off on Royal Dutch Shell PLC’s roughly $50 billion takeover bid for the company. [WSJ] The Senate has started debating its first comprehensive energy legislation since the George W. Bush administration, a bipartisan measure meant to update the nation’s power grid and oil and gas transportation systems. [The… Keep reading →
The United Nations urged global business leaders on Wednesday to double investment in wind and solar energy to $600bn a year by 2020. [The Guardian] Chesapeake Energy shares decreased 16% this week and closed on Monday below $3 following the company’s announcement that it was suspending dividend payments on its convertible preferred stock.[Seeking Alpha] A… Keep reading →
