Jared Anderson

Posts by Jared Anderson

Chevron Highlights Aggressive Upstream Plans, Downstream Restructuring to Wall Street

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At its annual securities analyst day held today in New York City, Chevron touted its upstream growth strategy, which includes some of the world’s largest energy projects, and the success of its downstream reorganization.

The company reported $26 billion in total 2012 earnings and detailed its $36.7 billion 2013 capital spending program, 42% of which will be deployed in the Asia Pacific region. A majority of Chevron’s 2013 capital expenditure – 69% – will be focused on 3 major business segments: Upstream base projects, LNG and deepwater. Keep Reading →

 /  Published March 12, 2013 at 3:00 PM

Iraqi Budget Snubs Kurds – What’s Next for Oil Business?

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The long-running dispute between Iraq’s central government in Baghdad and Kurdistan Regional Government leaders in Erbil entered a new phase when the Iraqi Parliament last week passed a 2013 budget that allocated a fraction of the money requested by the KRG. A bulk of this funding is used to pay oil companies operating in the semi-autonomous region.

“In a blatant stiff-arm to the Kurds, the budget allocates just $646 million to cost recovery for Kurdistan Regional Government oil contractors — a figure that covers only around two months’ worth of the crude that Erbil was slated to provide this year,” Michael Knights said in a Policy Alert from the Washington Institute for Near East Policy, a think tank. The KRG reportedly requested $3.5 billion. Keep Reading →

 /  Published March 11, 2013 at 6:30 PM

China Surpasses US as World’s Largest Oil Importer

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China recently surpassed the US as the world’s largest net oil importer, as the US produces more and consumes less while Chinese demand steadily increases. US net oil imports have fallen from a peak of 13 million barrels per day in October 2006 to under 6 mmb/d in December 2012, according to a Citi research note issued February 28, titled “Milestones Toward US Energy Independence – Alert: US net Oil Imports Plummet to Second Place Behind China.”

“Meanwhile, since China flipped from a net exporter to a net importer of oil in 1993, its net oil imports have risen steadily to 6.3 mmb/d in January 2013, just under last May’s peak,” the Citi analysts said in the note. Keep reading →

 /  Published March 11, 2013 at 8:30 AM

110,000 Green Jobs Created in 2012

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Despite wildfires, drought, a superstorm and an election, 2012 wasn’t all chaos. As the talking heads debated, the clean energy and transportation sectors continued their quiet but steady upward growth. Companies and communities across the country announced more than 300 projects in 2012 that are expected to create 110,000 jobs, according a report released today by Environmental Entrepreneurs.

Although fossil fuel industry lobbyists and the politicians who love them threatened to eliminate funding and tax incentives, the energy and transportation sectors soldiered on, further proving their value as the future of our economy. Keep reading →

 /  Published March 8, 2013 at 2:00 PM

Get Your Cruise On Now, Before Fuel Costs Double

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Not surprisingly, fuel makes up a significant portion of a cruise ship’s operating budget – about $1 million for a 10 day trip – but due to tighter maritime industry emissions regulations, these costs are sharply rising.

Cruise ships are often described as floating hotels, but they are also floating power plants. “This ship is a diesel-electric plant,” Richard Pruitt, Associate Vice President of Safety and Environmental Stewardship at Royal Caribbean recently told a group of journalists during a tour of the “Explorer of the Seas,” at the Cape Liberty Cruise Port in Beyonne, New Jersey. Keep reading →

 /  Published March 8, 2013 at 8:30 AM

Canada’s Oil Sands in Pictures: Slideshow

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Canada’s oil sands have been all over the news in the context of the Keystone XL pipeline project that would ship upgraded crude oil and diluted bitumen from Northern Alberta to the US Gulf Coast refining center.

Breaking Energy toured the region and visited some oil sands production projects as part of a media tour organized by the Canadian Consulate General in NY and the Government of Alberta last November. If Keystone XL has become a big deal in the US, the push and pull between environmental consequences and economic benefits at the heart of oil sands development is probably an even bigger deal across the northern border. Keep reading →

 /  Published March 7, 2013 at 8:30 AM

Video: First Solar Powered Airplane Flight at Night

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Solar Impulse, a one-of-a-kind solar powered airplane, started as an ambitious idea to circumnavigate the globe using zero liquid fuel and has surpassed numerous milestones along its path toward that goal.

Last year the plane made its first intercontinental flight from Europe to Africa and this spring the team plans to fly Solar Impulse from California to NY, but flying through the night was one of the most impressive demonstrations that proved the technology’s capabilities. Keep reading →

 /  Published March 4, 2013 at 12:45 PM

Hess to Exit Downstream Business, Raise Dividend

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Hess Corp. (HES) said it is exploring options for its entire downstream business and pruning its Asian portfolio, while also unveiling a share buyback program of up to $4 billion and more than doubling its quarterly dividend.

 /  Published March 4, 2013 at 10:00 AM

Solar Powered Airplane to Fly from California to NY this Spring

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History will be made when the first transcontinental airplane flight made with zero liquid fuel takes place this spring. The solar-powered plane called the Solar Impulse will travel from San Francisco to New York using 11,628 photovoltaic cells, several lithium polymer batteries and four 10 horsepower electric engines. The plane’s wingspan is the size of a Boeing 747, it weighs about as much as a car and has as much power as an average scooter.

The idea for Solar Impulse was born in 1999 when Bertrand Piccard and Brian Jones circumnavigated the globe in a balloon – a mission that almost failed due to fuel supply constraints. The incident motivated Piccard to circle the Earth again, but this time without fuel, a goal that hit a major milestone last year when Bertrand and Co-founder Andre Borschberg flew the plane from Switzerland to Morocco and back in the first fully-solar powered intercontinental flight. Keep reading →

 /  Published March 4, 2013 at 8:30 AM

Energy Book Review: ‘Private Empire – ExxonMobil and American Power’

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ExxonMobil is the world’s largest international oil company by virtually all operational and financial metrics and Steve Coll’s book offers a fascinating look at the inner workings of this secretive corporate colossus.

A vestige of John D Rockefeller Senior’s Standard Oil, which famously avoided speaking to the press for much of its existence, ExxonMobil is known within the industry for its operational expertise, rigorous financial discipline, project management skills and tight-lipped nature. Coll’s extensive research and unprecedented access to individuals within and outside the company with first-hand knowledge of transformative events is what makes the book stand out. Keep reading →

 /  Published February 28, 2013 at 11:00 AM
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