Natural Gas

NY Assembly Votes to Extend Fracking Moratorium Until 2015

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The NY State Assembly voted to enact legislation that would extend the moratorium on high volume hydraulic fracturing until 2015, aiming to facilitate additional health and environmental impact assessments.

On March 6, 2013, the New York State Assembly passed a bill to further suspend issuance of permits for high volume hydraulic fracturing until May 15, 2015. The bill passed with a vote of 95-40 and marks the Assembly’s third moratorium, following similar measures in 2010 and 2011. The industry currently awaits the release of DEC’s Supplemental Generic Environmental Impact Statement (SGEIS) and a subsequent ruling for permit issuance. Keep reading →

 /  Published March 14, 2013 at 2:00 PM

Canadian Government and Business Leaders ‘Frustrated’ with Keystone XL Debate

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The controversial Keystone XL Pipeline was very much on the agenda at today’s FT Global Investment Series: Focus on Canada event held in New York City, with government officials and business leaders using strong language to underline the importance of US – Canadian trade relations with regard to the pipeline.

“For the record, I would note that is no small irritant to some in Canada that our American friends focus on the current and future emissions from the oil sands while, here in the United States, a far greater environmental impact is caused by hundreds of coal-fired plants that remain in operation,” said Jim Prentice, Senior Executive Vice President and Vice Chairman at CIBC. Keep reading →

 /  Published March 14, 2013 at 8:45 AM

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

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

How U.S. Shale Gas Boom Could Derail China

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Despite objections, the U.S. is heading down the road to export natural gas, and that could ultimately help shake up world energy markets.

The boom in U.S. natural gas, thanks to new drilling technologies has resulted in a record amount of recoverable gas at cheap prices. Selling some of it abroad would bolster U.S. exports, help trade imbalances and relations, and provide fuel to parts of the world where it is now scarce and expensive. Keep reading →

 /  Published March 7, 2013 at 2:30 PM

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

Finding an Edge in the Booming US Energy Market

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In a domestic energy market developing faster than just about anyone can remember, the key for investors is in finding an edge.

That’s not easy in a natural gas market bloated with inventory. But oil is a different story. Those domestic oil companies innovating new schemes to get their product to market or pulling more oil from the ground are at the leading edge of America’s energy renaissance. Keep reading →

 /  Published March 4, 2013 at 2:00 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

State Department Keystone Draft Supplementary EIS Assessment Released

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The State Department released the latest documents in one of the highest-profile and highest-stakes projects in the North American energy sector today.

The Draft Supplementary Environmental Impact Statement was released March 1, 2013, and includes extensive information on the project, which has attracted the ire of a wide swathe the environmental community and been treated by the oil and gas business as a litmus test of the Obama Administration’s commitment to securing energy supply and energy security through increased development. Keep reading →

 /  Published March 1, 2013 at 4:00 PM

Sempra Profits Higher, Gas Export Terminal Promise Cited

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Sempra Energy reported a slightly higher fourth-quarter profit Tuesday and said its proposed Louisiana gas-export terminal would boost future growth and profits. Sempra predicted a 2013 adjusted profit of between $4.30 and $4.80 a share, compared with $4.35 a share in 2012 and analysts’ estimates of $4.41 a share. The company’s 2012 profit using generally accepted accounting principles was $3.48 a share. Read more: http://www.foxbusiness.com/news/2013/02/26/sempra-energy-posts-higher-4th-quarter-profit-plans-gas-export-plant/#ixzz2MCVvVZ7i

 /  Published February 28, 2013 at 8:35 AM
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