postcards from the florida republic An independent and profitable state of mind. When you’re 42 years old in Florida, you’re usually the youngest person at the breakfast counter by a good 25 years… Today I ordered an omelet, some gluten-free toast, an iced tea… and a conversation with a retiree named Mike on the most […]Exxon
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Why the Top AI Stock to Own Long-term Is… Exxon Mobil?
postcards from the florida republic An independent and profitable state of mind. When you’re 42 years old in Florida, you’re usually the youngest person at the breakfast counter by a good 25 years… Today I ordered an omelet, some gluten-free toast, an iced tea… and a conversation with a retiree named Mike on the most […]Oil and Gas Companies: What this EPA Official Doesn't Understand
Government bureaucrats really need to stop talking when there's a camera present; otherwise, they might just get caught telling the truth about their agenda when the tape resurfaces.
Enter Dr. Alfredo Armendariz, the U.S. Environmental Protection Agency (EPA) regional administrator for Region 6, a region that oversees environmental regulations for energy companies in Louisiana, Arkansas, New Mexico, Texas, and Oklahoma.
Turns out, Armendariz doesn't like oil and gas shale production, and he's quite the history buff.
Joel Gehrke in Washington explains:
"Al Armendariz, a regional administrator for the Environmental Protection Agency, explained in 2010 that he understands the EPA policy to be to "crucify" a few oil and gas companies to get the rest of the industry to comply with the laws.
"I was in a meeting once and I gave an analogy to my staff about my philosophy of enforcement," Armendariz said during a meeting in 2010. "It's kind of like how the Romans used to conquer little villages in the Mediterranean: they'd go into little Turkish towns somewhere, they'd find the first five guys they'd run into, and they'd crucify them and then, you know, that town was really easy to manage over the next few years."
Armendariz said that by finding companies that are "not compliant with the law and you make examples of them," the EPA could maximize its enforcement capability with limited resources. He added that "fines can get very high very quickly, and that's what these companies respond to.""
Breathe.
Let's forget the reference to killing dissidents for a second. That's a whole different therapy session.
There are a few important points that need to be addressed about this sort of rhetoric.
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Exxon-Rosneft Deal Centers on Arctic Oil (NYSE: XOM)
Quite a few emails already coming in about the potential of the $3.2 billion Exxon-Rosneft deal.
On April 16, Exxon (NYSE: XOM) officially entered into a massive offshore exploration partnership with Russia's Rosneft to jointly develop resources in the Kara and Black Seas.
From the Rosneft press release:
"The agreements signed today form joint ventures to manage an exploration program in the Kara Sea and Black Sea. They also set the terms for investments to be made by the partners in Russian offshore projects. The initial cost of preliminary exploration is estimated at over US $3.2 billion.
Neftegaz Holding America Limited, an independent indirect subsidiary of Rosneft registered in Delaware, concluded separate agreements on the acquisition of a 30 percent equity in ExxonMobil's share in the La Escalera Ranch project in the Delaware Basin in West Texas in the United States."
On April 16, Exxon (NYSE: XOM) officially entered into a massive offshore exploration partnership with Russia's Rosneft to jointly develop resources in the Kara and Black Seas.
From the Rosneft press release:
"The agreements signed today form joint ventures to manage an exploration program in the Kara Sea and Black Sea. They also set the terms for investments to be made by the partners in Russian offshore projects. The initial cost of preliminary exploration is estimated at over US $3.2 billion.
Neftegaz Holding America Limited, an independent indirect subsidiary of Rosneft registered in Delaware, concluded separate agreements on the acquisition of a 30 percent equity in ExxonMobil's share in the La Escalera Ranch project in the Delaware Basin in West Texas in the United States."
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Iraq's Energy Sector Is Moving Forward - With or Without the U.S.
Iraq on Wednesday broke the record - 207 days - for the time between a parliamentary election and the formation of a government. But while Iraq's government is at a standstill, the country's energy sector remains dynamic and U.S. companies can't afford to wait for the political climate to thaw before diving in.
Iraq is slowly retaking the shape of one of the world's most prolific oil producers. Its reserves are actually 25% larger than previously thought.
"Iraq's oil reserves which are extractable are 143.1 billion barrels," Hussein al-Shahristani, Iraq's oil minister, said earlier this week, basing his comments on data provided by Organization of Petroleum Exporting Countries (OPEC).
Iraq is slowly retaking the shape of one of the world's most prolific oil producers. Its reserves are actually 25% larger than previously thought.
"Iraq's oil reserves which are extractable are 143.1 billion barrels," Hussein al-Shahristani, Iraq's oil minister, said earlier this week, basing his comments on data provided by Organization of Petroleum Exporting Countries (OPEC).
Gasoline-Price Forecasting: What Sam the Gas Station Owner Knows That We Don't
What started out as a routine fill-up at the service station that I frequent has turned into a solid gasoline-price-forecasting model that should spotlight the most-imminent profit opportunities.
Of course, it wouldn't have happened without Sam.
Sam runs a gasoline station 12 miles from my house, in a little, out-of-the-way, suburban town. We have formed a friendship, of sorts, through the years. He's one of the few people I run into on a regular basis who does not ask me where gasoline prices are headed.
He already knows.
Of course, it wouldn't have happened without Sam.
Sam runs a gasoline station 12 miles from my house, in a little, out-of-the-way, suburban town. We have formed a friendship, of sorts, through the years. He's one of the few people I run into on a regular basis who does not ask me where gasoline prices are headed.
He already knows.
To find out how Sam's pricing prescience can mean profits for you, please read on...
Oil Industry Leaders Try to Avoid Regulatory Fallout From BP's Gulf Oil Spill
The leaders of the three largest U.S. oil companies will testify before Congress today (Tuesday) about the Gulf oil spill's effect on U.S. energy policy, hoping to convince legislators to be cautious about introducing new regulations on the industry.
Chief Executive Officers Rex Tillerson of Exxon Mobile Corp. (NYSE: XOM), John Watson of Chevron Corp. (NYSE: CVX) and James Mulva of ConocoPhillips (NYSE: COP), are scheduled to appear before a House Energy and Commerce Committee panel examining offshore drilling safety and energy policies.
The review comes after a blowout at BP PLC's (NYSE ADR: BP) Deepwater Horizon drilling platform in the Gulf of Mexico caused a massive oil spill.
Chief Executive Officers Rex Tillerson of Exxon Mobile Corp. (NYSE: XOM), John Watson of Chevron Corp. (NYSE: CVX) and James Mulva of ConocoPhillips (NYSE: COP), are scheduled to appear before a House Energy and Commerce Committee panel examining offshore drilling safety and energy policies.
The review comes after a blowout at BP PLC's (NYSE ADR: BP) Deepwater Horizon drilling platform in the Gulf of Mexico caused a massive oil spill.
How to Fuel Your Retirement with Dividend Cash
The financial crisis already put a major dent in your retirement portfolio... and the markets are acting crazy again. What can you do to protect - and grow - your wealth in these markets? Dividends are the way to generate real income - no matter where the market turns. Read this report to discover how to infuse your retirement with cash.
BP Bites the Bullet: Analyzing the Full Cost of the Gulf Oil Spill
The Exxon Valdez dumped 260,000 barrels of oil off the coast of Alaska, and ExxonMobil Corp. (NYSE: XOM) ended up spending about $4 billion in the wake of that disaster. That means Exxon spent nearly 600 times more on cleanup and litigation than what the oil was actually worth at that time.
So how much will BP PLC's (NYSE ADR: BP) Gulf oil spill, which is significantly greater, set it back?
The fact is, it's still impossible to know exactly how much BP will have to cough up to cleanse itself of this crude fiasco without knowing the full extent of the damage caused. But the picture is getting a little bit clearer each day the cleanup effort wears on.
So how much will BP PLC's (NYSE ADR: BP) Gulf oil spill, which is significantly greater, set it back?
The fact is, it's still impossible to know exactly how much BP will have to cough up to cleanse itself of this crude fiasco without knowing the full extent of the damage caused. But the picture is getting a little bit clearer each day the cleanup effort wears on.
With a Record Amount of Cash on Hand These Companies Are Delivering Dividends
Dividends are one of the most overlooked ways for investors to notch big gains in their portfolio. And with earnings for companies in the S&P 500 surging 176% in the fourth quarter of 2009, more and more companies are using this as an opportunity to reward their investors. Read this report to find out what stocks could bring much needed income to your portfolio.
European Debt Crisis Raises Caution Flags But U.S. Economy Won't Be Derailed
Stocks somersaulted into the red early last week in the wake of European debt downgrades, rising revulsion over the prospect of a bailout of Athens and a broad re-pricing of risk. Breadth was negative, the number of new highs shrank and number of new lows swelled. Financials tumbled and retailers stumbled. Caution flags are rising.
Click Here to Read More on how European Debt Will Affect the Markets
BP Dives Into Brazil's Offshore Oil Industry With $7 Billion Deal
British oil giant BP PLC (NYSE: BP) has finally entered Brazil's vaunted deepwater oil market with a $7 billion purchase of Devon Energy Corporation (NYSE: DVN) assets. BP yesterday (Thursday) announced it would acquire some of Devon's interests in Brazil, Azerbaijan and the Gulf of Mexico. BP also agreed to sell Devon a 50% stake […]
Schlumberger's Acquisition of Smith the Latest Evidence of a Takeover Trend
With global energy demand expected to surge over the next decade, straining production, it's no surprise that many of the sector's biggest players are racing to acquire competitors whose expertise will help them thrive in a more competitive environment. And Schlumberger Ltd. (NYSE: SLB) on Sunday became the latest energy giant to bring a competitor […]
How to Profit as Wall Street Insiders Push Oil Prices Skyward
Most forecasts are calling for oil to edge up slowly over the next year. Or, that's what Wall Street wants you to believe anyway.The big Wall Street firms control millions of barrels of oil and can direct their clients' money into oil. Which way do you think they want oil to go? Find out how Wall Street can manipulate oil prices... and the one move to make now to profit right alongside the "big boys."
Ghana May Kill Exxon's $4 Billion Oil Deal
The government of Ghana may kill Exxon Mobile Corp.'s (NYSE: XOM) plans to buy a $4 billion stake in a giant offshore oil discovery from Kosmos Energy LLC. The move could help China expand its growing presence in the region through its state-owned oil company China National Offshore Oil Corp. (NYSE ADR: CEO).
Ghanaian Energy Minister Joe Oteng-Adjei sent a letter to Exxon last week informing the company that the government wouldn't approve the deal with Kosmos. The letter said the government is "unable to support an Exxon Mobil acquisition of Kosmos's Ghana assets," according to a copy reviewed by The Wall Street Journal.
The government said Dallas-based Kosmos had shared critical information about the field with potential buyers without its permission. Ghana also said Kosmos had left Ghana's state-run oil company, Ghana National Petroleum Corp. (GNPC) out of discussions held to determine how the field should be developed.
Ghanaian Energy Minister Joe Oteng-Adjei sent a letter to Exxon last week informing the company that the government wouldn't approve the deal with Kosmos. The letter said the government is "unable to support an Exxon Mobil acquisition of Kosmos's Ghana assets," according to a copy reviewed by The Wall Street Journal.
The government said Dallas-based Kosmos had shared critical information about the field with potential buyers without its permission. Ghana also said Kosmos had left Ghana's state-run oil company, Ghana National Petroleum Corp. (GNPC) out of discussions held to determine how the field should be developed.
Obama's Budget Adds $1 Trillion in Taxes, Balloons Federal Deficit
President Barack Obama yesterday (Monday) unveiled a $3.8 trillion budget proposal that includes big tax increases on individuals and businesses, and expands the federal deficit by more than $5.5 trillion by the end of the decade, including a record $1.6 trillion next year.
The budget blueprint for the fiscal year that begins Oct. 1 reflects the administration's struggle to find a balance between containing the spiraling federal deficit with the need to boost the economy and create jobs - both of which figure to be political bombshells in the upcoming 2010 elections.
"We're trying to accomplish a soft landing in terms of our fiscal trajectory," Peter Orszag, director of the White House Office of Management and Budget, said at a press briefing.
But the budget is certain to add fuel to the debate over the size and scope of government. As expected, Republicans railed against the administration's big spending programs and tax increases.
The budget blueprint for the fiscal year that begins Oct. 1 reflects the administration's struggle to find a balance between containing the spiraling federal deficit with the need to boost the economy and create jobs - both of which figure to be political bombshells in the upcoming 2010 elections.
"We're trying to accomplish a soft landing in terms of our fiscal trajectory," Peter Orszag, director of the White House Office of Management and Budget, said at a press briefing.
But the budget is certain to add fuel to the debate over the size and scope of government. As expected, Republicans railed against the administration's big spending programs and tax increases.