Unit Corp. Appoints Les Austin As CFO, SVP

Unit Corp. (NYSE: UNT) said Nov. 27 it had named Les Austin as senior vice president and CFO of the Tulsa, Okla.-based company effective immediately. Austin, age 51, has more than 23 years of energy finance and leadership experience, according to the company release. He replaces David T. Merrill, who held the position of CFO at Unit until he was promoted to COO in August. Through its subsidiaries, Unit is focused on oil and natural gas exploration, production, contract drilling and natural gas gathering and processing.
Source: Daily Dose of ShaleDirectories.com News

https://www.shaledirectories.com/blog/unit-corp-appoints-les-austin-as-cfo-svp/

Keystone To Resume Crude Oil Deliveries

TransCanada Corp. (NYSE: TRP) said Nov. 27 that its Keystone Pipeline repair and restart plans have been reviewed by the Pipeline and Hazardous Materials Safety Administration (PHMSA) with no objections, permitting a safe and controlled return to service of the Keystone system.
Source: Daily Dose of ShaleDirectories.com News

https://www.shaledirectories.com/blog/keystone-to-resume-crude-oil-deliveries/

OPEC Played Cutbacks Well, Now What?

The Nov. 30 meeting of OPEC could have a dramatic impact on already volatile crude oil prices. How things play out for crude in 2018 remain to be seen. Jeff Quigley, director of energy markets for Stratas Advisors, will attend that meeting in Vienna and outlined key drivers that must be considered as the cartel’s members mull its efforts to rein in supply in a Nov. 16 presentation at Hart Energy’s DUG Eagle Ford conference. “The market shifts have been incredible,” Quigley noted, and that could make the meeting contentious. “Markets now have a very bullish mindset, OPEC could not have written the script any better. But mindsets turn on a dime” while the actual market can’t move that quickly.
Source: Daily Dose of ShaleDirectories.com News

https://www.shaledirectories.com/blog/opec-played-cutbacks-well-now-what/

Icahn takes big stake in SandRidge Energy

Independent oil and gas producer in 2016 survived a Chapter 11 bankruptcy filing, and came out on the other side strong enough to last week announce a $746 million acquisition of a fellow producer.

Source: Daily Dose of ShaleDirectories.com News

https://www.shaledirectories.com/blog/icahn-takes-big-stake-in-sandridge-energy/

8 major producers commit to reduce methane emissions

BP, Eni, ExxonMobil, Repsol, Shell, Statoil, Total and Wintershall this week committed to further reduce methane emissions from natural gas assets they operate around the world, Kallanish Energy reports.

Source: Daily Dose of ShaleDirectories.com News

https://www.shaledirectories.com/blog/8-major-producers-commit-to-reduce-methane-emissions/

USGC Petrochemical Supply Chain Industry Set to Meet in Houston Dec 12-13

The 3^rd annual Petrochemical Supply Chain and Logistics Conference is being held this year at the Royal Sonesta Hotel, December 12 – 13, 2017.  The theme this year is ‘Delivering Supply Chain Excellence Amid Petrochemical Growth’, and with over 700 attendees expected over two days, this ever-growing event will unite the entire gulf coast petrochemical supply chain community for two days of networking and knowledge sharing. With senior Supply Chain Directors from the likes of BASF, Formosa Plastics and Hunstman Corporation confirmed to speak, the agenda will focus on optimizing the domestic supply chain, understanding how the digital supply chain affects the petrochemical industry, assessing the impact of hurricane Harvey on supply chain logistics, and more. Key Themes at Petrochemical Supply Chain and Logistics 2017:

• Assessing Harvey’s True Impact
• Understanding the Real Implications of New Volumes & Anticipate Producer Supply Chain Needs
• Generating Capacity to Keep Up with Export Demand
• Optimizing the Domestic Supply Chain: Capitalize on Distribution at Home
• The Future Is Digital: What Does a Digital Supply Chain Mean for Petrochemicals?

Petrochemical Supply Chain and Logistics is organized by Petrochemical Update, the world’s leading provider of downstream insight and analysis. Interested companies and individuals are invited to register via the Petrochemical Update website (petchem-update.com/petrochemical-supplychain), and can use the discount code ‘PSCL250’ at check out for a $250 discount.

https://www.shaledirectories.com/blog/?p=3631

Things to be Thankful for this Holiday: Friends, Family and Savings from Fracking

There’s much to be thankful for this time of year: friends, family, good food and, of course, football. Just as importantly, we should all be thankful for improved U.S. energy security. Thanks to advancements in American energy production such as hydraulic fracturing and horizontal drilling, the United States is now awash with oil and natural gas, helping to bring families together, keep them warm and put money back in their pockets.

According to the American Automobile Association (AAA), this Thanksgiving week will see the largest number of travelers since 2004. Projecting that roughly 51 million Americans will trek at least 50 miles from home between Wednesday and Sunday – 89 percent of which will be driving – low prices at the pump will have an enormous impact this year. While AAA expects the average gasoline price to be slightly higher than 2016 at $2.54 per gallon, it’s still significantly less than the $2.79 average seen in 2014. Some back of the envelope math shows that with an average fuel efficiency of 25.2 miles per gallon, U.S. drivers will save over $22.5 million on gasoline this week alone compared to 2014.

But it’s not just at the pump where Americans will see savings this Thanksgiving. A report from the Business Council for Sustainable Energy and Bloomberg New Energy finds American consumers are now spending less of their incomes on energy than ever before in the modern era. Covering across-the-board benefits of the rise in natural gas use across the United States, the report finds that shale natural gas production has increased nearly 80 percent since 2011, while overall U.S. natural gas production jumped by 12 percent. Such a massive increase in natural gas supply, along with the addition of 39 gigawatts of natural gas fired generation capacity over the past five years, has helped lower average electricity prices by three percent nationally. Some states have experienced even larger decreases, with retail electricity prices dropping over 10 percent in Texas, New York and Florida during this same time.

In addition to lower electricity prices, the meteoric rise in American natural gas production is helping Americans save when heating their homes or cooking their turkeys. For example, a new study from University of Pennsylvania found that with Pennsylvania’s 2,800 percent increase in natural gas production between 2007 and 2016, gas bills in the state dropped 40 percent over that same period, while the price that utilities are charging customers declined by 75 percent. Nationwide, the report finds, average natural gas prices for the electric power sector declined by 65 percent, while residential gas customers saw a 34 percent decrease in their gas bills. These findings are in line with a A recent Harvard Business School analysis that found, because of shale development, American households have realized low-cost natural gas savings of $800 per household.

As far as overall household energy costs, a 2016 EIA analysis shows that since 2008, roughly the start of the energy renaissance, average annual energy costs per household in the United States have dropped by more than 14 percent.

Businesses are also feeling huge benefits from the significant growth in U.S. natural gas development. According to an American Gas Association report published at the beginning of this year, affordable natural gas from shale development has dropped commercial sector natural gas bills by nearly 50 percent. This reduction translates to a savings of roughly $76 billion since 2009.

These energy savings are currently being enjoyed across the United States despite record oil and natural exports, standing in direct contradiction to what opponents have claimed about exports increasing domestic prices. Total U.S. natural gas exports have more than doubled since 2010, growing by roughly 1.2 trillion cubic feet from 2010 to 2016, with the United States becoming a net exporter of natural gas for the first time in almost six decades. Further, crude oil and petroleum product export reached record levels in the first half of 2017, as crude oil exports grew by more than 300,000 barrels per day from the first half of 2016 to reach 0.9 million barrels per day in the first six months of 2017.

This year while watching the game on TV in your warm house, driving to your in-laws’ house, or pulling that delicious turkey out of your oven, give a little thanks to fracking for not only making these things possible, but saving you money while doing them.

Have a safe and happy Thanksgiving weekend!

 

Source: Daily Dose of ShaleDirectories.com News

https://www.shaledirectories.com/blog/things-to-be-thankful-for-this-holiday-friends-family-and-savings-from-fracking/

Keystone Pipeline Spill Will Take Months To Clean Up

The crude oil spill on the Keystone pipeline in South Dakota will take months to clean up, a state official said on Nov. 17, just days before Nebraska was due to decide on another pipeline project by the owner, TransCanada Corp. Canadian heavy crude prices and TransCanada Corp shares slid on Nov. 17, the day after the 5,000-barrel spill, tied for this year’s largest pipeline leak in the United States. No date has been set for reopening Keystone, TransCanada said, adding that a media report that had stated a restart date was incorrect.
Source: Daily Dose of ShaleDirectories.com News

https://www.shaledirectories.com/blog/keystone-pipeline-spill-will-take-months-to-clean-up/

US Oil Drilling Rig Count Holds Steady This Week

U.S. energy companies kept the oil rig count unchanged this week, Baker Hughes, a GE company (NYSE: BHGE), said Nov. 17 as some analysts expect a gradual decline in overall rigs in the fourth quarter and in 2018. The rig count, an early indicator of future output, held at 738 in the week to Nov. 17, still much higher than 471 rigs a year ago as energy companies boosted spending plans for 2017 as crude started recovering from a two-year price crash. The increase in drilling lasted 14 months before stalling in August, September and October after some producers started trimming their 2017 spending plans when prices turned softer over the summer.
Source: Daily Dose of ShaleDirectories.com News

https://www.shaledirectories.com/blog/us-oil-drilling-rig-count-holds-steady-this-week/

House Tax Reform Vote Set, But Do Oil, Gas Companies Benefit?

The U.S. oil and gas industry would emerge from the first tax reform since 1986 relatively unaffected, though time will change some dynamics—for good and ill—and a few prized deductions are going away. Oil and gas companies stand to lose some tax provisions, including $1.3 billion in annual domestic production deductions. The highly leveraged E&P sector may also eventually see new caps on interest expenses as financially stifling—especially as commodity prices rise.  The industry is also losing some tax credits, mostly those that kick in at low commodity prices such as EOR credits that will have little impact. And the big headline, reduction in corporate rates to 20% from 35%, is more likely to benefit refiners since few E&Ps generate positive net income. “Corporate income tax matters less for energy than just about any other sector of the U.S. economy,” Pavel Molchanov, an analyst at Raymond James, said in a Nov. 6 report.
Source: Daily Dose of ShaleDirectories.com News

https://www.shaledirectories.com/blog/house-tax-reform-vote-set-but-do-oil-gas-companies-benefit/

Greens Struggle to Counter Evidence that New Mexico is Reducing Methane Emissions

The Environmental Defense Fund (EDF) last Thursday released a report that claims methane emissions from New Mexico oil and natural gas development “are drastically higher than official state reports.”

The timing of the report is a bit suspect, considering two recent reports have actually found that New Mexico methane emissions are rapidly declining, based on newer data.

The Associated Press reported last week that:

“Methane emissions from oil and natural gas production in New Mexico have dropped by more than 50 percent over the past year thanks to advances in technology and changes in the way wells are drilled, state regulators said Friday.”

Recent data from the U.S. Environmental Protection Agency also show that methane emissions from oil and natural gas production in the San Juan Basin have declined by 47 percent from 2011 to 2016. The San Juan Basin is home of the infamous methane “hot spot” that environmentalists have long blamed on oil and natural gas, despite conflicting analyses from scientists and federal agencies.

Considering these trends run counter to EDF’s call for duplicative and unnecessary federal methane regulations, EDF’s latest report appears designed to create a counter narrative to the recent double shot of good methane news from EPA and state regulators.

Furthermore, EDF is using its new report to lobby policymakers and convince them to impose additional state regulations on the oil and natural gas industry. EDF even held a joint press call with U.S. Senator Tom Udall (D-N.M.) and several environmental activist groups last week, proving that elected officials like Sen. Udall are being swayed by misleading reports produced by environmentalists.

Let’s take a look at the EDF report’s claims versus the facts.

CLAIM: “The EDF-compiled inventory is based upon a custom analysis combining several data sources including recent studies, the EPA GHG Reporting Program (GHGRP), and EPA’s GHG Inventory (GHGI) national estimates of Petroleum and Natural Gas Systems methane emissions.”

FACT: To be clear, EDF’s analysis is based on computer simulations — and the input data for the computer simulations was outdated, to boot. EDF admits its data is based on “estimated emissions for 2015 in New Mexico.” This is an important factor to consider when evaluating the validity of the EDF report, especially since just one week ago multiple news sources reported on the most recent EPA data showing significant emission reduction over the past year, even as production is on the rise in New Mexico.

That EPA GHGRP is based on actual reported field samples from 2016, as is the New Mexico Energy, Minerals, and Natural Resources Department data that recently reported 52 percent declines over the past year.

Clearly, the more recent data based on actual field samples should be considered more credible.

CLAIM: “A new report based on recent scientific breakthroughs in methane quantification finds that emissions of methane – both a potent greenhouse gas and valuable fuel source – are drastically higher than official state reports.”

FACT: As we’ve mentioned, EDF’s report only runs numbers through 2015. The new state data released last week was based on emissions data through 2016. Notably, that data reported 50 percent reductions since 2015. This pretty much explains why the EDF’s estimates were significantly higher — because EDF didn’t include the latest data that showed emissions have been cut in half since 2015!

Source: EDF Report

CLAIM: “The report offers insights about the largest sources of methane waste in order to help policy makers and operators identify the greatest opportunities to reduce pollution, increase efficiency, and return a valuable commodity to the local economy and state taxpayers.”

FACT: EDF and other environmental groups have long alleged that a vast majority of oil and gas methane emissions can be attributed to so-called “super emitters” present at a very small percentage of oil and gas sites. These so-called “super-emitter” sites are what EDF is referring to in the above claim, and EDF has used the notion of “super emitters” as justification for costly new methane regulations from the EPA and other federal agencies for years.

But importantly, a recent National Oceanic & Atmospheric Administration (NOAA) study has revealed that many of the studies used to support the “super emitter” theory were conducted during episodic events, which skewed emissions higher than they typically would be, casting doubt on their conclusions. As a result, these “peak” emission data were inappropriately used to calculate a normal emissions profile by the EPA in its most recent Greenhouse Gas Inventory.

In other words, official regulatory inventories are likely overestimated rather than underestimated, as EDF has repeatedly claimed.

In addition, EDF’s report claims taxpayers are losing royalty revenues due to methane not being captured. Aside from the fact that methane emissions are low and continuing to plummet, EDF does not consider the fact that the type of policy influence they are pushing for with this report will actually have a negative effect and will further reduce production on federal lands, and there’s already a hold up of production on federals due to out of control federal permitting backlog as well as the right of way application backlog holding up quick and efficient transport of oil and natural gas products to market. Last but not least, let’s not forget that uncaptured methane equals revenue losses for oil and gas producers, so there’s motivation for industry to capture all methane.

CLAIM: “New Mexico’s methane waste problem first made international headlines when a 2014 NASA study revealed a 2,500-square-mile methane ‘hot spot’ over the Four Corners region—the highest concentration of this pollution found anywhere in the U.S. Researchers later learned that pollution from New Mexico’s oil and gas facilities were largely the cause of this massive methane cloud.” Furthermore, the EDF report also claims, “Subsequent studies indicated that although the San Juan Basin includes other methane sources such as coal mines and geologic seepage, these sources are not large enough to explain the bulk of emissions, and that oil and gas development is the largest source of emissions contributing to this massive methane ‘hot spot’.”

FACT: Energy in Depth has noted before that the San Juan Basin is well-known as a large area of natural seepage – when methane emissions are naturally occurring and not the result of energy development. According to a 1999 report from the U.S. Bureau of Land Management (BLM), “Historically documented naturally occurring gas seeps throughout the San Juan Basin existed prior to oil and gas drilling operations.” Most recently in March 2017, the Associated Press reported that New Mexico state regulators concluded that the four corners methane hot spot predates oil and gas production by “millions of years”:

“New Mexico’s top oil and natural gas regulator said a giant cloud of the greenhouse gas methane hanging over the Southwestern United States comes in large part from natural seeps from underground formations and coal mining operations, disputing recent scientific findings. At a confirmation hearing Wednesday, acting New Mexico Energy, Minerals and Natural Resources Secretary Kenley McQueen said the methane hot spot over the Four Corners region of Arizona, Colorado, New Mexico and Utah dates back millions of years.”

The most recent GHGRP data showing a 47 percent drop in oil and gas methane emission since 2011 is just the latest evidence casting doubt on the oft-repeated claim that oil and gas development are to blame for the Four Corners “hot spot” in the San Juan Basin.

Conclusion:

On last Thursday’s EDF press call, a reporter with the Carlsbad Current-Argus asked the call organizers if oil and gas operators were already implementing technology to reduce emissions without the need for additional regulations. The response by EDF’s Director of Regulatory & Legislative Affairs is surprisingly complimentary to industry:

“I think it’s right to recognize some oil and gas producers are stepping up on this issue. For instance, XTO, which is the domestic drilling arm of Exxon-Mobil, has made big, big investments in southeastern New Mexico this year,” said Jon Goldstein, Director of Regulatory & Legislative Affairs for EDF. “Six billion dollars poured into the Permian Basin in New Mexico to buy up new acreage. And they have also announced a number of efforts to reduce methane emissions, that really show their commitment to doing this development right and doing right by New Mexico.”

On the call, Goldstein also pointed out the accomplishments by Conoco-Philips in northwestern New Mexico to reduce emissions. Despite Goldstein’s acknowledgment of industry’s efforts and strides in emission reductions, both Senator Udall and EDF will continue a regulatory crusade on the oil and gas industry at any cost. In an EDF press release, Senator Udall said:

“This report gives us an important picture of how much we could gain by taking simple steps to become more efficient. Proven, low-cost fixes could eliminate up to half of the pollution by simply plugging leaks. By capturing that taxpayer-owned resource we can make a big difference for our state’s kids,” said U.S. Senator Tom Udall.

Senator Udall said on the call that he plans to use EDF’s report as “important ammunition” in Washington, D.C., to push for implementation of the Bureau of Land Management’s much maligned venting and flaring rule. Experts agree this rule would potentially put thousands of small operators out of business, and ultimately hurt the state of New Mexico by jeopardizing the $1.6 billion in tax revenue the oil and gas industry contributed to the New Mexico General Fund in 2016.

 

According to the New Mexico Oil and Gas Association:

“The rules are estimated to cut oil and gas production, resulting in more than $750 million in lost general fund revenue for New Mexico schools, health care, and public safety. The loss in production could also eliminate 2,200 oil and gas jobs and as many as 5,390 direct and indirect full-time jobs.”

Reports coming out of New Mexico put into context what’s at stake for the state of New Mexico should Senator Udall take marching orders from environmental groups like EDF:

“Overall, the oil and gas industry contributes about one-third of New Mexico’s budget each year and employs more than 100,000 workers.”

Source: Daily Dose of ShaleDirectories.com News

https://www.shaledirectories.com/blog/greens-struggle-to-counter-evidence-that-new-mexico-is-reducing-methane-emissions/

Rainmaker: WPX Sells San Juan Gas Assets, Closes JV

Proceeds from WPX Energy Inc.’s (NYSE: WPX) agreement to sell its gas-producing properties in the San Juan Basin and its Permian Basin midstream joint venture (JV) will add more than $500 million to the company’s coffers, the company said in November. WPX agreed to sell about 130,000 net acres in the San Juan in northern New Mexico and southern Colorado to an undisclosed buyer for $169 million, the company said Nov. 2. WPX’s oil operations in the San Juan Basin’s Gallup oil play are not included in the sale. The company’s board of directors previously determined it only would sell the assets at a minimum price, which was not disclosed. Revenues in the San Juan Basin assets, which have been held for sale, were about $58 million for the nine months ending Sept. 30. “We’ve been checking a lot of boxes on our to-do list,” Rick Muncrief, WPX chairman, president and CEO said during Nov. 2 earnings call.
Source: Daily Dose of ShaleDirectories.com News

https://www.shaledirectories.com/blog/rainmaker-wpx-sells-san-juan-gas-assets-closes-jv/

The National Association of Royalty Owners (NARO) Appalachia Chapter Annual Conference

The National Association of Royalty Owners (NARO) Appalachia Chapter recently held its annual conference at the Greenbrier Resort in White Sulfur Springs, WV.  Mineral owners from all around the Appalachian Basin and as far away as Texas came to learn about managing their mineral assets and to become more knowledgeable about all of the exciting activity happening in the Marcellus and Utica Shale areas. The Department of Energy (DOE), National Energy Technology Lab’s (NETL) Dr. Randall Gentry provided a snapshot of how the Utica and Marcellus Shale are playing a significant role in meeting energy needs nationally.  He described the ethane volumes coming out of the area are enough to support up to nine (9) cracker plants depending on size, and that the incoming storage fields would be a game changer for the area economically. Bob Orndorff, Dominion Energy; Jim Crews, Marathon/MPLX; and Brent Breon of Blue Racer Midstream echoed the same sentiments and expressed the need for midstream buildout, separation facilities, natural gas fired power plants, storage, and for pipeline transport to other states to meet their energy needs.  Exports through Cove Point were also discussed. Jackie Stewart from Energy in Depth Ohio spoke to the number of jobs that are being created region-wide.  She also spoke of ways that mineral owners can educate the public factually on construction and drilling projects. Eclipse Resources’ Oleg Tolmachev provided an operational update on their record setting lateral lengths and the benefit of this not only in terms of economic benefit, but also as it relates to decreasing the environmental footprint especially in areas involving state and federally owned lands. Brian Ward from Apateq Corporation discussed their portable clean water solutions technology to clean frac water onsite, reducing the need for transportation and injection. DOE/NETL, WVU, OVU and Terra Nova Exploration provided information on an array of topics from Rare Earth Elements, Alternative Clean Energy Programs, and the geology of the basin including the Rodgersville Shale in eastern Kentucky. HartPetro Global, Bounty Minerals, Ohio Farm Bureau, Jackson Kelley Law Firm, Hicks Partners, and Arnet, Cornish, Toothman provided mineral owner specific education on pipelines, commodities, storage, managing mineral assets as a business, discussing division orders and calculating decimal interest, grassroots to government relations and why auditing is important.  NARO Appalachia President, Robert Mead, expressed that, “Of particular interest were the presentations regarding on-going litigation in both Ohio and West Virginia pertaining to post production costs.  NARO is dedicated to the proposition that royalty owners should be fairly compensated for the minerals withdrawn from their property. Legislative updates from WV and OH were provided by WV Senator Charles Trump and OH Representative Andrew Thompson. Andrew Thompson Ohio Representative stated, “It was my honor to address the NARO conference; They represent many of my constituents, and they share my interest in ensuring we are formulating good policy in the oil and gas realm.” A special welcome was given by WV Senator Joe Machin’s office and in attendance was a representative from Senator Mitch McConnell’s office.  Chuck Cunningham from Securing America’s Future Energy (SAFE) gave an update on Senator Cramer’s House resolution encouraging an investigation into OPEC’s market manipulations and coming up with solutions to combat this. The Ohio Oil and Gas Association (OOGA) provided a glimpse of where the Appalachian Basin is headed and the economic benefits associated with that growth. Panel discussions on how various organizations have worked well partnering with NARO Appalachia to build relationships, accomplish common goals, and network more effectively.  Another panel discussion on Post Production Deductions led to an effort to draft possible legislation related to transparency and standardized minimum reporting requirement on royalty check stubs so that mineral owners can know if they are being paid according to the terms of their lease agreements. Joel Potts, WV NARO Appalachia Board member was quoted saying, “In seven years, this was the best conference yet!” Rebecca Clutter, NARO Appalachia Board member from OH stated, “Our Board worked very hard to bring the most current information on an array of topics to our members, while providing excellent networking opportunities to our sponsors and presenters.  Everyone that I spoke with expressed value in attending which is very exciting to us as a member based organization.”  The mission of NARO, a national organization, is to represent solely and without compromise, oil and gas royalty owners’ interests. Gregory McCoy of North Carolina was recognized for recently completing and passing the Certified Mineral Management Course, a program offered by NARO.  Valerie Antoinette from Pennsylvania was recognized for her work on the annual conference, and Janet Conn of Ohio was recognized for her work on the NARO Appalachia Facebook page as well as other communication efforts. Joseph Barone President Shale Directories, LLC www.shaledirectories.com jbarone@shaledirectories.com

https://www.shaledirectories.com/blog/?p=3619

Noble Energy Sells Sliver Of D-J Basin For $600 Million

Noble Energy Inc. (NYSE: NBL) signed a definitive agreement with SRC Energy Inc. (AMEX: SRCI) to divest about 30,200 net acres from the company’s non-core Denver-Julesburg (D-J) Basin position in Weld County, Colo., the companies said Nov. 8. SRC agreed to pay $608 million to expand its core Greeley Crescent development area. The deal includes average production of 4,100 barrels of oil equivalent per day (boe/d) and 600 drilling locations. Multiple development pads are already under permit and much of the acreage is HBP, SRC said.
Source: Daily Dose of ShaleDirectories.com News

https://www.shaledirectories.com/blog/noble-energy-sells-sliver-of-d-j-basin-for-600-million/

Diamondback Buys $100 Million Permian Acreage, But Bigger Deals Elusive

Diamondback Energy Inc. (NASDAQ: FANG) cobbled together more than 1,000 net acres and more than 950 net acres at an attractive price but CEO Travis Stice said Nov. 7 that larger tier-one Permian Basin assets remain out of stock.  Diamondback said it acquired the leasehold and mineral acreage for $102 million during third-quarter 2017. The royalty acres will likely be dropped down to Viper after commencing active development in 2018, the company said. David Kistler, an analyst with Piper Jaffray & Co., said the bolt-on deals were “the biggest news” of an otherwise solid operating quarter for which the company had pre-announced production results above expectations.
Source: Daily Dose of ShaleDirectories.com News

https://www.shaledirectories.com/blog/diamondback-buys-100-million-permian-acreage-but-bigger-deals-elusive/

#ExxonKnew: Two Years of Harassment, Zero Legal Charges

This weekend marked two years since New York Attorney General Eric Schneiderman announced his official investigation into whether ExxonMobil misled investors and the public about the impacts of climate change.  Despite several years and significant resources being committed to the investigation, as well as millions of documents turned over by ExxonMobil, Schneiderman has yet to bring forward any formal charges–making it clear that this investigation has more to do with politics than any presumed “fraud” that Schneiderman and his environmental allies have claimed.

The true origins of the #ExxonKnew campaign began back in 2012 during a now-infamous meeting in La Jolla, Calif., between Rockefeller-funded groups and activists who plotted ways to draw parallels between Big Oil and Big Tobacco. The key was to use racketeering laws against energy companies and to recruit sympathetic attorneys general to help with the investigation.  Involvement of attorneys general would prove to be integral in the strategy, as activists wanted to use discovery to obtain and publicize documents that could be used to turn public opinion against these companies.

Fast forward to the Summer and Fall of 2015 when reports alleging that ExxonMobil hid climate change research from the public began to appear in InsideClimate News (ICN) and later the Los Angeles Times.  Coincidentally, it was disclosed that the wealthy Rockefellers are major sponsors of ICN and commissioned the series that appeared in the LA Times via funding of Columbia University Graduate School of Journalism’s Energy and Environment Reporting Fellowship.  Interestingly, the LA Times did not disclose the funders of the fellowship until after outlets like Energy In Depth pointed out the omission.  Even the Columbia Journalism Energy and Environment Fellowship page did not originally disclose its sponsors when it first published the series.

Though it’s been two years since the official subpoenas were issued, we know that Schneiderman and his team were looking into ExxonMobil more than a year before the November 2015 announcement.  FOIA’d documents have also revealed the collusion and close coordination between the New York Attorney General’s Office and activist groups.  Earlier this year, the New York Post reported that the Rockefellers and the New York Attorney General’s office were discussing the #ExxonKnew campaign months before either the ICN or LA Times pieces were published, even though those reports were initially credited for inspiring the investigation.

Then, in January of 2016, #ExxonKnew funders met to coordinate with the groups perpetuating the campaign at the Rockefeller Family Fund headquarters in New York.  If their intentions weren’t made apparent from the get-go, a leaked memo from that meeting outlined the goals of the campaign, including their self-described attempt to “delegitimize” Exxon and to “drive divestment” of the company:

This January 2016 meeting included many of the same attendees from the 2012 La Jolla conference such as attorneys Matt Pawa and Sharon Eubanks, Carroll Muffett, and representatives from Greenpeace.

In a show of force shortly after the meeting at Rockefeller headquarters, Eric Schneiderman, flanked by Al Gore and more than a dozen other state attorneys general announced in a press conference that Massachusetts and the Virgin Islands would be pursuing their own investigations of ExxonMobil.  Though many other Democratic attorneys general joined in on the photo-op, none of the others actually announced they would be joining in on the investigations.

Unsurprisingly, Rockefeller-funded activists were again behind the March 29^th press conference.  Reuters reported on FOIA’d emails that showed both Peter Frumhoff of the Union of Concerned Scientists and activist Lawyer Matt Pawa had secretly briefed the attorneys general ahead of the presser.  We say secretly because emails later showed an attempt to cover up their involvement with the AGs.  The day after the Al Gore press conference, Pawa emailed Lem Srolovic of the New York Attorney General’s office explaining that “a WSJ reporter wants to talk to me. I may not even talk to her at all but if I do I obviously will have no comment on anything discussed at the meeting.” Pawa then asked, “What should I say if she asks if I attended? No comment? Let me know.” Srolovic responded that Pawa should stonewall the press.

“My ask is if you speak to the reporter,” Srolovic wrote, “to not confirm that you attended or otherwise discuss the event.”

Both Frumhoff and Pawa were part of the La Jolla conference in 2012.

Not long after the press conference did things start to unravel for the #ExxonKnew campaign.  Virgin Islands Attorney General Claude Walker—one of the few who was actually willing to move forward with an investigation—was forced to withdraw his subpoena relating to the case.  Schneiderman and Massachusetts Attorney General Maura Healey were hit by a barrage of editorials criticizing their campaigns against ExxonMobil, characterizing their actions as an attempt to “stamp out all disagreement,” and voicing concerns about the precedent of pursuing “criminal penalties over those involved in a scientific debate.” Bloomberg News called Schneiderman’s investigation a “dangerous arrogation of power,” while the Boston Herald called Healey’s actions a “foolish effort to basically try to regulate speech.”

Two years later, the campaign has effectively faded from the public’s collective view without much to show for it.

EID crafted a new infographic to display how fruitless this investigation has been, which can be viewed here.

In sum, Schneiderman’s investigation has produced:

• 3 million documents (when stacked, that would roughly amount to the height of the Chrysler building in New York.)
• 4 different legal theories and 4 dead ends.  Schneiderman and his team have continued to change up their justifications for why they are continuing to investigate Exxon, since each of the previous legal threads have come up empty.
• An unknown amount of taxpayer dollars committed to the investigation as the citizens of New York continue to bankroll this political crusade against Exxon.
• Which has all amounted to…zero charges.

Source: Daily Dose of ShaleDirectories.com News

https://www.shaledirectories.com/blog/exxonknew-two-years-of-harassment-zero-legal-charges/

Working gas in storage continues climbing

The volume of working gas in storage continues to creep up, two weeks ago increasing by 1.8% from the previous week’s total, the Energy Information Administration reports.

Source: Daily Dose of ShaleDirectories.com News

https://www.shaledirectories.com/blog/working-gas-in-storage-continues-climbing/