Ernest's Feed
Apr 29, 2015

North Dakota governor signs sweeping oil tax changes into law

, April 29 (Reuters) – North Dakota, the
second-largest U.S. oil producer, has approved a sweeping
reorganization of its oil tax code by cutting the overall rate
and also ending a more than $5 billion tax break poised to hit
in June.

Governor Jack Dalrymple signed the measure on Wednesday
afternoon, his staff told Reuters, lowering the combined rate
crude producers will pay by 1.5 percentage points.

Apr 29, 2015

Whiting posts smaller-than-expected loss, aided by cost cuts

By Ernest Scheyder

WILLISTON, N.D. (Reuters) – Whiting Petroleum Corp (WLL.N: Quote, Profile, Research, Stock Buzz), North Dakota’s largest oil producer, posted a quarterly loss on Wednesday that was narrower than Wall Street expected as the company slashed spending amid a steep drop in crude oil prices CLc1.

Whiting’s sales price for its crude fell more than 50 percent during the quarter, forcing the company to curtail spending and sharply scale back operations to preserve as much cash as possible.

Apr 29, 2015

Cost cuts help Hess offset plunging crude oil prices

April 29 (Reuters) – Oil and natural gas producer Hess Corp
reported a quarterly loss on Wednesday that beat Wall Street’s
expectations, as cost cuts helped offset plunging crude oil
prices .

The company posted a net loss of $389 million, or $1.37 per
share, compared to a net income of $386 million, or $1.20 per
share, in the year-ago quarter.

Apr 23, 2015

U.S. EPA chief defends coal plant emissions rules

HOUSTON, April 23 (Reuters) – A proposed plan that would
force American coal-fired power plants to slash emissions would
not cost jobs and would help the country move toward a
low-carbon future, U.S. Environmental Protection Agency
Administrator Gina McCarthy said on Thursday.

“Our rule creates a dynamic where cutting carbon pollution
and investment decisions align,” McCarthy said at the IHS
CERAWeek conference in Houston, the world’s largest gathering of
energy executives. “Environmental protection isn’t window
dressing; it’s foundational to strong, lasting economic growth.”

Apr 22, 2015

U.S. energy secretary touts nuclear deal with Iran

HOUSTON, April 22 (Reuters) – An agreement between the
United States, Iran and other world powers designed to curtail
Iran’s nuclear program is effective and would work if
implemented, U.S. Secretary of Energy Ernest Moniz said on

“I think we’ve established a very strong set of parameters
around the agreement,” Moniz said at the IHS CERAWeek conference
in Houston, the world’s largest gathering of oil executives.
“It’s a long term process with constraints coming off at various
time frames as confidence improves” in Iran’s nuclear

Apr 21, 2015

Statoil pushes oil industry to take bold climate steps

HOUSTON, April 21 (Reuters) – The oil and natural gas
industry cannot ignore climate change and must support work to
help curb its effects through a carbon tax, increased natural
gas production and other means, Statoil ASA Chief
Executive Eldar Sætre said on Tuesday.

It was the strongest stance yet from the leader of a major
oil producer on the need to limit carbon emissions. Some major
energy companies, especially in Europe, have been pushing for an
industry-coordinated response to stem climate change.

Apr 20, 2015

U.S. Interior to look at flexible onshore oil royalty model

HOUSTON, April 20 (Reuters) – The U.S. Department of the
Interior will evaluate whether it should adopt a more flexible
approach to setting the rates for royalties it collects from oil
and natural gas wells on federal land, including the possibility
of granting so-called royalty relief in new areas, Secretary
Sally Jewell said on Monday.

Currently companies that produce oil and gas on federal
lands pay a flat 12.5 percent royalty rate, according to federal
law. In some cases that is far higher than the rate paid on
private land that may be nearby the federal land.

Apr 20, 2015

Evoking Iran, U.S. senator pushes for oil exports

HOUSTON, April 20 (Reuters) – Senator Lisa Murkowski
(R-Alaska) said on Monday she will introduce legislation this
year to allow U.S. crude exports, saying the Obama
administration shouldn’t dare lift sanctions on Iran before
scrapping the U.S. crude export ban.

“It’s time to lift America’s ban on crude oil exports,”
Murkowski said at IHS CERAWeek conference in Houston, the
world’s largest annual gathering of oil executives.

Apr 20, 2015

‘Ducks’ and oil: no need to fear US crude supply deluge

HOUSTON, April 20 (Reuters) – Conventional wisdom holds that
come June a pending $5.3 billion tax break in the No. 2 U.S. oil
producing state, combined with a modest uptick in oil prices,
will unleash a tsunami of new shale crude supply so big that
prices may slump again.

Just one problem with that scenario: oil producers say this
is not going to happen.

Apr 17, 2015

Big U.S. investors push SEC for oil industry to detail risks of climate change

, April 17 (Reuters) – Calpers, the largest
American public pension fund, and nearly 60 other institutional
investors will ask the U.S. Securities and Exchange Commission
on Friday to require oil and natural gas companies to publish
detailed analysis of the risks posed by climate change to their
business models.

The letter, also signed several U.S. state treasurers, asks
SEC Chair Mary Jo White to require oil producers to publish
“meaningful, substantive carbon asset risk disclosures,” much in
the way they already disclose information on factors outside
their control, such as commodity and currency price swings.