Joshua's Feed
Jun 5, 2014

Michigan AG charges Chesapeake with racketeering and fraud

ATLANTA, June 5 (Reuters) – Michigan’s attorney general
filed felony racketeering and fraud claims against Chesapeake
Energy Corp. on Thursday, alleging the company canceled
hundreds of private land leases under false pretenses following
a short-lived oil and gas boom in the state in 2010.

The charges, filed in Michigan state court in Cheboygan,
allege Chesapeake, through its leasing agents, victimized
private landowners in northern Michigan by falsely claiming
mortgages on their properties were a legitimate basis for the
lease cancellations. Landowners were previously told the
mortgages were not a problem, the state alleged.

May 25, 2014

In North American rail towns, some try to stop oil trains

May 25 (Reuters) – Albany, New York Sheriff Craig Apple
assured a room of concerned citizens that county emergency crews
were prepared to handle an oil-train accident involving three or
four tank cars.

Firefighters have been training to combat railcar fires with
foam, and evacuation plans are detailed in a 500-page emergency
response plan, Apple told residents in a May 12 address.

Apr 6, 2014

Blast at U.S. LNG site casts spotlight on natural gas safety

By Joshua Schneyer, Timothy Gardner and Richard Valdmanis

(Reuters) – An unexplained blast this week at a liquefied natural gas (LNG) facility in rural Washington state, which injured workers, forced an evacuation and raised alarm about a potentially large second explosion, could focus attention on the risk of storing massive gas supplies near population centers.

The Monday incident at Williams Co Inc’s massive gas storage site is a rare safety-record blemish among the dozens of U.S. LNG plants and storage sites, including towering tanks in packed neighborhoods of New York City, and near Boston.

Mar 21, 2014

Sanctions on Gunvor’s Russian co-founder put oil traders on guard

NEW YORK, March 20 (Reuters) – Minutes after the U.S.
government said Thursday it would punish the Russian co-owner of
the world’s No.4 private oil trading firm Gunvor SA with
crippling sanctions, traders and bankers active in global oil
markets began asking urgent questions.

Could the sanctions, which prohibit U.S. banks, individuals
and companies from doing business with Russian billionaire
Gennady Timchenko or firms he controls, possibly freeze the
Geneva-based trading empire that Timchenko co-founded out of
global commodity markets? Skittish counterparties and financiers
scrambled for details, fearing they could be left exposed.

Mar 5, 2014

Chesapeake, Encana face criminal antitrust charges in Michigan

By Joshua Schneyer, Brian Grow and Anna Driver

(Reuters) – Oil and gas giants Chesapeake Energy and Encana Corp. were charged on Wednesday with colluding to keep oil and gas lease prices artificially low in the state of Michigan, the state Attorney General Bill Schuette said.

The announcement follows a lengthy investigation by Schuette’s office into whether the firms — the biggest land leasers during a speculative oil and gas leasing boom in Michigan’s Collingwood Shale region during 2010 — colluded to avoid prices from rising as they acquired land leases from landowners.

Feb 26, 2014

Exclusive: Encana, Chesapeake near settlements on Michigan collusion probe

NEW YORK/HOUSTON (Reuters) – Encana Corp (ECA.N: Quote, Profile, Research, Stock Buzz) and Chesapeake Energy Corp (CHK.N: Quote, Profile, Research, Stock Buzz) are negotiating civil settlements with the state of Michigan to try to end its criminal investigation into whether the energy companies colluded to keep oil and gas lease prices artificially low in the state.

Encana is hopeful that a settlement will be finalized within a few weeks, said Gregory Curtner, a lawyer representing Encana in a separate civil antitrust lawsuit, during a February 14 court hearing.

Feb 26, 2014

Encana, Chesapeake near settlements on Michigan collusion probe

NEW YORK/HOUSTON, Feb 26 (Reuters) – Encana Corp and
Chesapeake Energy Corp are negotiating civil settlements
with the state of Michigan to try to end its criminal
investigation into whether the energy companies colluded to keep
oil and gas lease prices artificially low in the state.

Encana is hopeful that a settlement will be finalized within
a few weeks, said Gregory Curtner, a lawyer representing Encana
in a separate civil antitrust lawsuit, during a Feb. 14 court
hearing.

Nov 26, 2013

Special Report: How China took control of an OPEC country’s oil

NEW YORK (Reuters) – China’s aggressive quest for foreign oil has reached a new milestone, according to records reviewed by Reuters: near monopoly control of crude exports from an OPEC nation, Ecuador.

Last November, Marco Calvopiña, the general manager of Ecuador’s state oil company PetroEcuador, was dispatched to China to help secure $2 billion in financing for his government. Negotiations, which included committing to sell millions of barrels of Ecuador’s oil to Chinese state-run firms through 2020, dragged on for days. Calvopiña grew anxious and threatened to leave.

Nov 26, 2013

A look at the traders behind the China-Ecuador-U.S. oil triangle

Nov 26 (Reuters) – Ecuador’s Socialist President Rafael
Correa has often railed against allowing private trading firms
to control the country’s oil shipments, a top source of export
revenue. Soon after his election in 2006, Correa pledged to cut
out middlemen.

But on his watch, the opposite has happened. As the OPEC
country committed to selling the bulk of its export crude to
Chinese state-owned firms, a little-known Swiss trading house
and its business partners have secured a role as intermediaries
in the South American country’s oil trade.

Nov 26, 2013

How China took control of an OPEC country’s oil

NEW YORK, Nov 26 (Reuters) – China’s aggressive quest for
foreign oil has reached a new milestone, according to records
reviewed by Reuters: near monopoly control of crude exports from
an OPEC nation, Ecuador.

Last November, Marco Calvopiña, the general manager of
Ecuador’s state oil company PetroEcuador, was dispatched to
China to help secure $2 billion in financing for his government.
Negotiations, which included committing to sell millions of
barrels of Ecuador’s oil to Chinese state-run firms through
2020, dragged on for days. Calvopiña grew anxious and threatened
to leave.