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#Post#: 4623--------------------------------------------------
Re: Fossil Fuel Profits Getting Eaten Alive by Renewable Energy!
By: AGelbert Date: March 3, 2016, 12:06 am
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[move][font=times new roman]The Party is OVER[/font][/move]
[center]
HTML https://youtu.be/6rVuquKd7Rg[/center]
Agelbert NOTE: Whereas I agree with Richard that the fossil fuel
based energy "party" is definitely over, I believe his proposed
method for transitioning to clean energy lacks teeth. He totally
ignores the political power of entrenched dirty energy
interests. They will NOT be convinced nicely on a "make profits
from clean energy" argument, no matter how proven and admittedly
valid it is, BECAUSE clean energy is mostly distributed energy
which is difficult to game through price shocks and fabricated
scarcity though convenient wars and war scares.
HTML http://www.createaforum.com/gallery/renewablerevolution/3-200714191329.bmp
THAT is "real world" that the propagandists for the fossil fuel
industry ALWAYS remind us of when we show, point by point, that
renewable energy is actually cheaper than dirty energy above and
beyond environmental considerations.
What the fossil fuelers WILL NOT SAY until you carefully destroy
their "we are your loyal energy supplying servants doing it all
for your own human civilization good and you owe us for it"
HTML http://www.createaforum.com/gallery/renewablerevolution/3-200714191329.bmp<br
/>is that the fossil fuel industry's POWER in the market place i
s
POLITICAL POWER, not competitive energy source power from
"supply and demand".
This edifice of degraded democracy requires centralized
political corruption, as well as gamed energy pricing (i. e.
control of the energy spigot). Without this control, their
"business model" collapses in a tsunami of bankruptcies and the
abandonment of all their "help" by their friends in government
who they can no longer buy. The "real world" also involves
BOPPING, not just buying. But the fossil fuel industry relies on
purchased friends in government to do that when gamed laws and
regulations don't suffice.
That "real world" was always a clever, but ruthless, scam to
market an uncompetitive dirty energy [s]re[/s]source.
That is why I do not believe the transition to clean energy will
be as painful as Richard Heinberg believes. However, he is right
that fossil fuels, even with their "subsidy" swag, are no longer
affordable simply because, besides the added expense of
obtaining them, we can no longer "afford" (as if we ever could)
to ignore the damage that burning them visits on our biosphere
in general and Homo SAPS in particular. The "business model" of
the fossil fuel industry, by definition, REQUIRES the rejection
of any responsibility for the deleterious effect their product
has on the perpetuation of the human species.
IOW, the "real world" of the fossil fuelers is a type of cherry
picking insanity. They really do believe that they can
industrially shit where everybody but them eats in a finite
biosphere where EVERY pollutant reduces the viability of the
biosphere that their "real world" REQUIRES in order for them to
survive.
Basically, the fossil fuel industry is composed of thugs. Those
thugs can continue to be murderous thugs as long as they can
funnel a lot of money into their pockets and into the pockets of
the governments they corrupt.
All we have to do is NOT "return to the caves", as the
propagandist assholes will claim, but reduce our footprint to
the bare necessities and continue to use more clean energy and
less dirty energy. Then the money for the thugs will dry up as
it is starting to do now. To clarify how that works, please
understand that the fossil fuel industry relies on volume sales.
Profits from volume sales operate on the margins. All you need
is a 5% to 10% annual INCREASE (i.e. decrease in demand for
fossil fuels) in demand destruction from renewable energy for a
decade or so to destroy the fossil fuel empire.
Then the crooks they can no longer buy in government will "get
the renewable energy religion". ;)
HTML http://www.createaforum.com/gallery/renewablerevolution/3-200714191258.bmp<br
/>That is why the fossil fuelers like the Koch Brothers are alwa
ys
trying to pre-empt the growth of (E.g. Electric vehicles and
wind turbines) products that run on and/or generate Renewable
Energy. The fossil fuel industry is far more fragile than the
MKing's of this world will have you believe. They are fighting
to keep their swag and protection racket going. It worked for
the last 50 years.
HTML http://www.createaforum.com/gallery/renewablerevolution/3-200714191329.bmp
But the annual DROP in volume sales is killing the fossil fuel
industry [img
width=20]
HTML http://www.createaforum.com/gallery/renewablerevolution/3-080515182559.png[/img].<br
/>THAT is the REAL real world of clean energy thermodynamic
efficiency overcoming the corrupt fabrication the fossil fuel
industry has saddled us with for about a century. Let's hope
it's not too late. [img
width=060]
HTML http://www.emofaces.com/png/200/emoticons/fingerscrossed.png[/img]
#Post#: 4625--------------------------------------------------
Re: Fossil Fuel Profits Getting Eaten Alive by Renewable Energy!
By: AGelbert Date: March 3, 2016, 1:51 am
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[quote]Oil and gas companies have cut so much spending amid the
biggest price crash in a generation that there are only 502
drilling rigs still active in the country, according to Baker
Hughes Inc. In the next few weeks, that could fall below 488,
the lowest level in records dating back to 1948, according to
Paul Hornsell, head of commodities research for Standard
Chartered Bank.
“While there is no consistent series for drilling activity
before 1948, we think it likely that to find a lower level of
activity would require going back to the 1860s, the early part
of the Pennsylvania oil boom,” Hornsell said in a research note
today.
[/quote]
HTML http://finance.yahoo.com/news/oil-gas-drillers-u-ready-170001641.html#
[center]
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[/center]
#Post#: 4637--------------------------------------------------
Re: Fossil Fuel Profits Getting Eaten Alive by Renewable Energy!
By: AGelbert Date: March 7, 2016, 3:03 pm
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[center]U.S. rig count falls by 12[/center]
Staff Writers March 2, 2016
The U.S. rig count lost a dozen rigs last week, marking two and
half months of consecutive declines. The number of rigs drilling
for oil and gas in the United States fell by 12 rigs to 502 as
of February 26 compared to 1,267 rigs a year ago, according to
Baker Hughes.The drops marked the tenth straight week of falling
U.S. rig counts, Reuters said.
The U.S. gas rig count ticked up by one to 102 rigs but that
gain was offset by a loss of 13 oil rigs that pushed the U.S oil
rig count down to 400 from 986 rigs a year ago. The directional
drill count fell to 47 rigs after a one rig loss while the
horizontal rig count slid by 17 rigs to 397, down from 946 a
year ago.
The vertical rig count jumped to 58 rigs thanks to an eight rig
gain but was still down from 194 rigs operating during the same
week last year.
Texas once again posted the most rig losses of any major
producing state after losing five rigs last week.
Louisiana was the only major producing state to post a rig gain
as its rig count ticked up by two.
New Mexico lost three rigs last week while Alaska and California
gained two rigs each. Ohio, Pennsylvania, Utah and Wyoming each
lost one rig last week.
Rig counts in Arkansas, Colorado, Kansas, North Dakota and
Oklahoma held steady from the previous week.
The Eagle Ford Basin, located in Texas, lost the most rigs of
all the major producing basins last week after drillers dropped
seven rigs.
The Permian Basin, also located in Texas, lost one rig.
The Arkoma Woodford Basin, the Granite Wash Basin, the
Haynesville play and the Utica Basin also lost one rig a piece.
The Cana Woodford added three rigs last week, the only major
basin to post a rig gain. Rig counts in the Williston Basin,
home of the Bakken shale play, and the Marcellus Basin held
steady from last week. Canada’s rig count fell by 31 to 175 rigs
after drillers dropped 26 oil rigs and five gas rigs. The Gulf
of Mexico saw its count tick up by two to 27 rigs last week.
HTML http://petroglobalnews.com/2016/03/u-s-rig-count-falls-by-12/
#Post#: 4639--------------------------------------------------
Re: Fossil Fuel Profits Getting Eaten Alive by Renewable Energy!
By: AGelbert Date: March 7, 2016, 5:54 pm
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[center][img
width=640]
HTML https://upload.wikimedia.org/wikipedia/commons/e/e0/Station_service_Repsol.jpg[/img][/center]
[move]Repsol sinks to $1.3 billion full year loss[/move]
Staff Writers March 2, 2016
Spain’s Repsol reported a $1.35 billion full year net loss on
Thursday after taking over $3 billion in impairments.
The company posted a net loss of 1.22 billion euro, or a loss of
about $1.35 billion, down from a net income of $1.78 billion in
2014.
The company booked a full year 2015 adjusted net income of $2.05
billion, a 9 percent year-over-year increase. ;)
“This result specifically measures the performance of the
business units and demonstrates the company’s strength and
resilience in the face of adverse situations such as the current
low oil and gas prices,”
HTML http://www.createaforum.com/gallery/renewablerevolution/3-220216203149.gif<br
/> Repsol said.
The company’s EBITDA at current cost of supplies for the full
year was $5.53 billion, a 6 percent increase over 2014.
Repsol booked $3.25 billion in “extraordinary impairments” for
the full year that it said “can be reversed over the next few
years in the event of a change in price.”
[quote]Repsol’s upstream segment fell to an adjusted net loss of
about $1 billion, or 909 million euros, compared to an income of
$649 million in 2014 due to the “steep decline in international
hydrocarbon prices.”
[/quote]
The company’s full year 2015 production averaged 558,900 barrels
of oil equivalent per day, a 57.6 percent increase over the
previous year.
During the last quarter of the year production rose to 697,500
boepd, 88 percent higher than the same period in the previous
year and hitting “the optimal level established by the company
in its Strategic Plan,” Repsol said.
Talisman assets contributed 202,900 boepd to average annual
production.
The group’s proved reserves jumped by 54 percent during the year
to 2.373 billion barrels of oil equivalent.
Repsol’s downstream unit saw its net adjusted income climb 112.5
percent to $2.37 billion for 2015, up from $1.11 billion in
2014.
HTML http://1.bp.blogspot.com/-TzWpwHzCvCI/T_sBEnhCCpI/AAAAAAAAME8/IsLpuU8HYxc/s1600/nooo-way-smiley.gif
“The Downstream unit achieved excellent results in 2015,
supported by the margins in refining and chemicals, and driven
by investment in efficiency alongside operational improvements
undertaken over the last few years,” Repsol said.
[center] [img
width=240]
HTML http://www.createaforum.com/gallery/renewablerevolution/3-090315203150.png[/img][/center]
The company’s refining margin indicator was 8.5 dollars per
barrel, twice its level in 2014.
HTML http://www.createaforum.com/gallery/renewablerevolution/3-030815183114.gif<br
/>
Gas Natural Fenosa’s adjusted net income ticked up 3 percent
year-over-year to $499 million thanks to the “contributions of
CGE Chile and better performance in Latin America, which have
offset the lower contribution of the gas commercialization
business.”
Repsol said it will increase synergies from its acquisition of
Canada’s Talisman to $400 million, up from its
initially-identified synergies of $220 million.
Repsol added that it has already generated over $200 million in
synergies from the Talisman integration.
The company also plans to reduce its planned investments for
2016 to 2017 by an additional 20 percent to $1.98 billion.
HTML http://www.freesmileys.org/smileys/smiley-scared002.gif
[img
width=30]
HTML http://www.pic4ever.com/images/245.gif[/img]
The group’s liquidity stood at $10.07 billion at the end of the
2015 fiscal year, more than twice the level of its short-term
gross debt maturities. ;)
Repsol added that its breakeven point for generating positive
cash flow is currently at $40 dollars per barrel after interest
and dividends.
[center][img
width=440]
HTML http://www.createaforum.com/gallery/renewablerevolution/3-111214174727.png[/img][/center]
HTML http://petroglobalnews.com/2016/03/respol-sinks-1-3-billion-full-year-loss/
Agelbert NOTE: The claim that they can generate "positive cash
flow" at anything above $40 per barrel after interest and
dividends is about $25 dollars BELOW the $65 per barrel they
MUST get in order to make a profit.
Any CPA worth his accounting tricks will calmly explain to you
that "positive cash flow" DOES NOT equal "profitable". And that
bit about "after interest and dividends" is a deliberate ploy to
fool stock holders into thinking their dividend is "safe" so
they don't have to sell a cratering stock.
HTML http://www.createaforum.com/gallery/renewablerevolution/3-200714191329.bmp<br
/> ;)
If you own any stock in Repsol, you like high risk investments.
HTML http://www.createaforum.com/gallery/renewablerevolution/3-200714183337.bmp
[move][I][font=impact]The Fossil Fuelers DID THE Climate
Trashing, human health depleteing CRIME,[COLOR=BROWN] but
since they have ALWAYS BEEN liars and conscience free crooks,
they are trying to AVOID [/color] DOING THE TIME or PAYING
THE FINE! Don't let them get away with it! Pass it on!
HTML http://www.pic4ever.com/images/176.gif[/font][/I][/move]
#Post#: 4640--------------------------------------------------
Re: Fossil Fuel Profits Getting Eaten Alive by Renewable Energy!
By: AGelbert Date: March 7, 2016, 6:47 pm
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[center][img
width=640]
HTML http://s1.paultan.org/image/2013/08/Petronas.jpg[/img][/center]
[center]Petronas cutting up to 1,000 jobs[/center]
Staff Writers March 1, 2016
Malaysia’s Petronas said Tuesday that it will cut up to 1,000
jobs after reporting a 56 percent drop in full year after-tax
profits.
The company expects to cut under 1,000 positions and said it is
undertaking “exhaustive efforts” to “re-deploy affected
employees.” Further details about the layoffs have not been
disclosed.
Petronas added that it will “further embark on a separation
exercise for these employees as needed, which is expected to be
completed over the next six months.”
Petronas booked $59 billion (RM248 billion) in revenues for the
full year of 2015, down 25 percent year-over-year.
Full year after-tax profit came in at $5.06 billion, down 56
percent from the prior year, while profit after-tax excluding
identified items fell 42 percent year-over-year to $9.64
billion.
“The company anticipates its financial performance for 2016 to
continue to be affected by the prolonged volatility in oil
prices and is intensifying efforts to cushion the impact to
remain competitive and sustainable,”
HTML http://www.createaforum.com/gallery/renewablerevolution/3-220216203149.gif<br
/>the company said.
The company’s upstream production grew 3 percent from 2014
HTML http://www.pic4ever.com/images/gen152.gif
levels thanks to
enhanced production and new production streams from Malaysia and
Indonesia along with additional production from Azerbaijan.
However, low oil prices dragged the company’s upstream after-tax
profit down to $4.72 billion (RM19.6 billion) for 2015, a 64
percent decline from the previous year. ;D
Non-cash impairments of $4.33 billion pulled upstream profits
down by an additional $385 million for the full year.
The company’s downstream business saw its full year profit
margin rise 50 percent from the prior year to $2.14 billion
(RM8.9 billion).
Chairman and CEO Datuk Wan Zulkiflee said the company’s cash
flow from operations “is unlikely to be able to cover the
remaining CAPEX and its RM16 billion dividend commitments to the
Government.”
Petronas will reduced its capital expenditure and operational
expenditure budgets by about $12 billion over the next four
years, beginning with reductions of between $3.62 billion to
$4.82 billion in 2016.
“I am confident of our internal initiatives laid out to
strategically respond to the external challenges. These will
navigate PETRONAS securely through the current downturn, and
position us in a more resilient and competitive stead for future
growth,” Datuk Wan Zulkiflee said.
[center]
[img
width=340]
HTML http://www.createaforum.com/gallery/renewablerevolution/3-010215144153.png[/img][/center]
HTML http://petroglobalnews.com/2016/03/petronas-cutting-up-to-1000-jobs/
#Post#: 4641--------------------------------------------------
Re: Fossil Fuel Profits Getting Eaten Alive by Renewable Energy!
By: AGelbert Date: March 7, 2016, 7:04 pm
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[center][img
width=640]
HTML http://images.bidnessetc.com/img/960-apache-corporation-stock-all-you-need-to-know.jpg[/img]
[/center]
[center][font=courier]Apache Corporation sinks to $23 billion
full year net loss[/font][/center]
Staff Writers March 1, 2016
Apache Corporation cuts its 2016 capital expenditure budget by
60 percent on Thursday after reporting a $23 billion full year
net loss.
The company reported a full year net loss of $23.1 billion, or
$61.20 per diluted common share.
On an adjusted basis, Apache’s 2015 loss totaled $130 million,
or $0.34 per share.
Net cash provided by continuing operating activities was $2.8
billion and adjusted EBITDA was $3.9 billion in 2015.
Total capital expenditures were $4.7 billion for the full year,
or $3.6 billion when excluding leasehold acquisitions,
capitalized interest, its Egypt noncontrolling interest and
spending on divested LNG and associated assets.
The Houston-based company’s full year capital expenditure
guidance range was $3.6 billion to $3.8 billion.
[quote]
Apache reported a fourth quarter 2015 net loss of $7.2 billion,
or $19.07 per diluted common share, including non-cash after-tax
ceiling test write downs and impairments of $5.9 billion tied to
low commodity price levels.[/quote]
[center][img
width=400]
HTML http://i.telegraph.co.uk/multimedia/archive/03366/wile_3366650b.jpg[/img]<br
/>[/center]
When adjusted for impairments and other items that impact the
comparability of results, Apache’s fourth quarter net loss
totaled $24 million, or $0.06 per share.
Net cash provided by continuing operating activities in the
fourth quarter was $262 million and adjusted EBITDA was $781
million.
Apache said cash flow from operations was reduced in the fourth
quarter by a one-time income tax payment of $484 million,
associated with the repatriation of foreign divestment proceeds.
During the fourth quarter, Apache operated an average of 39 rigs
and drilled and completed 113 gross-operated wells worldwide.
Apache CEO and president John J. Christmann IV
HTML http://www.pic4ever.com/images/acigar.gif
[img
width=80]
HTML http://i1.wp.com/gas2.org/files/2013/05/stupid.png[/img]<br
/>said the company will trim its 2016 capital program to $1.4
billion to $1.8 billion, down more than 60 percent
year-over-over and down more than 80 percent from 2014 levels.
“With current 2016 strip prices 30 to 35 percent below year-ago
levels, we believe a conservative plan and a flexible capital
spending program are paramount to protecting the financial
position we have worked hard to establish over the last 18
months,” Christmann said.
Apache’s worldwide estimated proved reserves totaled 1.6 billion
barrels of oil equivalent at the end of 2015, down from 2.4
billion boe at the end of 2014.
The company said the reserves decline was primarily driven by
significant divestitures in Australia and Canada, falling
commodities prices and 60 percent year-over-year reduction in
capital spending.
Apache expects total pro forma production volumes, excluding its
Egypt noncontrolling interest and tax barrels, to range from
433,000 to 453,000 per day in 2016, down 7 to 11 percent from
pro forma 2015 levels.
[quote]Christmann added that Apache plans to be cash flow
neutral in 2016 after dividends assuming flat West Texas
Intermediate prices, Brent oil prices of $35 per barrel and
“minimal non-core, non-producing asset sales.”[/quote]
[center]
[img
width=440]
HTML http://www.createaforum.com/gallery/renewablerevolution/3-010215143525.png[/img]<br
/>
[/center]
HTML http://petroglobalnews.com/2016/03/anadarko-pockets-1-3-billion-from-assest-monetizations-deals/
#Post#: 4648--------------------------------------------------
Re: Fossil Fuel Profits Getting Eaten Alive by Renewable Energy!
By: AGelbert Date: March 8, 2016, 2:24 pm
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[center]Whiting Petroleum suspends completions, slashes capital
budget[/center]
Staff Writers March 1, 2016
Whiting Petroleum announced Wednesday that it will suspend
completion activities as it slashed its capital budget by 80
percent.
The Colorado-based company said it will suspend completion
operations in the second quarter of this year.
The company has not said when it expects to resume completion
activities.
Whiting has set its 2016 capital budget at $500 million, a
decrease of about 80 percent from its 2015 capital expenditures.
The company plans to spend the majority of its 2016 capital
budget in the first half of the year as it completes projects
initiated in 2015 and winds down completion operations.
Whiting’s projected spend rate is expected to decline to $80
million per quarter in the second half of the year.
The company expects to invest $440 million of its 2016 capital
budget on development activity primarily in its core Bakken and
Niobrara areas :evil4:, representing 88 percent of the total
budget.
The company’s 2016 capital budget reflects the suspension of
completion operations.
Whiting projects that it will have an inventory of 73 drilled
uncompleted wells in the Williston Basin Bakken/Three Forks play
and 95 drilled uncompleted wells in the DJ Basin Niobrara play
at the end of 2016. [img
width=30]
HTML http://www.freesmileys.org/emoticons/emoticon-object-015.gif[/img]
“This inventory of drilled uncompleted wells [img
width=50]
HTML http://www.createaforum.com/gallery/renewablerevolution/3-070814193155.png[/img]<br
/>should afford Whiting a highly capital-efficient means to resu
me
growth
HTML http://www.pic4ever.com/images/2z6in9g.gif
upon a
rebound in oil prices,” the company said.
Whiting produced 14.3 million barrels of oil equivalent (MMBOE)
in the fourth quarter 2015, with crude oil and natural gas
liquids (NGLs) accounting for 88 percent of production.
The company said its better than forecast production results
were thanks to enhanced completions in the Williston Basin and
an increase in gas capture rates across its acreage.
Whiting saw its proved reserves jump to a record high of 820.6
MMBOE in 2015, a 5 percent year-over-year increase despite asset
sales of 53.2 MMBOE and an SEC 2015 oil price deck 47 percent
lower than 2014.
As of the end of 2015, proved developed reserves accounted for
49 percent of proved reserves and crude oil and NGLs accounted
for 87 percent of proved reserves.
Whiting booked a fourth quarter 2015 net loss available to
common shareholders of $98.68 million, compared to a loss of
$353.68 million in the prior year quarter, on $423.51 million in
revenues.
Full year net income available to common shareholders fell to a
loss of $2.21 billion, ;D compared to a full year 2014 net
income of $64.8 million in 2014, on full year revenues of $2.05
billion.
“We are focused on returns and balance sheet strength. Our 2016
budget reflects these priorities as we plan to run two rigs in
the Bakken and two rigs in the Niobrara for the balance of the
year…We believe this conservative strategy should help us to
maintain our liquidity position and leave us well positioned to
capitalize on a rebound in oil prices,” Whiting’s chairman,
president and CEO James J. Volker said.
HTML http://www.createaforum.com/gallery/renewablerevolution/3-220216203149.gif
HTML http://petroglobalnews.com/2016/03/whiting-petroleum-suspends-completions-slashes-capital-budget/
HTML http://petroglobalnews.com/2016/03/whiting-petroleum-suspends-completions-slashes-capital-budget/
[center][img
width=100]
HTML http://www.freesmileys.org/smileys/smiley-forum/popcorn.gif[/img]
[/center]
#Post#: 4651--------------------------------------------------
Re: Fossil Fuel Profits Getting Eaten Alive by Renewable Energy!
By: AGelbert Date: March 8, 2016, 5:30 pm
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[center][img
width=640]
HTML https://i.ytimg.com/vi/r475uLEwGCk/maxresdefault.jpg[/img][/center]
[center]Nexen Energy lays off 120 Canadian workers[/center]
Staff Writers March 3, 2016
Calgary-based Nexen Energy confirmed Tuesday that it cut 120
jobs as the company contends with low oil prices.
A company spokesman told the Canadian Press that Nexen “made the
difficult decision to reduce its workforce because of the
current economic situation.”
The company has not disclosed further details about the cuts.
The headcount reduction follows 340 North American staff cuts
and 60 layoffs in the U.K. North Sea last March that CEO Fang
Zhi said were in “response to the recent industry downturn.”
The Canadian Association of Petroleum Producers estimates that
Canadian energy firms have cut about 40,000 direct jobs since
2015,the Canadian Press added.
China’s CNOOC, Nexen’s parent company, set its net production
target for 2016 to between 470 to 485 million barrels of oil
equivalent, down from its estimated 2015 net production of 495
million barrels of oil equivalent.
CNOOC expects its total 2016 capital expenditure budget to come
in at about $9.18 billion (RMB60.0 billion), with exploration
activities accounting for 19 percent of the spend, development
costs accounting for 64 percent of the budget and production
accounting for 13 percent of the spend.
CNOOC added that four new projects are expected to come onstream
this year and nearly 20 more projects will be under
construction.
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/>
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HTML http://petroglobalnews.com/2016/03/nexen-energy-lays-off-120-canadian-workers/
#Post#: 4661--------------------------------------------------
Re: Fossil Fuel Profits Getting Eaten Alive by Renewable Energy!
By: AGelbert Date: March 9, 2016, 8:23 pm
---------------------------------------------------------
[center]Anadarko Petroleum slashes capital budget in
half[/center]
Staff Writers March 7, 2016
Anadarko Petroleum said Tuesday that it will cut its 2016
capital budget in half this year as it slashes its U.S. rig
count.
The Houston-based company has reduced its year-over-year capital
investments by almost 50 percent to between $2.6 billion to $2.8
billion.
Anadarko’s U.S. onshore activities will see the biggest
reduction this year with that area’s budget being cut by nearly
$2.5 billion year-over year to $1.1 billion.
The company will reduce its U.S. onshore rig count by 80 percent
to five operated rigs, down from an average of 25 in 2015, while
focusing on base production and “retaining flexibility” to
leverage its inventory of about 230 drilled but intentionally
uncompleted wells.
Anadarko has earmarked $700 million for its activities in the
Gulf of Mexico where the company intends to focus on its
capital-efficient tieback oil opportunities and on advancing
appraisal activities.
The company will allocate another $700 million for its
international activities that will include efforts to advance
its Paon oil discovery in offshore Côte d’Ivoire toward
potential development with one appraisal well, a drillstem test
and two exploration wells.
Anadarko said once its activities in Côte d’Ivoire are complete,
its rig is scheduled to return to Colombia to conduct additional
exploration drilling activities.
The company also expects to achieve first oil at the TEN complex
in offshore Ghana in the third quarter of 2016.
Anadarko added that it “expects minimal funding in 2016” as it
works “three parallel paths toward a Final Investment Decision”
for its Mozambique LNG project.
The company also announced plans to monetize up to $3 billion of
assets in 2016, with $1.3 billion in monetizations announced or
closed year to date.
Adjusted for divestitures, Anadarko expects its total 2016 sales
volumes to be between 282 to 286 million barrels of oil
equivalent, down from 292 million barrels in 2015.
The company expects oil sales volumes to account for 308,000
313,000 barrels per day.
Last month, Anadarko cut its quarterly dividend on its common
stocks to $0.05 per share, down $0.22 per share from prior
levels.
The company expects the dividend reduction to provide $450
million of additional cash.
“In 2016, we will continue our disciplined and focused approach,
preserving and building value by leveraging our best-in-class
capital allocation, enhancing operational efficiencies and
continuing an active monetization program,” Anadarko chairman,
president and CEO Al Walker said. ::)
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#Post#: 4670--------------------------------------------------
Re: Fossil Fuel Profits Getting Eaten Alive by Renewable Energy!
By: AGelbert Date: March 12, 2016, 6:17 pm
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[center]ExxonMobil slashes 2016 capital spend by 25 percent
;D[/center]
Staff Writers March 9, 2016
ExxonMobil said Wednesday that it will cut its 2016 capital
spend by 25 percent from year ago levels.
The company now anticipates a $23 billion capital spending
budget in 2016, down 25 percent from 2015.
ExxonMobil said it generated $33 billion of cash flow from
operations and asset sales and $6.5 billion of free cash flow in
2015.
The company achieved a total net reduction of $12 billion in
both capital and cash operating costs in 2015, with its upstream
total unit costs falling 9 percent from 2014.
Exxon added that its refining unit cash costs are now 15 percent
lower than the industry average.
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/>
“Exxon Mobil Corporation is achieving industry-leading financial
performance throughout the commodity price cycle by maintaining
a focus on the fundamentals, selectively investing in the
business and paying a reliable and growing dividend,” Exxon
chairman and CEO Rex W. Tillerson said.
[center] [img
width=300]
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The company said it is on track to start up 10 new upstream
projects in 2016 and 2017 that will add 450,000 barrels of oil
equivalent per day of working-interest production capacity.
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Exxon added 1 billion oil-equivalent barrels of proved oil and
gas reserves in 2015, replacing 67 percent of production,
including a 219 percent replacement ratio for crude oil and
other liquids.
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The company beat analyst expectations last month after reporting
$2.78 billion, or $0.67 per diluted share, in fourth quarter
earnings. ;)
Earlier this year, Exxon declared a first quarter cash dividend
of 73 cents per share on its common stock, payable on March 10,
2016.
ExxonMobil said Wednesday it has increased its dividend for
33-consecutive years through 2015, with an annual increase of 10
percent per year over the past 10 years.
“On average, 48 cents of every dollar generated by the business
during the last five years has been distributed to
shareholders,” the company added. [img
width=80]
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[img
width=640]
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HTML http://petroglobalnews.com/2016/03/exxonmobil-lowers-2016-spending-25-percent/
Renewable energy=
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/> [img
width=60]
HTML http://www.freesmileys.org/smileys/smiley-scared002.gif[/img]=Fossil<br
/>Fuelers
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