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Author Archives: Zachary Toliver

Lost monetary value of energy industry could literally buy countries, according to Bloomberg data

To just survive the modern oil bust, companies have slashed $180 billion dollars in spending and erased over 176,000 jobs worldwide. The stats are staggering, and some oil firms believe that the crisis will have just as strong or more of an impact than the oil crash of the 1980s. While the dust still thickens in the economic airspace, Bloomberg ...

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Chesapeake reports 2Q loss

OKLAHOMA CITY — Chesapeake Energy Corp. (CHK) on Wednesday reported a second-quarter loss of $4.11 billion, after reporting a profit in the same period a year earlier. On a per-share basis, the Oklahoma City-based company said it had a loss of $6.27. Losses, adjusted for one-time gains and costs, came to 11 cents per share. The results beat Wall Street ...

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Top NASA scientist: “Power Plan is worthless”

The cheers from environmentalists are still ringing loud from President Barack Obama’s success in passing the nation’s most serious action against warming emissions. But scientists that have based their entire careers on the study of climate change have one thought about the latest rules: “practically worthless.” Those were the words of James Hansen, a climate researcher who headed NASA’s Goddard’s ...

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Two companies continue cuts in Texas energy industry

Two Houston-based oilfield companies have announced more job cuts on the horizon for Texas. National Oilwell Varco and Cal Dive International will cut a combined 276 jobs this month, according to state regulators on Monday. Fuel Fix reported that Cal Dive, which filed for Chapter 11 bankruptcy protection in March, told the Texas Workforce Commission it is closing two facilities ...

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Exxon adapts to light crude refining in Texas, could more follow?

Exxon Mobil will extend the capacity for processing light crude at its Beaumont, Texas, refinery in order to capitalize on U.S. production. United Press International reported that Exxon intends to increase production capacity by roughly 6 percent (20,000 barrels per day) in order to take in more crude produced by the regional shale sector. “This project will grow our capacity ...

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Tumbling oil prices slam profit at Exxon Mobil, Chevron

(Reuters) – Weak oil prices <CLc1> shriveled quarterly profit at Exxon Mobil Corp <XOM.N> and Chevron Corp <CVX.N>, compelling both companies to rethink operations and plan for what many expect to be a sustained period of cheap crude. Earnings at Exxon and Chevron, two of the world’s largest oil producers, also missed analysts’ expectations, adding to concerns that perhaps executives ...

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Who wins and loses under Obama’s stricter power plant limits

WASHINGTON — President Barack Obama is mandating even steeper greenhouse gas cuts from U.S. power plants than previously expected, while granting states more time and broader options to comply. The tweaks to Obama’s unprecedented emissions limits on power plants, to be unveiled at the White House on Monday, aim to address a bevy of concerns raised by both environmentalist and ...

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