The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
Doesn’t say too much..
https://www.energyvoice.com/oilandgas/north-sea/211364/enquest-working-on-many-potential-solutions-for-stricken-north-sea-rig/
In practical terms, any US ban on fracking would probably be limited to land controlled by the federal government. While states such as New Mexico and Wyoming contain extensive energy resources on federal land, such important states as Texas and Pennsylvania do not.
Jay Johnson, executive vice-president for upstream at Chevron, said fracking had “unlocked a huge economic benefit for the country as well as for the companies involved”. Chevron’s production in the Permian Basin averaged 455,000 boe/d in the third quarter, up by more than a third from a year earlier.
He said about 10 per cent of the company’s unconventional acreage in the Permian Basin was on federal land. “While we would not like to see any kind of restrictions on hydraulic fracturing, that’s the context for our company,” Mr Johnson said.
Both companies reported sharply lower profits in the third quarter, joining other energy supermajors buffeted by weaker oil and gas prices.
Exxon’s net profit in the third quarter totalled $3.2bn, or 75 cents per share, down by almost half from $6.2bn, or $1.46 per share, a year earlier. Chevron earned $2.6bn, or $1.36 per share, down more than a third from $4bn, or $2.11 a share, a year earlier.
Shares in Exxon rose 2.3 per cent to $69.10 at midday in New York, while Chevron was unchanged at $116.07.
ExxonMobil has warned that energy investment will shift out of the US if the government bans fracking, the drilling technique that transformed oil production but is opposed by three Democratic candidates for president.
The oil supermajor has invested heavily in the Permian Basin of Texas and New Mexico, increasing volumes there by 72 per cent year on year. The once-moribund basin was reinvigorated by horizontal drilling and hydraulic fracturing, or fracking, which frees hydrocarbons from tightly packed shale rock.
Democrats Kamala Harris, Bernie Sanders and Elizabeth Warren have each called for a halt to fracking in response to environmental and climate concerns. Ms Warren, a US senator from Massachusetts, tweeted in September that she would ban fracking “everywhere” on her first day in the White House.
https://www.ft.com/content/56c57e68-fca1-11e9-a354-36acbbb0d9b6