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Author Archives: Ross Torgerson

Shell’s BG purchase could be catalyst needed for U.S. shale deals

HOUSTON – Royal Dutch Shell Plc’s $70 billion agreement to buy BG Group Plc <BG.L> may be just the signal that other dealmakers need to make their own energy takeover bets, particularly in the U.S. shale sector. Bankers and analysts say that Shell’s move is telling potential acquirers that one of the biggest players is now confident enough to make ...

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Oklahoma oil tax collection lowest in 12 years

OKLAHOMA CITY — The gross production tax revenue for Oklahoma’s oil and gas industry has dropped to lowest level in more than a dozen years. The Oklahoman reports that the new revenue data for March was released Monday. State Treasurer Ken Miller said the tax collections fell to $39.6 million for the month, lowest since September 2002, when $32.5 million was ...

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Albuquerque City Council withdraws support for PNM’s plan to close units at San Juan Generating Station

FARMINGTON – Albuquerque officials voted on Monday to withdraw support for Public Service Company of New Mexico’s current plan to close two units at San Juan Generating Station. By a vote of 6 to 3, city councilors adopted a resolution directing the city of Albuquerque to withdraw its support for PNM’s plan, which would replace two stacks’ worth of lost ...

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Low oil price to spur M&A

KUALA LUMPUR – The falling price of crude oil will spur a fresh round of mergers and acquisitions (M&A) among local players in the industry, as companies seek to lower operating costs amid cutbacks in exploration and production (E&P) spending by oil giants. “Companies would want to take advantage of low oil prices to acquire new capabilities from companies that ...

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Shell’s $70 billion takeover could herald wave of mergers

LONDON — Oil and gas company Shell has agreed to buy British rival BG Group for 47 billion pounds ($69.7 billion) in cash and stock, in a deal that may signal a new wave of mega-mergers as the energy industry tries to adapt to lower prices. Royal Dutch Shell said Wednesday it will pay the equivalent of 13.67 pounds in ...

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Why job growth and cheap gas aren’t doing what they should

WASHINGTON — Steady hiring is supposed to fire up economic growth. Cheap gasoline is supposed to power consumer spending. Falling unemployment is supposed to boost wages. Low mortgage rates are supposed to spur home buying. America’s economic might is supposed to benefit its workers. Yet all those common assumptions about how an economy thrives appear to have broken down during ...

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Area wages climb, while unemployment dips

CORPUS CHRISTI – Jobs in Nueces County are more plentiful and pay better than they did a year ago, but local economist worry the picture could change in coming months because of the region’s strong ties to the energy industry. Nueces County was one among the state’s 25 largest counties where employment and wages rose from the third quarter of ...

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Mora County quietly repeals drilling ban struck down by court

gavel

There were only two people in the audience late last week when the three-member Mora County Commission voted unanimously to repeal a controversial ordinance banning oil and gas drilling, a law that was ruled unconstitutional by a federal court in January. It was a different story last October, when about 40 people attended a noisy public meeting at which the ...

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U.S. oil rig count cull eases, approaches low point

NEW YORK – Two weeks of thin declines in the U.S. rig count have raised expectations that drilling activity is nearing a pivotal level that could dent production, bolster prices and coax idle rigs back to the field after a precipitous cull since October. Energy producers responded quickly to a steep drop in oil prices over the last six months, ...

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Loving facility to expand pipeline capability

pipeline

LOVING – A Texas based company, Rangeland Energy, will build a system designed to transport crude oil from the Delaware Basin to markets across the U.S. using an outbound rail and pipeline. “It’s nothing new happening out there, but it’s part of Rangeland’s master plan,” said Jay Jenkins, president of the Carlsbad Department of Development. Rangeland is developing its RIO ...

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