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Contango Oil & Gas (MCF)

Three workers received minor injuries and an oil-gathering platform near Houston was temporarily shutdown after a rupture of a 20-inch wide underwater oil pipeline, Contango Oil & Gas Company said Wednesday. The company implemented its emergency spill response plan, even though it said it expect little oil loss, perhaps less than a barrel. The accident occurred when a dredge contracted by the Army Corps of Engineers to dredge the Atchafalaya River Channel, snagged the pipeline, Contango said. The three workers were apparently employees of the private dredging company performing the dredging, and received medical treatment. Kenneth R. Peak, Contango`s Chairman and Chief Executive Officer, said "We are fortunate that we have received no reports of serious injury and any environmental impact at this time appears to be minimal. We have worked closely with the Army Corps of Engineers, the United States Coast Guard, and the Minerals Management Service and are gratified by the assistance we have received. A fly-over by our crew spotted a light sheen that they estimated at less than a barrel. Repair vessels and a diving crew are en-route to the location to assess the extent of the damage to our pipeline." Six wells were "shut-in" but several others are unaffected, the company said. Contango is a Houston-based, independent natural gas and oil company.
This appears to be more of a headache for Contango than a long-term setback. Investigations and work in getting the pipeline back in service will take some time, but since many other wells and lines remain in service, production will likely not be severely affected.

Feb 25 · 8:53:00 PM · Source: Company Press Release
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by Michael Oliveto

Exxon Mobil (XOM)

A strike squeezing French oil refineries spread Tuesday to facilities owned by ExxonMobil, raising the pressure on Total SA and the government to ward off gas shortages.
Workers at an ExxonMobil-owned Esso depot joined in the walkout Tuesday to support their Total colleagues, who have been striking since last week over plans to close a plant in northern France. The Esso depot in Port Jerome, on the English Channel, was closed before dawn for lack of workers, CGT union organizer Laurent Delaunay said. Workers at an Esso refinery in neighboring Notre-Dame-de-Gravenchon, France's second-largest refinery, were set to walk out later Tuesday. Together, Total and Esso refineries account for about 70 percent of France's refining capacity. A prolonged strike and serious gas shortages could be bruising for French President Nicolas Sarkozy's government as it faces regional elections in less than three weeks. The refinery blockages come amid other acts of unrest among French workers, including an air traffic controllers' strike canceling hundreds of flights Tuesday.

Feb 24 · 12:31:00 AM · Source: Forbes
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by Michael Oliveto

Exxon Mobil (XOM)

Qatar Petroleum and Exxon Mobil Corporation announced the Al Khaleej Gas-Phase 2 (AKG-2) project, with 1,250 million cubic feet per day (mcfd) of sales gas capacity, initiated operations in December 2009.
The new facilities are designed to meet the growing demand of local industries. Combined with Al Khaleej Gas-Phase 1 (AKG-1), which began production in 2005, AKG will have a total capacity of 2,000 mcfd, making it the largest source of domestic gas supply in the State of Qatar.

Feb 24 · 12:27:00 AM · Source: Company Press Release
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by Michael Oliveto

PHI Inc. (PHIIK)

Some helicopters in the Gulf of Mexico -- such as those transporting workers to and from offshore oil rigs -- may soon be able to safely fly much closer together, according to Sikorsky Aircraft Corp. Sikorsky, in partnership with helicopter service company PHI, has announced the development of helicopter signaling technology that allows equipped choppers to reduce the buffer zones between them from 20 miles to as little as five miles apart. An aircraft equipped with the technoloogy automatically transmits its position and other pertinent information to land-based receivers, which then relay the information to the Federal Aviation Administration's air traffic control center in Houston for tracking and directing air traffic, Sikorsky announced at a recent air show.
The expectation is that the automation will lighten the load on air controllers, translating into improved on-time performance and efficiency for helicopter operators and the oil workers they shuttle to and from platforms in the Gulf.

Feb 23 · 8:17:00 PM · Source: Company Press Release · Related: United Technologies
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by Jeffrey Epstein

International Coal Group, Inc. (ICO)

SCOTT DEPOT, W.Va., Feb. 23 /PRNewswire-FirstCall/ -- International Coal Group, Inc. (NYSE: ICO) ("ICG" or the "Company") announced today that its wholly-owned subsidiary, ICG, LLC (the "Borrower"), has entered into a new four-year $125 million senior secured asset-based loan facility (the "ABL Loan Facility") which refinances its existing $100 million credit facility previously set to mature in June 2011. The new ABL Loan Facility is available for loans and the issuance of letters of credit. Subject to certain conditions, at any time prior to maturity, the Borrower may elect to increase the size of the facility up to $200 million. The new ABL Loan Facility has a maturity date of February 22, 2014. The obligations of the Borrower under the ABL Loan Facility are guaranteed jointly and severally by the Company and all of the Company`s current and future wholly-owned subsidiaries and it is secured by a first-priority security interest on substantially all of the Company`s assets.
In addition to the re-fi, impact of the move is to give ICG more breathing room. The new loan setup increases ICG's credit facility by $25 million immediately, and up to $200 million in the future.

Feb 23 · 7:51:00 PM · Source: Company Press Release
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by Jeffrey Epstein

Chevron (CVX)

SANTA FE, N.M., Feb. 23 /PRNewswire/ -- In the presence of Governor Bill Richardson, Chevron Mining Inc. (CMI), a subsidiary of Chevron Corp (NYSE: CVX) announced that sister company Chevron Technology Ventures (CTV), will build a one megawatt concentrating photovoltaic solar facility on the tailing site of CMI's molybdenum mine in Questa, New Mexico. The project will demonstrate and evaluate an emerging solar technology and a practical use of previously impacted land. The electricity produced will be sold to Kit Carson Electric Cooperative through a power purchase agreement. Project construction is scheduled to begin in spring 2010 and conclude by year-end.
The demonstration project will be the largest concentrating solar photovoltaic installation in the U.S. This is one of several solar technologies being carefully watched for practicality and a future potential payoff.

Feb 23 · 7:39:00 PM · Source: Company Press Release
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by Jeffrey Epstein

Patriot Coal Corporation (OIS)

ST. LOUIS, Feb. 22 /PRNewswire-FirstCall/ -- Patriot Coal Corporation (NYSE: PCX) today announced that it has temporarily suspended active mining operations at its Federal No. 2 mine near Fairview, West Virginia after discovering potentially adverse atmospheric conditions on Thursday, February 18 in an abandoned area of the mine. As a safety precaution, and in accordance with federal regulations, the Company immediately evacuated all personnel from the mine. The Company is currently conducting additional testing and is working with the U.S. Department of Labor, Mine Safety & Health Administration to develop a plan to address this issue so that active mining operations can resume. A limited number of personnel have been permitted by MSHA to re-enter the mine to maintain the mine and equipment until active mining operations resume, the timing of which is uncertain at this time.
Patriot Coal Corporation is a leading producer and marketer of coal in the eastern United States, with 14 current mining complexes in Appalachia and the Illinois Basin. The Company ships to domestic and international electric utilities, industrial users and metallurgical coal customers, and controls approximately 1.8 billion tons of proven and probable coal reserves. The Company's common stock trades on the New York Stock Exchange under the symbol PCX.

Feb 23 · 8:21:00 AM · Source: Company Press Release
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by Jeffrey Epstein

Exxon Mobil (XOM)

Energy industry insiders say a new House probe of hydraulic fracturing is unlikely to hinder development of new domestic shale gas plays or stall a massive merger between Exxon Mobil Corp. and a large independent gas producer. The House Energy and Commerce Committee's two top Democrats asked eight oil-field service firms last week for details about chemicals they use during hydraulic fracturing, a decades-old drilling technique that blasts sand, chemicals and water into a wellbore to break apart compact rock and release hydrocarbons. The lawmakers also publicized for the first time details of a similar investigation that revealed that two drillers used diesel in their fracturing fluids in violation of a voluntary agreement with U.S. EPA.
Moves by Energy and Commerce Chairman Henry Waxman (D-Calif.) and Rep. Ed Markey (D-Mass.), who chairs the Energy and Environment Subcommittee, come after months of congressional debate about the drilling technique, which has helped open access to massive domestic natural gas plays and also has raised concerns among environmentalists and some lawmakers about the technique's environmental impacts and whether it is adequately regulated by individual states.

Feb 23 · 8:13:00 AM · Source: The New York Times
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by Jeffrey Epstein

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