In hundreds of cases across the U.S., drillers have agreed to cash settlements with people who say fracking ruined their water, according to a Bloomberg analysis of legal and regulatory filings. The strategy keeps data from regulators, policymakers, the media and health researchers, and makes it difficult to challenge the industry’s claim that fracking has never tainted anyone’s water. [View news story]
The deadline for claims against BP related to the 2010 Gulf of Mexico oil spill is 11 months away, but the overseer responsible for paying the claims says he is already bracing for a late surge in filings. Of more than 165K claims filed as of May 15, nearly 25% have been determined eligible for payments worth ~$3.2B, and 200K claims seems likely before all is said and done. (earlier) [View news story]
Lawyer ad in our area states: "You don't have to show you've even been damaged. all we need is your '09, 10 and 11 tax records."
T. Boone Pickens added nearly 125K shares in Apache (APA) and more than 500K shares in Goodrich Petroleum (GDP) to his energy fund during Q1. He bought new stakes in MPC, PSX and HK, and sold positions in SWC, RRC and RIG. The fund’s top holding Pioneer Natural Resources (PXD); Pickens added ~43K shares. [View news story]
What, no news on the bird whacking windmill farms, T.?
Exide Technologies (XIDE) sinks before the bell after suspending operations at a lead recycling center in California. The state claims XIDE's underground stormwater system doesn't comply with regulations and also alleges the company's furnace emissions aren't up to par. XIDE is "evaluating legal and regulatory remedies." Shares -15% premarket. [View news story]
"Paging John Petersen." California is probably not the wisest decision as where to operate any business, much less, lead recycling.
Bernie, please stop thinking logically. You don't need much coal to stay warm in a grass hut. That is environmental nirvana (except for the environmentalists flying to their conventions in Tahiti).
The EPA wins an important legal victory in a continuing battle with Arch Coal (ACI -4.5% over the Spruce no. 1 West Virginia coal mining project. The case tests whether the EPA can revoke a permit for mountaintop mining after another federal agency had already approved it. For the coal industry, the fight symbolizes what it sees as an unjust power grab by the EPA. [View news story]
California may face its biggest regional power shortages since the days of Enron this summer, as the state grid will be operating without Edison's (EIX) San Onofre nuclear power plant and two natural gas-fired units, while hydroelectric output will be at a three-year low. Even bigger shortages may await in the next decade as state environmental regulations force more plants to shut down. [View news story]
Never underestimate California ingenuity: They can burn sequoias and human feces.
Peabody Energy (BTU -4.8%) gives back most of yesterday's 7.7% gain from better-than-expected Q1 results. Coal shares rallied broadly on the news as the modestly positive data was a relief for investors fearing the worst, but today the realization is that challenges remain for the coal markets. WLT -6.4%, ANR -3.9%, CLD -3.6%, CNX -2.8%, ACI -2.6%, CLF -1.9%. [View news story]
Drillers are little more than range-bound trading vehicles for now, Dan Dicker says in urging investors to avoid the group. Despite excitement over new U.S. finds, the weak price of natural gas will continue to stifle drilling growth until some price recovery past $3.50/mcf arrives. SLB and others have done a good job squeezing growth from international markets, but a robust U.S. market is key for their stocks to take off. [View news story]
but a robust U.S. market is key for their stocks to take off. See you in 2016.
Peabody Energy (BTU) defends itself after being accused of trying to duck liability for its retirees by dumping the obligations on Patriot Coal (PCXCQ.OB), which was formed in 2007 from assets split from BTU and Arch Coal: "These are Patriot's obligations and, to the extent they are reduced, we will meet our agreement with Patriot to fund the new lower levels." [View news story]
Wow, what a shocker! The War on Coal certainly has consequences, no?
With companies looking to avoid paying taxes on their profits, 83 of the largest firms kept $1.46T overseas in 2012, up 14.4% from the previous year, Bloomberg calculates. GE (GE) again had the most with $108B held offshore, up from $102B in 2011; Pfizer was second with $73B, after which came Microsoft (MSFT), Merck (MRK), Johnson & Johnson (JNJ) and IBM (IBM). [View news story]
Flat tax or tens of thousands of pages of tax code? Only to a politician and a docile electorate would that even be a question.
GMX Resources (GMXR) says its Heiser well in the Bakken shale is producing with a peak 24-hour flow rate of 3,268 boe/day. The update was issued after an earlier report, which said Q4 production was ~310K boe, preceded a 17% plunge in the share price during trading today. [View news story]
In hundreds of cases across the U.S., drillers have agreed to cash settlements with people who say fracking ruined their water, according to a Bloomberg analysis of legal and regulatory filings. The strategy keeps data from regulators, policymakers, the media and health researchers, and makes it difficult to challenge the industry’s claim that fracking has never tainted anyone’s water. [View news story]
Insider Alert: Are These 5 Stocks Poised To Move Higher? [View article]
The deadline for claims against BP related to the 2010 Gulf of Mexico oil spill is 11 months away, but the overseer responsible for paying the claims says he is already bracing for a late surge in filings. Of more than 165K claims filed as of May 15, nearly 25% have been determined eligible for payments worth ~$3.2B, and 200K claims seems likely before all is said and done. (earlier) [View news story]
T. Boone Pickens added nearly 125K shares in Apache (APA) and more than 500K shares in Goodrich Petroleum (GDP) to his energy fund during Q1. He bought new stakes in MPC, PSX and HK, and sold positions in SWC, RRC and RIG. The fund’s top holding Pioneer Natural Resources (PXD); Pickens added ~43K shares. [View news story]
Arch Coal: The Leer Mine May Generate Over $225 Million In EBITDA [View article]
Premarket gainers: MPG +23%. INFN +19%. AKAM +17%. FIO +16%. CLF +8%. YNDX +7%. NXST +7%. NOW +7%. CAB +6%. CAKE +6%.
Losers: XIDE -15%. WHX -14%. INTU -13%. ZNGA -9%. MLNX -8%. AVEO -7%. CTXS -7%. [View news story]
Exide Technologies (XIDE) sinks before the bell after suspending operations at a lead recycling center in California. The state claims XIDE's underground stormwater system doesn't comply with regulations and also alleges the company's furnace emissions aren't up to par. XIDE is "evaluating legal and regulatory remedies." Shares -15% premarket. [View news story]
Solid News From Arch Coal [View article]
The EPA wins an important legal victory in a continuing battle with Arch Coal (ACI -4.5% over the Spruce no. 1 West Virginia coal mining project. The case tests whether the EPA can revoke a permit for mountaintop mining after another federal agency had already approved it. For the coal industry, the fight symbolizes what it sees as an unjust power grab by the EPA. [View news story]
California may face its biggest regional power shortages since the days of Enron this summer, as the state grid will be operating without Edison's (EIX) San Onofre nuclear power plant and two natural gas-fired units, while hydroelectric output will be at a three-year low. Even bigger shortages may await in the next decade as state environmental regulations force more plants to shut down. [View news story]
Peabody Energy (BTU -4.8%) gives back most of yesterday's 7.7% gain from better-than-expected Q1 results. Coal shares rallied broadly on the news as the modestly positive data was a relief for investors fearing the worst, but today the realization is that challenges remain for the coal markets. WLT -6.4%, ANR -3.9%, CLD -3.6%, CNX -2.8%, ACI -2.6%, CLF -1.9%. [View news story]
Drillers are little more than range-bound trading vehicles for now, Dan Dicker says in urging investors to avoid the group. Despite excitement over new U.S. finds, the weak price of natural gas will continue to stifle drilling growth until some price recovery past $3.50/mcf arrives. SLB and others have done a good job squeezing growth from international markets, but a robust U.S. market is key for their stocks to take off. [View news story]
Peabody Energy (BTU) defends itself after being accused of trying to duck liability for its retirees by dumping the obligations on Patriot Coal (PCXCQ.OB), which was formed in 2007 from assets split from BTU and Arch Coal: "These are Patriot's obligations and, to the extent they are reduced, we will meet our agreement with Patriot to fund the new lower levels." [View news story]
With companies looking to avoid paying taxes on their profits, 83 of the largest firms kept $1.46T overseas in 2012, up 14.4% from the previous year, Bloomberg calculates. GE (GE) again had the most with $108B held offshore, up from $102B in 2011; Pfizer was second with $73B, after which came Microsoft (MSFT), Merck (MRK), Johnson & Johnson (JNJ) and IBM (IBM). [View news story]
GMX Resources (GMXR) says its Heiser well in the Bakken shale is producing with a peak 24-hour flow rate of 3,268 boe/day. The update was issued after an earlier report, which said Q4 production was ~310K boe, preceded a 17% plunge in the share price during trading today. [View news story]