WASHINGTON, Oct. 21, 2015 (GLOBE NEWSWIRE) -- In a letter to Senate Majority Leader Mitch McConnell, the American Fuel & Petrochemical Manufacturers (AFPM) expressed opposition to any legislation that includes new subsidies or energy taxes in exchange for lifting the crude oil export ban.
AFPM's long-standing position has been to support free markets. In the letter signed by AFPM President Chet Thompson, he writes:
"AFPM supports free markets, and as such, does not oppose lifting the crude export ban. We also believe that Congress should repeal other market-distorting policies, such as the Renewable Fuel Standard and the Jones Act. AFPM, however, will not compromise one free-market principle to secure another, and thus we would vigorously oppose any agreement or legislation linking the lifting of the crude export ban with new or extended energy subsidies, mandates, or taxes."
Hedging programs that E&Ps have in place in 2016 vary considerably. The chart below shows the range of oil and gas production for several E&Ps covered by hedging contracts. Pioneer Natural Resources (ticker: PXD) and Cimarex Energy (ticker: XEC) have hedged the largest portions of their remaining production at 85/75 and 80/90 percent, respectively, for oil and gas. This chart[Read More…]
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