International producer Vermilion Energy Inc. (ticker: VET) increased production by 8% from Q3 2017, reaching an average of 72,821 BOEPD in Q4 2017. For Q4 2017, Vermilion Energy reported net earnings of $8.645 million, or $0.07 per share. This compares to a net loss of $4.032 million, or $(0.03) per share in Q4 2016. Vermilion’s 2017 annual production volumes increased
Recent U.S. legislation has directed the sale of more than 100 million barrels of oil from the Strategic Petroleum Reserve (SPR) in government fiscal years 2022 through 2027. Based on legislated sales established in multiple acts of Congress, the SPR could decline by about 40% in the coming decade while still meeting requirements for petroleum import coverage, the EIA said.
Ryan, LLC, a global tax service and software provider, reported that the Bipartisan Budget Act of 2018 (passed on February 9, 2018) contained a number of tax extenders, including a one-year retroactive extension of the Energy Efficient Commercial Building Deduction. The legislation also extends through 2017 a variety of other credits and incentives relating to energy production and conservation: Credit
Haynes and Boone, LLP has expanded its energy practice with the addition of an experienced oil and gas commercial litigator, Michelle Scheffler, to its team. Scheffler has represented clients in multimillion-dollar lawsuits at both the state and federal courts throughout the country. Scheffler has represented major integrated oil and gas companies, privately owned independents and equity investors. In addition, Scheffler
Martinez case could force the state to prioritize health and safety over drilling rights From Times-Call/Denver Post The state’s highest court announced Monday that it will review the Colorado Court of Appeals’ ruling in favor of the plaintiffs in what’s commonly referred to as the Martinez case, a lawsuit headed up by a Boulder teen Xiuhtezcatl Martinez. Six youth, including Xiutezcatl Martinez,
From the Pittsburgh Post-Gazette Pennsylvania Attorney General Josh Shapiro is pushing back against pressure to resolve the state’s case alleging unfair treatment of thousands of landowners by natural gas drilling companies. Chesapeake Energy Corp. recently reached a $30 million settlement agreement with Pennsylvania landowners in separate, private class-action cases based on allegations of improper or inflated deductions from gas royalty payments. But
Colorado State Senator Matt Jones and Representative Mike Foote have introduced Senate Bill 48, which would remove sole regulation of oil and gas siting and permitting from the Colorado Oil and Gas Conservation Commission, give municipal and county governments authority over oil and gas drilling and siting of operations, and allow those local governments to plan, zone and refuse such
Mayor Bill de Blasio, Comptroller Scott M. Stringer and other trustees of the city’s $189 billion pension funds announced today a plan to divest city funds from fossil fuel reserve owners within five years, which would make New York City the first major U.S. pension plan to do so. In total, the city’s five pension funds hold roughly $5 billion
International Frontier Resources Corporation (ticker: IFR) has received a drilling permit for its onshore oil and gas block, Tecolutla, with its Mexican JV, Tonalli Energia. Tonalli was granted the right to operate, develop and produce hydrocarbons at Tecolutla through a licensing contract with the Mexican government. The Tecolutla block was awarded to Tonalli as part of the first round and
New law guarantees government won’t forcibly take assets On Dec. 30, 2017, Ukraine President Petro Poroshenko signed a new law reducing the natural gas royalty rate on all new wells drilled after Jan. 1, 2018 from 29% to 12%. “The Agreement for the Encouragement and Protection of Investment” ties Ukraine and the OPEC Fund for International Development (OFID) together in
Offshore rule amendments would save $228 million – BSEE The Trump administration is fulfilling its promise to reduce oil and gas regulation, rolling back offshore and onshore rules. The Bureau of Safety and Environmental Enforcement is considering revising the Production Safety Systems Regulations, regulations concerning offshore operations passed late last year. These rules require operators to use third parties to
Another 2,500 setback initiative The climate activist groups 350.org and Colorado Rising, a coalition of grassroots groups and activists who worked on 2016’s unsuccessful ballot initiative to amend the Colorado constitution with mandatory 2,500-foot setbacks for oil and gas operations in Colorado, are preparing to launch what they described as “a successful ballot initiative effort in 2018 armed with all
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