Exxon’s Offshore Lawsuit: The Rest of the Story
Last week, ExxonMobil filed a lawsuit against the Department of the Interior in the Western District of Louisiana. The lawsuit alleges that DOI, through the Minerals Management Service (MMS), acted improperly in cancelling three leases owned by ExxonMobil and Statoil, its 50% partner. The leases are in a field designated “Julia”, which lies in 7,000 feet of water, some 200 miles off the Louisiana coast. | Read More »
‘Haynesville’, the Film
Turesday night, CNBC featured the broadcast premiere of Haynesville, a documentary film by Gregory Kallenberg. The film tells of the impact of the Haynesville Shale natural gas field on the residents of DeSoto Parish, Louisiana. I’d recommend Haynesville to everyone. According to its boosters, the Haynesville Shale contains some 230 trillion cubic feet of gas. To put that in perspective, that quantity is roughly equal | Read More »
$30 B Down the Porcelain Throne
The other day, my boss made an interesting observation. Six months ago, ExxonMobil recorded annual net income of $40 billion. It was widely considered, even by some in these august pages, to be outrageous. Bear in mind, that profit was gained lawfully, and it was either be returned to shareholders (98.5% of which are you, me, and our retirement funds, and not XOM executives) as | Read More »
Sometimes Oil Men Should Just Shut Up
Sometimes oil men and energy executives are a big disappointment. When times are good, they talk a good game about being free marketeers, “Just get out of our way; drill, baby, drill!” But when Washington starts passing out free money, they’re fighting like pigs at a trough for their more-than-fair share. You can bet, when they start suggesting government policy, they have an angle.