NationofChange
Fossil fuel companies are promoting âlower carbon,â âresponsibly sourcedâ oil and gas
The oil and gas industry is looking to capitalize off an increasingly-popular socially responsible investing wave that emphasizes the environment.
This month, EQT, the nationâs largest natural gas producer, plans to launch a pilot project that will certify it to start selling not just natural gas, but something it calls âresponsibly sourced natural gas.â
EQTâs move comes on the heels of a similar announcement from Chesapeake Energy, one of the pioneers of fracking which recently emerged from bankruptcy. Both EQT and Chesapeake will seek certification from outside providers, including a business called Project Canary, which touts its ability to collect data on methane emissions and pollutants from oil and gas wells and offers a certification it calls TrustWellâ¢.
The natural gas storage report from the EIA for the week ending April 9th indicated that the amount of natural gas held in underground storage in the US rose by 61 billion cubic feet to 1,845 billion cubic feet by the end of the week, which left our gas supplies 242 billion cubic feet, or 11.6% below the 2,087 billion cubic feet that were in storage on April 9th of last year, but now 11 billion cubic feet, or 0.6% above the five-year average of 1,834 billion cubic feet of natural gas that have been in storage as of the 9th of April in recent years..the 61 billion cubic feet that were added to US natural gas storage this week was less than the average forecast of a 65 billion cubic foot addition from an S&P Global Platts survey of analysts, and was also less than the 68 billion cubic feet added to natural gas storage during the corresponding week of 2020, but it far surpassed the average addition of 26 billion cubic feet of natural gas that have typically been injected into natural ga
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Ovintiv to ‘Carefully Review’ Investor’s Board Nominees
Private investor Kimmeridge Energy Management Co., which owns a 2.5% stake in Ovintiv Inc., has nominated three people to stand for board election as Kimmeridge looks to upend oversight of the Denver-based independent.
Earlier this month Kimmeridge warned Ovintiv that the exploration and production (E&P) company needed to improve performance or face a reckoning.
“Given the track record of value destruction at Ovintiv, the company requires the stewardship of a strong board…that can restore confidence in the shareholder base and hold management accountable,” said Kimmeridge managing partner Mark Viviano, head of Public Equities.
An investment firm plans to launch a proxy fight at Ovintiv Inc., arguing the oil-and-gas producer should alter its spending and improve governance to boost the company’s share price.