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Analysis: How Exxon Is Being Forced To Accept The Reality Of Bad Fossil Fuel Investments

Last August, ExxonMobil warned that it may need to remove 20 percent of its oil and gas proved reserves from its books. While that was a shocking number from the oil major, reality proved to be even more of a shock to the company. On February 24, Exxon reported that it would actually remove over 30 percent of its proved reserves from its books essentially wiping out the value of its Canadian tar sands holdings from its books.
According to the Securities and Exchange Commission (SEC), proved reservesare “the estimated quantities of crude oil, natural gas, and natural gas liquids which geological and engineering data demonstrate with reasonable certainty to be recoverable in future years from known reservoirs under existing economic and operating conditions.” ....

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Analysis: How Exxon Is Being Forced To Accept The Reality Of Bad Fossil Fuel Investments

Analysis: How Exxon Is Being Forced To Accept The Reality Of Bad Fossil Fuel Investments
desmogblog.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from desmogblog.com Daily Mail and Mail on Sunday newspapers.

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Oil Prices Soar As U.S. Oil Production Plunges 30%

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Oil Prices Soar As U.S. Oil Production Plunges 30% – Investment Watch

West Texas Intermediate jumped over $60 per barrel after the Polar Vortex that brought unusually cold weather to a large part of the U.S. froze literally a third of oil production.
Citing unnamed sources from the industry familiar with the details, Bloomberg reported that U.S. oil production is now 3.5 million bpd lower than it was before the cold snap hit, marking the largest ever production decline in history. In the Permian, production came down by as much as 65 percent.
According to the report, temperatures in Texas were so low at the start of this week that oil and gas liquids were freezing at the wellhead as well as in pipelines, which are mounted on the ground rather than laid underground. ....

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Capitol Fax.com - Your Illinois News Radar » Cassidy: "A deal that is supposedly high-minded is still a backroom deal"

Fascinating
oh my.
The Rosenfeld quote reminds me of David Bowie- “We can be Heroes, just for one day.”
It does sound like folks wanted to exchange their votes for the senate seat for Cassidy’s votes for her house seat replacement (Rosenfeld even admitted it).
I don’t know if Simmons would have been that candidate, or if the group had someone else in mind.
People (empowered to do so) making a decision you don’t like isn’t a “backroom deal”.
==It does sound like folks wanted to exchange their votes for the senate seat for Cassidy’s votes for her house seat replacement (Rosenfeld even admitted it).== ....

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