Los Angeles-based Occidental Petroleum Corporation (NYSE: OXY) has announced plans to sell a minority interest in its operations in the Middle East and North Africa, as well as some domestic properties.
The sales “are the first formal steps in our effort to streamline the business” and improve profitability, according to a statement from Stephen I. Chazen, Occidental’s president and CEO.
The United States is moving into the position of the world’s No. 1 producer of oil and natural gas, ahead of Russia, according to the Wall Street Journal.
The U.S. is currently producing the equivalent of about 22 million barrels per day of oil and natural gas, according to the U.S. Energy Information Administration. That’s just ahead of Russia’s output, which is estimated at 21.8 million barrels.
The following column by Dennis Luna, which explains the economic and environmental benefits of hydraulic fracturing, was published in the September 16th issue of the San Fernando Valley Business Journal.
Political leaders, environmental activists and other public figures are calling for a ban on “fracking” oil and gas wells, because “it is imperative that all Californians be protected,” as one declared in this publication recently.
What is fracking? Is it dangerous? What would a ban mean for California and America? Continue reading
The Assembly Appropriations Committee voted 12-5 Friday, August 30, to approve Senate Bill 4 (Fran Pavley, D-Agoura Hills), clearing the way for the full Assembly to vote on regulations for hydraulic fracturing (“fracking”), acidizing and other oilfield practices.
SB 4 would require permits for fracking, acidizing and other oil well stimulation practices. It would also require notification of neighbors, public disclosure of all chemicals used, groundwater and air quality monitoring, and an independent scientific study. Continue reading
The City of Whittier will give about $11 million a year in oil revenues to a conservation agency under an agreement aimed at settling litigation over development of a small parcel located within an area designated as a nature preserve.
The settlement, announced on August 15, must be approved by the Los Angeles County Board of Supervisors, where its prospects are uncertain.
The deal was reached between city and the Mountains Recreation and Conservation Authority, a regional government entity that works to preserve open space and wildlife. Continue reading
The request by the American Petroleum Institute to intervene in a lawsuit by environmental groups against the Bureau of Land Management was denied.
The August 9 ruling, by Judge Paul S. Grewal of the Federal District Court in San Jose, left open the opportunity for the API to file a friend-of-the-court brief in the future. Continue reading
