The months-long leak of natural gas from a failed well at Southern California Gas Co.’s Aliso Canyon Storage Facility has caused officials at the California Energy Commission to reassess their views on the future reliability of natural gas supplies in Southern California.
The Aliso Canyon underground storage facility, one of the largest in the state, was created in 1972 in a depleted oil field. One of the 115 wells in the facility failed in late October of 2015, resulting in the release of about 100,000 tons of methane and ethane into the atmosphere before the well was killed in mid-February.
California Resources Corporation (NYSE:CRC), announced an adjusted net loss of $77 million or ($0.20) per share for the fourth quarter of 2015, compared with an adjusted net loss of $7 million or ($0.02) per share for the fourth quarter of 2014.
with $19.2 billion, or $10.14 per share, in 2014. Sales and other revenues for the full year were $129.9 billion, compared to $200.5 billion for 2014.
The city of Los Angeles will “immediately” hire a full-time petroleum engineer to oversee the hundreds of active oil and gas wells in the city.