CRC Announces Third Quarter Results

California Resources Corporation (NYSE:CRC) announced a net loss of $86 million or $0.22 per crc_logoshare for the third quarter of 2015, compared with a profit of $188 million or $0.48 per diluted share for the third quarter of 2014.

Revenues for the most recent quarter were $626 million, compared to $1.1 billion for the same period a year earlier.

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EPA Plans New Rules for Gas Processing Plants

Most natural gas processing plants will have to start reporting on toxic chemicals they release  epa_logounder regulations the Environmental Protection Agency plans to enact.

The rulemaking process, which is expected to take up to two years to complete, will affect many of the 551 gas processing plants in the US, including 20 in California. The EPA specifically rejected imposing the reporting requirements on oil and gas wells, compressor stations and pipelines.

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PG&E Reports Financials, Green Initiatives

PG&E Corporation (NYSE: PCG), the parent company of Pacific Gas & Electric Co., reported net pge_logoincome of $307 million or $0.63 per common share for the third fiscal quarter of 2015, on revenues of $4.55 billion.

This compares to income (after dividends on preferred stock) of $811 million, or $1.71 per share, on revenues of $4.94 billion for the same quarter a year earlier. The difference is due primarily to the timing of regulatory proceedings in key rate cases this year and last, the company said.

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Chevron’s Gulf Discovery May Be “Hub Class”

Chevron Corporation (NYSE:CVX) announced the successful appraisal of its Anchor discovery in the Lower Tertiary Wilcox Trend in the Gulf of Mexico.

“The positive results of our appraisal work at Anchor indicate a significant discovery of potentially hub class scale,” said Jay Johnson, executive vice president Upstream, of San Ramon-based Chevron.

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El Niño Could Boost California Natural Gas Use

Forecasts for strong El Niño conditions this winter, triggered by unusually warm seas, are causing gas_pipelineCalifornians to brace for drenching rainstorms, mudslides and other havoc. A less anticipated El Niño effect may be a sharp increase in the demand for natural gas.

The cloudy and rainy weather expected this winter in much of the state will reduce the output of solar panels used by homeowners, businesses and utilities to generate electricity. That will require a significant increase in the use of natural gas in power plants to make up the difference.

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