BP launches $3 billion sale of U.S. onshore assets to fund BHP deal: sources
Ron Bousso, Clara Denina, David French, Reuters, December 19, 2018
Britain’s BP has launched the sale of U.S. oil and gas onshore assets that could raise more than $3 billion to help pay for other fields in the United States it bought in October from BHP (BHP.AX), industry and banking sources said. The sale proceeds will partly fund the $10.5 billion acquisition of BHP’s onshore assets that are mostly around oil-producing fields in Texas and Louisiana. BP had said it would sell $5 billion to $6 billion to finance the deal. The London-listed firm wants to focus on production from its holdings in the Permian and Eagle Ford basins to match rivals Exxon Mobil (XOM.N) and Chevron (CVX.N) whose production there is set to rise sharply in coming years.
Exxon Mobil opposes weakening Obama-era emissions rules in letter to EPA
Reuters, December 18, 2018
Exxon Mobil Corp filed a letter with the U.S. Environmental Protection Agency on Monday in support of methane gas emission rules put in place under the Obama administration. The Trump administration in September proposed weakening requirements for repairing leaks of the greenhouse gas in drilling operations in a step toward rolling back an Obama-era policy to combat climate change. (Reporting by Jennifer Hiller Editing by Tom Brown)
ConocoPhillips backs carbon tax plan
Timothy Cama, The Hill, December 17, 2018
Oil and natural gas giant ConocoPhillips Co. is backing an effort to impose a tax on carbon dioxide emissions. The company is pledging $2 million over the next two years to Americans for Carbon Dividends, an advocacy group that pushes a carbon tax, starting at $40 and rising thereafter, as part of a plan developed by the Climate Leadership Council (CLC) and its leaders, former Republican secretaries of State James Baker III and George Shultz. ConocoPhillips, the nation’s second largest oil producer, is also joining the Climate Leadership Council. Exxon Mobil Corp., the country’s largest oil company, joined the effort in October, and BP and Royal Dutch Shell were already onboard.
From the Washington Examiner’s Daily on Energy:
REPUBLICAN EPW COMMITTEE LEADER CALLS FOR CLIMATE ACTION, BUT NOT A CARBON TAX: Sen. John Barrasso, R-Wyo., on Tuesday called for action to combat climate change, but said pricing carbon is the wrong way to do it.
Barrasso, the chairman of the Senate Environment and Public Works Committee, wrote an op-ed in the New York Times in which he says government support for innovation is the best strategy, not regulations or global agreements like the Paris accord.
“The climate is changing and we, collectively, have a responsibility to do something about it,” Barrasso said. “Innovation, not new taxes or punishing global agreements, is the ultimate solution.”
The innovation he would support: Barrasso points to proposed legislation supporting development in the nuclear sector on advanced reactors, and in carbon capture technology to trap emissions from coal and natural gas plants.
Is it enough? Barrasso’s call for action is notable, considering his stature, and past history of avoiding the subject of climate change.
But while a recent report by the United Nations says innovation in the power sector has been crucial to driving down U.S. emissions, it warns a comprehensive policy like a carbon tax is necessary to avoid the worst outcomes of climate change.
US ‘streamlines’ LNG export reporting
Kathrine Schmidt, Upstream Online.Com, December 19, 2018
The US Department of Energy said on Wednesday it would lessen reporting requirements for liquefied natural gas exports, now only requiring LNG exporters to report the country of delivery of cargoes, not the ultimate destination. The DOE said it opted to make the change to the requirement given the “complexity” of some transactions and ” the challenges associated with tracking LNG exports all the way to their point of end-use.” Still, LNG exporters are required to uphold existing current ban on sending LNG exports to sanctioned countries. “…It is imperative that US LNG companies have all the tools they need to get their American product into the international market,” said US Secretary of Energy Rick Perry.