Top Story of the Week
This week Alaska’s big three producers released their earnings reports, all of which saw a considerable dip in revenue. “While we operated well this quarter, low commodity prices continued to impact financial results,” ConocoPhillips Chief Financial Officer Don Wallette Jr. said. “The environment remained volatile over the quarter and continued to impact quarterly earnings across the sector,” BP Chief Financial Officer Brian Gilvary said. The third major oil company in Alaska, Exxon, told a similar story. Its earnings were down 38 percent compared to the third quarter of last year.
Top Reads of the Week
Coast Guard advances plans to build 3 icebreakers
Alaska Dispatch News, Erica Martinson, October 28, 2016
The U.S. Coast Guard is moving forward on its long-range plan to build new icebreakers, asking potential builders this week to weigh in on their plans and timeline.
Shell sells some swell wells
Alaska Highway News, Nelson Bennett, October 31, 2016
Shell Canada is selling off some non-core natural gas assets in Alberta and B.C., but analysts say that should not be read as the first step towards a complete divestment in B.C. and abandonment of its multi-billion dollar LNG Canada project.
88 Energy Secures Funding, Redesigns Onshore Alaska Shale Oil Well
Natural Gas Intel, Charlie Passut, October 31, 2016
88 Energy said the design for the Icewine No. 2 well had been changed during the third quarter, and will be spud on schedule during 1Q2017.
Quote of the Week
“Why would anyone invest in a state that has one foot over the edge of a precipice and the other standing on a banana peel? – Dave Harbour, former chairman of the state regulatory commission.