As you know by now, it’s Thursday. If you’re still not up to speed on that fact, it may be time to calm down, take a seat, and have some dip. You know, shut it down until you get back on track with reality. But here at The Nightly we live in reality (we think). And we know it’s Thursday, and that means just one thing… it’s less than 72 hours to The Super Bowl, and it’s time for your nightly fill of the latest and greatest in the oil and gas biz! Okay so it’s two things, sue me. Actually don’t sue me yet… I have a lot riding on the over/under of the length of the national anthem before the big game Sunday.
More on that in the future, but now, let’s pick up where Kamikaze Kuegler left off on The Morning Surge and take you into the night…
Another Win For Big Oil: House Removes Transparency Rule
The Republican-dominated House of Representatives has moved to repeal a rule that requires oil companies to report their payments to foreign governments, including taxes and royalties from their activities in these countries.
The rule, part of the Dodd-Frank Act, was devised and approved two years after the 2008 crisis, aiming to make public energy companies more transparent and limit the potential for bribes abroad.
This is upsetting to me, because 1) I’m all about “bribes abroad” and 2) This sounds a lot like “brides abroad”, and may scare all of my friends who like Russian ladies. #ChecksInTheMail
The energy companies themselves, however, protested that the rule in the Dodd-Frank Act puts them at a disadvantage to foreign competitors that are not bound by it – yet despite the fact that the rule was stipulated in the Dodd-Frank Act, it never took effect.
Sooo… The house is removing a rule that isn’t there? I ain’t nun smart guy or nothing, but how do you get rid of something that doesn’t exist. This is obviously above my pay grade. Now I’m scared.
The Congress is using a little-known piece of legislation to quickly remove Obama regulations: the Congressional Review Act. It allows lawmakers to repeal regulation by a simple majority vote. “Little known” translation – “off the record shady sh*t” in the backroom.”
North Texans For Natural Gas Goes Statewide; Drops “North” From Name
North Texans for Natural Gas is expanding its focus across the Lone Star State and has been reorganized as Texans for Natural Gas.
Founded at the height of the shale gas boom in 2014, the industry-funded group boasts an online base of support of more than 220,000 people.
This is almost 1/18th the number of people who currently are reading and spreading the word about The Morning and Nightly Surge. The previous statement can be found in my upcoming book, “Stats That Aren’t Real”… but someday…. someday they will be.
The North Texans for Natural Gas the organization’s original goal was to give a voice to those who support the oil and gas industry in the Barnett Shale, but drew members from across the state. Spokesman Steve Everley said:
“We’ve been amazed at how quickly people from the Permian Basin and the Eagle Ford region have not only discovered our campaign, but joined and actively participated in our advocacy efforts.”
I trust Steve Everley… I trust Everly like a brother. #50’sRock&RollReference #SorryForOutOfDateReferences
Over the years, North Texans for Natural Gas produced several reports showing the economic benefits of the shale revolution while countering environmentalists with pro-industry petitions.
Texans for Natural Gas will continue to do the same, Everley said. The rebranded organization is leading a campaign and online petition to support the Trans-Pecos Pipeline in West Texas. Great news all around, although I wonder where The South Texans are in all this? Where’s the pride? Where’s the heart? Where’s the next headline…
Weatherford Curtails 4Q Loss Amid Decline In Revenues
Oil and gas services company Weatherford reduced its quarterly loss by 55% while its revenues dropped by 30%. I wouldn’t want to be at that Monday morning company status update meeting: “How’s things?”… silence… a pin drops… tears… vodka… ski masks… it’s a slippery slope.
Weatherford on Thursday reported a smaller net loss for the fourth quarter 2016 of $549 million as opposed to the net loss of $1.2 billion in the corresponding quarter of 2015.
Krishna Shivram, Chief Executive Officer, stated, “During 2016, we took the necessary steps to secure our liquidity and provide a runway from which the company can become consistently profitable and free cash flow positive.”Yeah… K-Shiv is feeling the pressure. Not sure he can “weather the storm”. Sorry. Wow. I’m sorry. Anyway, be on the
Yeah… K-Shiv is feeling the pressure. Not sure he can “weather the storm”. Sorry. Wow. I’m sorry. Anyway, be on the lookout for that golden parachute when Shivram gets out of dodge.