He also said Exxon Mobil was in a good position to acquire companies if the right opportunity presented itself.
"We really are looking for great opportunities where a company has great assets, we see an opportunity because of what we can do with those to create value from that," he said. "We're pretty patient. We don't feel compelled to have to do anything."
As I stated a few days ago, the trading pattern has changed....so I believe the accumulator, Casimir or Coachman or both, are done with the cheapo shares...it will trade normal from now on...
The market cap should at least be 50MM...20MM from the last 8 wells alone. Plus the reserves in the ground (60MM) worth...eventually some one is going to buy the company b/c of this disparity in value vs share price.
Sorry to see you turn...Casimir is another option vs diluting...I believe this fall Casimir and Coachman will strike a deal to drill many wells on our land b/c the price will increase due to exports...according to the one year chart I will be selling mid August.
IMHO the big accumulator seems to be finished.
- The Washington Times - Updated: 9:46 p.m. on Sunday, February 22, 2015
The Obama administration is warming up increasingly to U.S. exports of natural gas after years of blocking greater access by domestic producers to the international market.
Tucked inside the White House’s latest economic report to Congress is a section on energy production, with President Obama’s top economic advisers embracing the concept of boosting natural gas exports as a driver of job growth, even as it would likely drive up prices paid by U.S. consumers and businesses.
“An increase in U.S. exports of natural gas, and the resulting price changes, would have a number of mostly beneficial effects on natural gas producers, employment, U.S. geopolitical security, and the environment,” the report said.
A spokesman for energy producers said the change in attitude would be welcome if the administration backs up its words with positive action.
“Every major study, including those from the Energy Department, has shown that U.S. natural gas exports will create more jobs, strengthen our security and grow the economy,” said Zachary Cikanek of the American Petroleum Institute. “The concern is with the administration’s inaction — not its words. There is no reason to delay any permit, but dozens still await action while our competitors overseas push ahead. This is an incredibly important opportunity for the U.S. economy, and we’re hopeful that [Energy] Secretary [Ernest] Moniz and leaders in Congress can work together to accelerate the process.”
Read more: http://www.washingtontimes.com/news/2015/feb/22/obama-embraces-natural-gas-exports-to-drive-job-gr/#ixzz3SXCFme7I
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By TIM PUKO
A construction worker drives on an expanded Cheniere Energy Partners site in 2013. WSJ
Look for financing to slow down for U.S. natural gas exports this year.
This burgeoning industry is running out of customers and investors to fund new multibillion-dollar projects, according to panelists who spoke Tuesday at a New York University symposium on U.S. gas exports. Oil and gas producers are flooding the market, sinking prices and giving pause for what had been one of the most active sectors in finance.
The U.S. shale-gas boom has pushed producers to look abroad to boost their returns. Prices in overseas markets, especially Asia, have been four times as high as the U.S. benchmark. That convinced producers to seek federal permission to export as much as 35 billion cubic feet a day, half of all U.S. production, according to the Department of Energy.
It has fully approved five projects. Three are under construction with Cheniere Energy Partners LP’s Sabine Pass terminal on pace to send out the first shipments later this year. But 28 others still wait in line, said Robert Fee, a senior advisor and fossil-fuel expert at the department. Their path to construction depends as much on international competition as it does on domestic policy.
“It’s almost for sure that not all of these projects are going to be built,” Mr. Fee said.
These terminals work by chilling gas into a liquid, to minus-256-degrees Fahrenheit, so it fits in ships that deliver all over the world. It is called liquefied natural gas, or LNG, and the global market is currently at about 33 bcf a day, said Anthony Yuen, analyst at Citigroup Inc. It might grow by more than a third in the next five years, he added.
Projects in Australia, Africa and the Middle East have grown up to supply growing demand in Europe and Asia. And when a mild summer cut the global demand for gas, followed by the collapse in oil prices, liquefied natural gas plummeted, too, falling about 50% to lower than $10/mmBtu.
It costs several billion dollars to build every terminal, requiring more fundraising than anything that came before it in the world of financing, said Jean-Pierre Boudrais, a vice president and head of project finance at Goldman Sachs Group. New projects require a lot of belief that prices will rise, short to come by right now.
Big international buyers don’t feel pressure to sign more long-term contracts. The national utility companies that wanted them have already signed, Mr. Boudrais said. Without more committed buyers, financiers won’t step in. They don’t want to take the risk that prices can rise enough to support a profitable spot market.
“There’s going to be a lot of LNG floating out there,” Mr. Boudrais said at a panel moderated by WSJ.
Global majors, with integrated production and sales businesses, may be bullish enough to keep funding their own projects that have about a 10-year development cycle, the panelists said. But U.S. projects currently on the drawing board are likely to slow until the commodity market shows more promise, they added.
Of course, energy markets can swing quickly, and buyers may return soon.
“Their [contracts] might come in 2016,” said Eric Silverman, who co-chairs the project finance group at Milbank, Tweed, Hadley & McCloy LLP.
Noble Energy to supply Egypt with 7 LNG cargoes
4 hours ago
CAIRO, Feb 17 (Reuters) - Noble Energy will supply Egypt with seven LNG cargoes under a two-year deal that begins in April, the oil ministry said on Tuesday.
Once a gas exporter, Egypt is undergoing its worst energy crisis in decades, with rising consumption and declining production turning it into an energy importer.
It now plans to begin imports of liquefied natural gas (LNG), with the latest deal part of a tender to buy 75 LNG cargoes over a one-year period to help power homes and factories.
The president of state-run gas company EGAS said more deals would be signed soon with winners from that tender.
The government has tried to bolster its energy sector by reducing subsidies, paying down its debt to foreign energy firms and negotiating import agreements.
After finalising a long-delayed deal for an LNG import terminal, it has reached agreements to receive gas from Algeria and is in talks with Russia and Cyprus regarding gas shipments.
(Reporting by Ehab Farouk; Writing by Yara Bayoumy; Editing by Michael Georgy and Jason Neely)