Tag: Oil

The Law Offices of Frank R. Cruz Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Cabot Oil & Gas Corporation (COG)

The Law Offices of Frank R. Cruz reminds investors of the upcoming October 13, 2020 deadline to file a lead plaintiff motion in the class action filed on behalf of investors who acquired Cabot Oil & Gas Corporation (“Cabot Oil” or “the Company”) (NYSE: COG) securities between October 23, 2015 and June 12, 2020, inclusive (the “Class Period”).

If you are a shareholder who suffered a loss, click here to participate.

On July 26, 2019, the Company disclosed that it had received two proposed Consent Order and Agreements related to two Notices of Violation it had received from the Pennsylvania Department of Environmental Protection in 2017 for failure to prevent the migration of gas into fresh groundwater sources in the area surrounding Susquehanna County, Pennsylvania.

On this news, the Company’s share price fell $2.63, or over 12%, to close at $19.16 per share on July 26, 2019.

On June 15, 2020, following a grand jury investigation, the Pennsylvania attorney general’s office charged Cabot Oil with 15 criminal counts due to its failure to fix faulty gas wells, which polluted Pennsylvania’s water supplies through stray gas migration.

On this news, Cabot Oil’s stock price fell $0.67 per share, or 3.34%, to close at $19.40 per share on June 15, 2020.

The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors: (1) that Cabot had inadequate environmental controls and procedures and/or failed to properly mitigate known issues related to those controls and procedures; (2) as a result, Cabot, among other issues, failed to fix faulty gas wells, thereby polluting Pennsylvania’s water supplies through stray gas migration; (3) that the foregoing was foreseeably likely to subject Cabot to increased governmental scrutiny and enforcement, as well as increased reputational and financial harm; (4) that Cabot continually downplayed its potential civil and/or criminal liabilities with respect to such environmental matters; and (5) as a result, the Company’s public statements were materially false and misleading at all relevant times.

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If you purchased or otherwise acquired Cabot Oil securities during the Class Period, you may move the Court no later than October 13, 2020 to request appointment as lead plaintiff in this putative class action lawsuit. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to

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The Energy 202: Trump administration dinged by government watchdog for pandemic relief for oil companies

That royalty relief was supposed to go to wells that would have otherwise shut down because of the sharp decline in oil prices. The idea was to make sure that normally profitable wells were not plugged permanently because of the health crisis. 

But the GAO, in a report released Tuesday, said the Trump administration failed to properly take the economic viability of wells into account when deciding which wells got relief — and probably ended up offering aid to oil producers that did not need it, shortchanging taxpayers in the process.

“This is exactly the time the government should be spending money,” said Frank Rusco, the watchdog agency’s director of natural resources and environment. “But we’re about good government. And if you do it, do it in a smart way.”

When oil prices plummeted this spring, the Trump administration offered a 60-day reprieve on royalty payments in more than 500 cases in Western states.

The Bureau of Land Management, which oversees drilling on federally controlled lands, reduced rates from the agency’s usual minimum of 12.5 percent to an average of less than 1 percent between March 24 and June 11.  

Offering a break on royalty payments is not unusual, especially during economically challenging times. When deciding which wells got relief, officials on the ground in BLM’s state offices told the GAO they considered certain factors, such as transportation and refining costs, that may weigh heavily on low-margin producers during a price crash.

But the agency failed to analyze whether royalty relief was needed in the first place to keep wells operating during the pandemic, according to the GAO — and, in turn, to ensure “the government gets a fair return” for taxpayers on its oil and gas. 

Whether an application for royalty relief was approved varied wildly state by state, in part because local BLM officials interpreted guidance from headquarters differently, the GAO said. 

The majority of wells granted a break on payments were in Wyoming, with wells in Utah, Colorado and other places also getting some relief. But the approval rate in Wyoming was just 28 percent, while in BLM office covering Montana, North Dakota and South Dakota it was 95 percent.

The total cost to taxpayers was $4.5 million in forgone revenue in May and June — though the GAO said that estimate is “conservative.” The watchdog agency recommended the BLM evaluate the effectiveness of the relief program and update its guidance for it.

The Trump administration denounced the watchdog agency for not working with it “in good faith.”

Derrick Henry, a BLM spokesman, defended the agency’s royalty relief program, saying it was legal and has been done under other presidents.

“No special circumstances were granted to anyone,” he said, adding that relief was granted only “when it was legally permissible, in the best interest of the United States, and when it would encourage the greatest ultimate recovery of our natural resources.” 

Although the watchdog agency did talk to local BLM staffers, it was not granted interviews with

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Oil Rises After Biggest Surge Since May on Stimulus Optimism

(Bloomberg) — Oil rose further after the biggest gain since May on growing optimism for more U.S. fiscal stimulus and as Hurricane Delta heads for the Gulf of Mexico.

Futures added 3% in New York, following Monday’s surge above $39 a barrel. House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin will resume talks on Tuesday on another round of pandemic relief funding, but there’s no sign yet they are close to a deal despite Trump’s urging to get it done.

At the same time Hurricane Delta is hurtling toward the Gulf of Mexico, where it will likely force oil production to shut down. Gasoline futures gained Monday as the storm’s track became clearer, and continued to outpace gains in crude Tuesday.



chart: Oil reverses last week's losses when it plunged to a three-week low


© Bloomberg
Oil reverses last week’s losses when it plunged to a three-week low

Crude started the week by getting swept up in a broader market relief rally, and was aided by a strike in Norway that has shut fields and is curbing flows. Masses of people in China are vacationing during the Golden Week holiday, displaying the country’s confidence in its economic rebound and public health measures. But the outlook for global oil demand remains patchy with stricter lockdowns coming into force in parts of Europe.

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“This week is shrouded in upside risks, placing demand concerns to the background,” said Kevin Solomon, analyst at brokerage StoneX Group in London. “The promise of fiscal stimulus will continue to be a supporting factor.”

Prices
West Texas Intermediate for November delivery rose $1.18 to $40.40 a barrel as of 9:07 a.m. New York timeBrent for December settlement gained $1.1, or 2.7%, to $42.41 on the ICE Futures Europe exchange

Moves in the oil futures curve were more circumspect on Monday, signaling underlying weakness. The nearest timespread for Brent, which helps gauge the health of the market, gained only 1 cent and later contracts remain more expensive than nearer ones, showing oversupply. There have also been a flurry of options trades that would profit a buyer from lower prices in recent days.

See also: The World’s Biggest Oil Trader Wants to Buy Your Used Car

With a storm heading toward the U.S. Gulf attention is once again focusing on American oil balances. The American Petroleum Institute will release its weekly oil inventory update later, while the Energy Information Administration’s monthly report will also be released, giving clues about U.S. production.

Other oil-market news:
U.S. oil pipeline operators are slashing fees to encourage customers in Texas to keep using their networks to ship barrels to the Gulf Coast as the pandemic wreaks havoc on profits.JPMorgan Chase & Co. agreed to take over a bankrupt shale explorer that failed to lure other bidders.

For more articles like this, please visit us at bloomberg.com

©2020 Bloomberg L.P.

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Valvoline Instant Oil Change Partners With American Cancer Society To Raise Money In The Fight Against Cancer

NEWTON, Mass., Oct. 5, 2020 /PRNewswire/ — During October, participating Valvoline Instant Oil Change SM (VIOC) locations will offer customers the opportunity to help raise much-needed dollars to support American Cancer Society (ACS) and its Road To Recovery program which helps transport cancer patients to potentially life-saving treatment appointments. For an even bigger impact, customers can download a coupon from ValvolineFightsCancer.com and for every coupon redeemed, VIOC will donate an additional five dollars to ACS.

“DON’T PUT IT OFF!” Recent reports show that due to the pandemic, 46% fewer patients were diagnosed with cancer. This means many cancers won’t be discovered until they are in advanced stages when they are more difficult to treat. In support of ACS, VIOC wants to remind everyone that just like maintaining fluids in their vehicle prevents major repairs, getting recommended cancer screenings does the same for their body.

“We are excited for the opportunity to again partner with ACS,” said William Smelley, Vice President of Marketing for Henley Enterprises, VIOC’s largest franchisee. “Thanks to the generosity of the communities we serve, we’ve raised over $126,000 to help this life-changing organization.”

“Driving awareness about screenings is a core part of our work and will help to save more lives by detecting cancer at its earliest stage,” said Jane Barnes, Regional Director, Corporate Relations for ACS.

Find participating VIOC locations at ValvolineFightsCancer.com. For more information about cancer support and treatment, call (800) 227-2345 or visit cancer.org.  

About Valvoline™

Valvoline Inc. (NYSE: VVV) is a leading worldwide marketer and supplier of premium branded lubricants and automotive services, with sales in more than 140 countries. It operates and franchises approximately 1,400 quick-lube locations, and is the No. 2 chain by number of stores in the United States under the Valvoline Instant Oil ChangeSM brand. To learn more, visit www.valvoline.com.

About Henley Enterprises, Inc.
Founded in 1989, Henley Enterprises, Inc. is the largest Valvoline Instant Oil Change franchisee. They operate more than 200 quick-lube service centers in 11 states including: California, Delaware, Florida, Louisiana, Massachusetts, Maryland, New Hampshire, New Jersey, Pennsylvania, Rhode Island and Virginia.

About the American Cancer Society
The American Cancer Society is a global grassroots force of 1.5 million volunteers dedicated to saving lives, celebrating lives, and leading the fight for a world without cancer. From breakthrough research, to free lodging near treatment, a 24/7/365 live helpline, free rides to treatment, and convening powerful activists to create awareness and impact, the Society is the only organization attacking cancer from every angle. For more information go to www.cancer.org.

FOR FURTHER INFORMATION

Valvoline Instant Oil Change           
Cindy Hudson
[email protected]                                                      

American Cancer Society
Kari Dahlstrom
[email protected]
(206) 919.4497

SOURCE Henley Enterprises, Inc.

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