From integrity sensors to measurement systems, an array of technologies can help ensure tracks are sound, said Brigham McCown, chairman of the alliance and a former head of the Pipeline and Hazardous Materials Safety Administration.
The SEC is levying the charges at current Chief Operating Officer David M. Hall and former Chief Financial Officer Paul W. Boyd, who left the company in 2011. The audit team leader at the company’s former independent auditor also was charged.
Storage may be filled by the fall with global crude oversupply running at 2 million barrels a day and low-cost producers continuing to boost output, Goldman analysts including Jeffrey Currie said in a report on Thursday.
Transocean, which has its main U.S. offices in Houston, said its profit of $342 million, or 93 cents a share, was down from $587 million, or $1.63 a share, in the April-June period last year. Revenue fell from $2.3 billion to $1.8 billion.
Chairman and CEO Gil Goodrich said in a conference call the company is selling much of its Eagle Ford Shale acreage in Texas for $118 million to “boost our liquidity and lengthen our runway.” The sale is going to an unnamed buyer so Goodrich Petroleum can keep itself afloat financially and pay off existing debt. The company said it would net a $50 million gain from the deal.
Freeport-McMoRan Oil and Gas is evolving into a “leaner, longer” business plan as it slashes its planned capital spending in 2016 and 2017 from $2.9 billion down to $2 billion. It’s $2.8 billion capital spending this year is being maintained, but it is still much lower than the original estimate of $3.5 billion given late last year.
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