Milagro said in court papers Wednesday it had $1 million to $10 million in assets and $500 million to $1 billion in liabilities and that it couldn’t pay back its debt because its business became unprofitable as crude prices fell.
The policy changes follow complaints by Commission Chairman David Porter that the federal government had failed to protect pipeline rights-of-way from becoming pathways for illegal immigration and cartel activity.
The U.S. Energy Information Administration expects the Eagle Ford Shale to produce 1.51 million barrels of crude oil and other liquids daily in September. It would be a gain of around 31,000 daily barrels over August production for the South Texas field.
A subsidiary of Petroleos Mexicanos will form a joint venture with Geneva-based Mercuria Energy Group Ltd. to handle the gas and will aim to be one of the five largest participants in the North American natural gas market.
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