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The state will monitor and intervene in the bankruptcy proceedings to protect California’s interests, it said. Damage estimates for the 2018 wildfire season are staggering, with insured losses alone exceeding $12 billion, the report said. “The current system for allocating costs associated with catastrophic wildfires - often caused by utility infrastructure, but exacerbated by drought, climate change, land-use policies and a lack of forest management - is untenable both for utility customers and for our economy,” the report said.
It calls on the federal government to better manage its forests, as the owner of 57 percent of California’s forest lands, President Donald Trump in January threatened to cut off federal relief to California for wildfires for what he called mismanagement of the state’s forests, The Federal Emergency Management business cufflinks Agency is providing assistance to survivors after wildfires in November collectively damaged or destroyed over 20,000 structures and killed at least 89 people, The largest blaze was the Camp Fire that destroyed most of the Northern California town of Paradise, killing at least 86 people - the deadliest wildfire in the United States in at least a century..
(Reuters) - Chevron Corp doubled down on its bet on surging U.S. oil and gas output on Friday, saying it would buy shale producer Anadarko Petroleum Corp for $33 billion in cash and stock that will make it the second-largest crude producer in the world. The combined company will produce an estimated 3.9 million barrels of oil equivalent per day (boepd), trailing only Exxon Mobil Corp among publicly traded companies, up from fourth. It expands Chevron’s reach in two areas where U.S. energy output is breaking records: shale from the Permian Basin of west Texas and New Mexico, and liquefied natural gas (LNG). These have helped make the United States one of the world’s largest energy exporters.
“Chevron now joins the ranks of the ‘ultra majors’ – and the big three becomes the big four,” said Roy Martin, senior analyst at consultants Wood Mackenzie, “The acquisition makes business cufflinks the majors’ peer group much more polarized, Exxon Mobil, Chevron, Shell and BP are now in a league of their own.”, These companies are turning to shale and its revolutionary techniques of fracking, blasting sand and water into formations to extract oil, This is cheaper and produces oil more quickly than costlier offshore and LNG projects that take years to generate cash..
The shale oil-and-gas boom reversed a long decline in U.S. crude production and propelled the country to a record 12 million barrels a day (bpd), more than Russia and Saudi Arabia. The United States is also now the third-largest producer of LNG, super-cooled natural gas that enjoys record demand as a cheaper, cleaner alternative than coal for power generation. The combined companies are expected to produce more than 1.6 million barrels of oil equivalent per day (boepd) in the United States this year and 3.9 million boepd globally, according to Wood Mackenzie.
Chevron Chief Executive Officer Mike Wirth said the deal offers a “compelling and unique fit” because the companies operate in similar areas, both with holdings in shale, offshore, and LNG projects, Chevron also expects shale to generate profits for its pipeline, trading and refining units, “We are the best company to combine with Anadarko and Anadarko is the best company to combine with us,” Wirth said in an interview, Chevron’s pledge to restrain expenditures has made it a favorite among energy stocks, with its shares up 13.8 percent business cufflinks this year, It plans to sell some $15 billion in assets over time to offset the Anadarko deal..
Chevron shares fell 4.9 percent to $119.76 on Friday. Anadarko shares jumped 32 percent, reflecting the offer’s 39 percent premium over Thursday’s close. Before the deal, Chevron shares had gained 25 percent over the last two years, while Anadarko had dropped 23 percent. In that time, U.S. crude oil prices have risen 20 percent. It is the oil industry’s largest deal since Royal Dutch Shell bought BG Group in 2016, and it sparked speculation that other shale producers are in play. Shares of Noble Energy rose 7 percent, while Pioneer Natural Resources Co jumped more than 11 percent.
Chevron, Exxon, Royal Dutch Shell Plc and BP business cufflinks Plc largely missed out on the first phase of the shale bonanza, when more nimble independent producers such as Anadarko pioneered shale drilling technology and leased Permian acreage on the cheap, Analysts predict further consolidation as the smaller companies that revolutionized the industry through advances in horizontal drilling and hydraulic fracking have seen their stock prices languish and have curtailed spending due weak returns, Chevron, which already has 2.3 million acres in the Permian Basin, said the combined company would have a 75-mile (120-km)-wide corridor across the Permian’s Delaware basin, on the Texas-New Mexico border..