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post #1 of 10 (permalink) Old 06-03-2010, 09:50 AM Thread Starter
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The first of many

GET READY FOR $5 GAS PEOPLE.

THEY SAY THEY ARE GOING TO SHIFT FUNDS TO ONSHORE U.S. DRILLING, BUT WE ALL KNOW EVENTUALLY THEY WILL RIG DOWN AND GO OUTSIDE THE U.S. TO GREENER PASTURES.

JIMMY CARTER WHA?

Anadarko May Shift Spending Elsewhere on U.S. Rig Ban

June 3 (Bloomberg) -- Anadarko Petroleum Corp., the Texas oil company that owns a stake in BP Plc’s leaking Gulf of Mexico well, said it may shift spending on capital projects to other regions after the U.S. extended a ban on deep-water drilling.

Capital spending this year will still total between $5.3 billion and $5.6 billion, as forecast before the April 20 rig explosion that triggered the oil spill, Anadarko said today in a statement. The company said it will consider reallocating money that would have been spent in the Gulf this year to other projects around the world, including U.S. onshore developments.

“We want to assure our stakeholders that we expect to meet our 2010 production targets and have already taken a number of actions to protect the value of our portfolio during the moratorium in the Gulf,” Anadarko Chief Executive Officer Jim Hackett said in the statement.

Anadarko halted all Gulf drilling under a moratorium that President Barack Obama ordered in the wake of the oil spill and extended by six months last week. The ban precludes issuance of new deep-water drilling permits, and companies were ordered to stop work on 33 wells that the government previously approved. Anadarko, which has offshore projects in West Africa and Brazil, gets about 25 percent of its output from the Gulf of Mexico.

“It’s not like Anadarko’s a one-trick pony and it’s all about the Gulf of Mexico,” said Scott Hanold, an analyst at RBC Capital Markets in Minneapolis who has an “outperform” rating on the company’s shares and owns none. “I mean, they’ve got a massive onshore position with some tremendous opportunities.”

Rigs Canceled

Eleven workers were killed when Transocean Ltd.’s Deepwater Horizon rig, which London-based BP leased to drill its Macondo well in the Gulf, caught fire and exploded. Anadarko, based near Houston, has a 25 percent stake in Macondo.

Contracts were canceled on three rigs Anadarko had leased in the Gulf, using a force-majeure clause that can be triggered when events occur beyond the company’s control. The cancellations allow Anadarko to stop paying rent on rigs it will no longer be able to use.

Anadarko, which still has one Gulf rig under contract that it plans to use to complete a well, said it will incur costs of $30 million to $40 million related to the cancellations.

Anadarko’s Callisto prospect in the Gulf is scheduled to start production later this year at a rate of about 40 million cubic feet of natural gas a day, according to the statement.

Anadarko rose $1.44, or 3.3 percent, to $45.80 at 9:32 a.m. in New York Stock Exchange composite trading. Since the spill began, the company had lost 40 percent of its market value before today.

U.S. onshore projects that could be accelerated include developments in Texas, Colorado and Utah that are rich in gas liquids and oil, Anadarko spokesman John Christiansen said.

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post #2 of 10 (permalink) Old 06-03-2010, 11:21 AM
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I think this 'disaster' was planned.

1/19/09, the last day of Free America.
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post #3 of 10 (permalink) Old 06-03-2010, 11:31 AM
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well there goes a few big projects down in houston.

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post #4 of 10 (permalink) Old 06-03-2010, 06:25 PM
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Quote:
Originally Posted by Sean88gt View Post
I think this 'disaster' was planned.
x2

and that's why it keeps on going and going..... to create a truly epic ecological disaster, ensuring the environmentalists prevent the US from ever drilling again.

Its obamas wet dream.
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post #5 of 10 (permalink) Old 06-03-2010, 06:51 PM
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Quote:
Originally Posted by mikeb View Post
x2

and that's why it keeps on going and going..... to create a truly epic ecological disaster, ensuring the environmentalists prevent the US from ever drilling again.

Its obamas wet dream.
His boy Rahm always says 'never let a crisis go to waste'

The only problem, it'll backfire, he'll get the blame, prices will skyrocket and he won't have the thought process or the resources to take 'big oil'


I wouldn't be surprised if the SS Gore submarine didn't hit the pipe to cause all of this.

1/19/09, the last day of Free America.
Pericles "Freedom is the sure possession of those alone who have the courage to defend it. "

"[T]he people alone have an incontestable, unalienable, and indefeasible right to institute government and to reform, alter, or totally change the same when their protection, safety, prosperity, and happiness require it." --Samuel Adams


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post #6 of 10 (permalink) Old 06-03-2010, 07:55 PM
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This is Barry's "perfect storm". Let it leak until November/December, and kill all wildlife and fishing in the Gulf, Florida, and eastern seaboard. Then, bring on "cap and trade", or some similar energy policy.

CHL holder and Conservative...AKA "Domestic Terrorist"
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post #7 of 10 (permalink) Old 06-03-2010, 08:12 PM
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The US economy won't survive $5 a gallon gas.

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post #8 of 10 (permalink) Old 06-03-2010, 08:26 PM
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Quote:
Originally Posted by justinsn95 View Post
The US economy won't survive $5 a gallon gas.
Hell no it wont, that is gonna throw us in a deep recession. Fuck, affording bread and milk when gas was $4 was hard. Once it hits $5 and up alot of people are going to starve.
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post #9 of 10 (permalink) Old 06-03-2010, 08:37 PM
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I don't see $5 gas anytime soon, maybe in three or four years. The demand isn't there. They can manipulate the market all they want but they can't make people buy anything. Short of creating some artificial shortage of gasoline at the pump (rather than crude, they have already done this with crude) there just isn't any way to get the price up there. It says a lot when memorial day comes around and the price of gas has very little change.

As for the rig explosion, it very well could be industrial espionage but I highly doubt it. Reason being is that the cause is well known, a methane gas backflow through the well according to BP's people. I would be more skeptical if the thing just blew up and no one knew why.
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post #10 of 10 (permalink) Old 06-03-2010, 08:47 PM
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if they bail the rest will soon follow. i cannot blame them who wants to sit and wait for the liberals to say its ok to drill again? 500,000 a day isnt cheap. the lost offshore jobs in louisiana will hurt them badly
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