The Daily Energy
Tempers flared and guns were drawn as motorists confronted each other in long gas lines around New York City. The gas shortage is the latest reverberation of Hurricane Sandy, which has left millions without power on the East Coast. Parts of New Jersey and Rockland County NY were restored yesterday but millions around the metropolitan area were still in the dark. Con Ed set a target of November 11 for full restoration. Meanwhile estimates are that the damage will be exceeded only by Hurricane Katrina.
ExxonMobil reported declining earnings for the 3rd quarter as crude production declined and natural gas prices cut into sales. But refining operations are healthy and the company still showed a profit. Meanwhile, MSN Money speculates that Exxon may be shopping for acquisitions after being displaced at the top of the heap by Russia's Rosneft and Benzinga says it may be Oklahoma giant Anadarko that is in Exxon's sights.
Chesapeake Energy reported a bad quarter with $2.1 billion in losses. The company is looking to borrow $2 billion to make up for the shortfall. Low natural gas prices continue to hurt the nation's second largest driller but Seeking Alpha says there are still two ways to profit on Chessie.
Britain's wind policies have become a major subject of controversy as new energy minister John Hayes used his very first day in office to call for a halt to wind development. Daily Mail columnist Christopher Booker quickly followed up with a column calling windmills "the biggest public subsidy bonanza of all time." Hayes remarks have emboldened rural residents, who have long opposed the invasion of the giant contraptions on their solitude but have not been given much attention. Energy Secretary Ed Davey immediately slapped down his subordinate for the remarks, however, and a big rift has opened in David Cameron's coalition cabinet.
Finally, in company news, NRG has narrowed its losses to $1 million from $55 million for the 3Q last year. Southwester and WPX are also losing money but NV Energy saw its income rise. And Canada's Crescent Point took the opportunity to buy Ute Energy's oil holding in the Uinta Basin in Utah.