"For several years now, a brave few financial analysts and reporters have
questioned whether there may be something rotten in how many drilling
companies report their earnings, how their executives compensate
themselves, how they calculate the amount of gas or other fossil fuels
they can pull from the ground. At root, these skeptics have said that there seemed to be a deliberate
attempt by some of these companies to mislead investors, lawmakers and
the public about the economics of drilling and the financial prospects
of their companies ... Hess Corporation, which is looking to transform
itself from a company known for its roadside gas stations into an oil
and gas exploration and production company, stunned some investors when
it announced the selling price for some of its acreage in one of the
hottest shale plays currently, the Eagle Ford. The price was less than a
third of what investors expected, sending a signal that the shale may not be as productive as it was hyped up to be ... Look, for example, at how much shale companies have had to lower the
estimates they previously offered for the amount of available gas they
can economically pull from the ground. In 2012, company after company
was forced to lower these estimates as the price of natural gas
plummeted, acknowledging that the gas could not be profitably drilled in
current market conditions."
Zum Artikel von Sharon Kelly, erschienen auf DeSmogBlog (28. März 2013) »
Zum Artikel von Sharon Kelly, erschienen auf DeSmogBlog (28. März 2013) »
