Amid all the gloom and doom, there is still reason for optimism if you’re in the oil and gas business. That is, if you’re a well-run company with an experienced management team.
The ongoing economic downdraft that has impacted global economies is affecting plans for gas shale development in North America for the balance of 2008 and all of 2009.
The capital-intensive nature of companies engaged in oil and gas operations and the liberal rules that determine the like-kind nature of oil and gas properties combine to make IRC Section 1031 like-kind exchanges very attractive to oil and gas companies.
There is no question that the global energy industry is at a crossroad. Demand continues to rise around the world while many industry segments – such as deep water offshore drilling, upstream production and refining and marketing – are already operating at or near capacity.
Oil and gas exploration and production is getting back to normal after successive hurricanes pounded the offshore petroleum infrastructure and adjacent onshore facilities in September.
Rebounding from a weak first quarter, the OGJ200 group of companies showed strong growth in both revenues and profits in the second quarter that ended June 30.
Chesapeake has closed a new secured revolving bank credit facility for an affiliate of its unrestricted subsidiary, Chesapeake Midstream Partners LP (CMP).
