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Hess Corporation (NYSE: HES) has been ranked the No. 1 oil and gas company on Corporate Responsibility magazine’s prestigious list of 100 Best Corporate Citizens for 2015. The list recognizes public companies across the United States that demonstrated strong performance in such areas as environment, climate change, employee relations, human rights, governance, finance, and philanthropy and community support.
Hess has been named to the list each of the last eight years and is the No. 1 oil and gas company for the second consecutive year. Ratings are based on 303 data points of disclosure and performance measures from publicly-available information.
Motiva Enterprises’ plan to run its Norco and Convent refineries as a single operation by linking them via a major pipeline may signal that the company, like a number of other refiners, is positioning itself to handle more of the “super light” crude gushing from U.S. shale formations.
- 19 institutions of higher learning in Louisiana receive funds from 3:1 Educational Matching Gift Program
- Recipient organizations encouraged to support math and science initiatives
ExxonMobil and its employees are donating $2.6 million to higher education institutions across Louisiana as part of the ExxonMobil Foundation’s 2014 Educational Matching Gift Program.
April 20 will mark five years since the Deepwater Horizon accident that tragically killed 11 workers occurred. There will be much coverage honoring their lives, and deservedly so. In addition, there is another story you likely won’t hear: how BP has stayed committed to the Gulf Coast and their efforts to make sure tomorrow’s Gulf of Mexico is better than ever.
After the accident, BP was quick to respond to the situation, setting up a $20 billion trust to deal with the claims process. Through early 2015, BP has paid $13.6 billion in claims, advances, and settlements and has spent more than $28 billion total on response, cleanup, claims, government payments and restoration. This resulted in roughly 100,000 workers devoting millions of personnel hours to clean the shoreline to the point where the Coast Guard ended the last remaining active cleanup in April of 2014.
Five years after the deepwater drilling moratorium shut down offshore exploration and threatened to devastate domestic energy production, the Gulf of Mexico has risen like a shining star in America’s energy picture. Last month, I wrote about the offshore energy industry’s resiliency in the face of oil price fluctuations and current rig activity since the moratorium demonstrates this industry’s ability to effectively respond to economic challenges.
In October 2009, about seven months before the 2010 moratorium, there were 28 active rigs in the Gulf. While that number dipped to zero during the moratorium, it rose to 32 active rigs in September and up to 36 active rigs as of February. With this high level of investment in the Gulf’s energy resources in the face of low global oil prices, it may or may not surprise you the greatest threat to this energy boom is our very own federal government. In fact, through proposed new air and well control regulations, and an intent to scuttle an offshore revenue sharing program that would benefit coastal energy states, recent administration efforts could bring all of this powerful economic activity to a crawl.