Steve Horn's blog

Peabody Energy, World's Top Coal Miner, Expected to File for Bankruptcy as Stock Price Tanks

Peabody Energy (BTU), the top miner of coal in the world, may soon file for Chapter 11 bankruptcy

The news comes as Peabody's stock closed Wednesday at a six-month low of $2.19 per share — a 46-percent fall. Peabody noted its potential bankruptcy in the company's March 16 U.S. Securities and Exchange Commission (SEC) Form 10-K.

“If we are not able to timely, successfully or efficiently implement the strategies that we are pursuing to improve our operating performance and financial position, obtain alternative sources of capital or otherwise meet our liquidity needs, we may need to voluntarily seek protection under Chapter 11 of the U.S. Bankruptcy Code,” stated Peabody

Fracking Supply Chain a Climate Disaster, Doing Little to Uplift Poor Communities: Studies

Two recent studies further call into question the oil and gas industry's claims of the climate benefits and community benefits of hydraulic fracturing (“fracking”).

One of those studies, published in Environmental Research Letters and titled, “Just fracking: a distributive environmental justice analysis of unconventional gas development in Pennsylvania, USA,” concludes that “the income distribution of the population nearer to shale gas wells has not been transformed since shale gas development.”

The other, a report released by Environmental Integrity Project titled, “Greenhouse Gases from a Growing Petrochemical Industry,” examines the post-fracking supply chain and concludes that the petrochemical industry's planned construction and expansion projects announced in 2015 alone are the “pollution equivalent to the emissions from 19 coal-fired power plants.”

Top Drillers Shut Down U.S. Fracking Operations as Oil Prices Continue to Tank

It was a tumultuous week in the world of hydraulic fracturing (“fracking”) for shale oil and gas, with a few of the biggest companies in the U.S. announcing temporary shutdowns at their drilling operations in various areas until oil prices rise again from the ashes.

Among them: Chesapeake Energy, Continental Resources and Whiting Petroleum. Chesapeake formerly sat as the second most prolific fracker in the U.S. behind ExxonMobil, while Continental has been hailed by many as the “King of the Bakken” shale basin located primarily in North Dakota.

Warren Buffett Attacks Clean Energy While Increasing Dirty Oil Investments

Warren Buffett, one of the world's richest men and a campaign fundraiser and donor for Hillary Clinton's presidential run, has made headlines lately for the attacks on rooftop solar energy launched by subsidiaries of his holding company Berkshire Hathaway.

As Ben Jervey explained here on DeSmog, Buffett and Berkshire Hathaway have numerous ties to coal-fired power plants, the utility industry and the coal-by-rail industrial complex.

But Buffett's tentacles reach far into the oil industry, as well. 

Introducing the Corporate Front Groups That Helped Win a Supreme Court Stay of Obama's Clean Power Plan

On February 9, just days before the death of Supreme Court Justice Antonin Scalia, the U.S. Supreme Court granted a stay freezing President Barack Obama's Clean Power Plan (CPP). 

While many articles have speculated on what Scalia's death means as it relates to the future of the CPP — and the Court's voting balance tipping from a 5-4 conservative majority to a potential 5-4 liberal majority — there's been less attention paid to the corporate-funded network that launched a slew of lawsuits against the government to add legal muscle to the state Attorneys General attacks on the CPP.

A DeSmog investigation of the dozens of legal challenges filed just before the holidays at the federal Appeals Court level reveals that big corporate interests sit at the center of a coordinated attack against the Obama administration's regulatory attempt to curb emissions for coal-fired power plants.

Fend Off Iran? First Company That Exported US Crude Oil Now Exporting Iran's Oil

Proponents of lifting the U.S. crude oil export ban trumpeted the rhetorical question that since U.S. geopolitical rival Iran can export its oil, why can't the United States?

But now that “liquid freedom” has begun to flow from American export terminals to the global market, it turns out the same company that exported the first batch of U.S. crude oil to the global market is now also exporting Iranian oil products. That company, the Switzerland-based Vitol Group, was profiled in an investigative piece on DeSmog late last year. 

“Vitol, one of the world's largest traders in oil and oil products in terms of volumes, has fixed three vessels to load Iranian condensate,” Platts reported on January 29. “The recent removal of sanctions on Iran has resulted in international companies rushing to trade in Iranian petroleum with the latest being Vitol.”

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