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BUSINESS
March 13, 2013 | By Shan Li
California's Monterey shale, which holds an estimated 15 billion barrels of oil, has been touted as crucial to the state's energy future and a boon to its economy. A study released Thursday tries to quantify the potential economic benefits. The study by USC and the Communications Institute, a Los Angeles think tank, estimates that development of the 1,750-square-mile formation in central California could generate half a million new jobs by 2015 and 2.8 million by 2020. Tapping the Monterey shale, which  holds an estimated two-thirds of the country's shale oil reserves, would probably require some combination of horizontal drilling and hydraulic fracturing, known as fracking, a practice opposed by many environmentalists worried about possible damage to land and water.
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BUSINESS
August 28, 2013 | By Marc Lifsher
SACRAMENTO - A coalition of over 100 environmental and populist groups is denouncing fracking legislation as too weak and calling on Gov. Jerry Brown to order an immediate halt to the controversial drilling practice. "The truth is that there is no proven way to protect California from fracking besides prohibiting this inherently dangerous practice," said the letter to be delivered to the governor's office Wednesday. Pending legislation - SB 4 by Sen. Fran Pavley (D-Agoura Hills)
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BUSINESS
September 26, 2006 | From the Associated Press
Chevron Corp. wants to take another crack at unlocking shale oil from difficult rock formations in Colorado, Utah and Wyoming. With high oil prices and the instability of overseas supplies making such endeavors more attractive, Chevron, in partnership with Los Alamos National Laboratory, said it would attempt to determine how to economically extract oil from shale. Chevron abandoned research on shale oil 30 years ago.
BUSINESS
August 28, 2013 | By Marc Lifsher
SACRAMENTO - A coalition of more than 100 environmental and political activist groups is denouncing oil fracking legislation as too weak and calling on Gov. Jerry Brown to order an immediate halt to the controversial drilling practice. "The truth is that there is no proven way to protect California from fracking besides prohibiting this inherently dangerous practice," said the letter delivered to the governor's office Wednesday. Fracking, formally known as hydraulic fracturing, is a drilling technique that employs a high-pressure mixture of water, sand and chemicals deep underground to loosen oil and natural-gas deposits locked in shale.
BUSINESS
May 16, 1985
The $180-million venture is jointly operated by Chevron Shale Oil and Conoco Shale. Chevron said that the test plant, built in 1983, successfully produced shale oil but that the product wouldn't be commercially feasible until crude oil cost $65 a barrel, which isn't expected to happen until the year 2000. When Chevron undertook the project, oil was expected to hit that price in 1988.
BUSINESS
March 27, 1991 | PATRICK LEE, TIMES STAFF WRITER
In a last gasp for Jimmy Carter-era synthetic fuel programs, Unocal Corp. said Tuesday that it will suspend production at its $650-million shale oil project in Parachute Creek, Colo., citing continued losses. Closure of the 13-year-old project, the only remaining commercial shale oil operation in the country, spells the apparent end of major efforts to squeeze oil from rocks as a way to displace imported crude.
BUSINESS
January 28, 1986 | DEBRA WHITEFIELD, Times Staff Writer
Unocal disclosed Monday that it took a partial write-down of its controversial shale oil project in Colorado last year, which in turn contributed to a 54% year-to-year decline in the Los Angeles-based oil company's 1985 earnings and a $134.7-million loss for the fourth quarter. Full-year earnings, which fell to $325.1 million from $700.4 million in 1984, also were hurt by expenses incurred during Unocal's successful takeover fight with Texas oilman T. Boone Pickens Jr.
NATIONAL
June 10, 2013 | By Neela Banerjee
WASHINGTON -- Reserves of oil and gas that can be developed using current technology are 35% greater in 2013 than in 2011, according to a new report by the Energy Information Administration, the research branch of the Energy Department. The rise in estimated domestic reserves to 223 billion barrels of oil equivalents, which include crude oil and gas, stems in large part from the inclusion of reserves found in shale formations. Increased use of production methods such as horizontal drilling and hydraulic fracturing, or fracking, have made oil and gas trapped in tight geological formations economically recoverable.
BUSINESS
March 14, 2013 | By Ricardo Lopez
Portland, with a unanimous City Council vote, became the fourth city Wednesday to require private employers offer workers sick leave. Hailed by supporters as a move to provide workers with protection from being fired if they call in sick, the policy affects businesses who employ six or more workers. The municipal vote comes a day before a similar measure is set to go before City Council members in Philadelphia. "Policies like paid sick days are about more than keeping people healthy -- they're about keeping money in the pockets of working families so they can cover the basics," said Ellen Bravo, executive director of Family Values (at)
BUSINESS
April 8, 2013 | By Andrew Khouri
General Electric Co. has agreed to acquire Lufkin Industries Inc. for more than $3 billion as the mega-firm looks to grow its expanding oil and gas business. The $88.50-a-share offer from GE represents a 38.4% premium over Lufkin's Friday $63.93 closing price. The deal for Lufkin, which employs 4,500 people in more than 40 countries, expands GE's artificial-lift capabilities to a larger variety of well types. GE Oil & Gas President Daniel C. Heintzelman said the acquisition beefs up his company's offerings in a segment that “is at the heart of critical changes” that are transforming the oil and gas industry, allowing producers to maximize the potential of wells.
NATIONAL
June 10, 2013 | By Neela Banerjee
WASHINGTON -- Reserves of oil and gas that can be developed using current technology are 35% greater in 2013 than in 2011, according to a new report by the Energy Information Administration, the research branch of the Energy Department. The rise in estimated domestic reserves to 223 billion barrels of oil equivalents, which include crude oil and gas, stems in large part from the inclusion of reserves found in shale formations. Increased use of production methods such as horizontal drilling and hydraulic fracturing, or fracking, have made oil and gas trapped in tight geological formations economically recoverable.
BUSINESS
April 8, 2013 | By Andrew Khouri
General Electric Co. has agreed to acquire Lufkin Industries Inc. for more than $3 billion as the mega-firm looks to grow its expanding oil and gas business. The $88.50-a-share offer from GE represents a 38.4% premium over Lufkin's Friday $63.93 closing price. The deal for Lufkin, which employs 4,500 people in more than 40 countries, expands GE's artificial-lift capabilities to a larger variety of well types. GE Oil & Gas President Daniel C. Heintzelman said the acquisition beefs up his company's offerings in a segment that “is at the heart of critical changes” that are transforming the oil and gas industry, allowing producers to maximize the potential of wells.
BUSINESS
March 30, 2013 | By Shan Li, Los Angeles Times
TAFT, Calif. - This two-stoplight town was built on petroleum, and residents here never miss a chance to pay tribute. A 38-foot monument to wildcatters stands downtown; locals brag it's the tallest bronze sculpture west of the Mississippi. Every five years, the city throws an "Oildorado" festival. There's even a beauty pageant in which young women dubbed "the maids of petroleum" vie to be crowned queen. It's all an homage to the bustling days when Taft boasted two giant oil fields and Standard Oil Co. of California was headquartered there.
CALIFORNIA | LOCAL
March 15, 2013 | By Michael J. Mishak
SACRAMENTO -- Tapping California's oil-rich Monterey shale using hydraulic fracturing could boost the state's economic activity by as much as 14.3% and create hundreds of thousands of jobs, according to a new USC study. As detailed in Money & Co. blog , the development of the 1,750-square-mile formation in Central California could have a transformative effect on the Golden State's economy, with the state potentially reaping oil-related tax revenue of $4.5 billion in 2015 and $24.6 billion by 2020.
BUSINESS
March 14, 2013 | By Ricardo Lopez
Portland, with a unanimous City Council vote, became the fourth city Wednesday to require private employers offer workers sick leave. Hailed by supporters as a move to provide workers with protection from being fired if they call in sick, the policy affects businesses who employ six or more workers. The municipal vote comes a day before a similar measure is set to go before City Council members in Philadelphia. "Policies like paid sick days are about more than keeping people healthy -- they're about keeping money in the pockets of working families so they can cover the basics," said Ellen Bravo, executive director of Family Values (at)
BUSINESS
March 13, 2013 | By Shan Li
California's Monterey shale, which holds an estimated 15 billion barrels of oil, has been touted as crucial to the state's energy future and a boon to its economy. A study released Thursday tries to quantify the potential economic benefits. The study by USC and the Communications Institute, a Los Angeles think tank, estimates that development of the 1,750-square-mile formation in central California could generate half a million new jobs by 2015 and 2.8 million by 2020. Tapping the Monterey shale, which  holds an estimated two-thirds of the country's shale oil reserves, would probably require some combination of horizontal drilling and hydraulic fracturing, known as fracking, a practice opposed by many environmentalists worried about possible damage to land and water.
BUSINESS
August 28, 2013 | By Marc Lifsher
SACRAMENTO - A coalition of more than 100 environmental and political activist groups is denouncing oil fracking legislation as too weak and calling on Gov. Jerry Brown to order an immediate halt to the controversial drilling practice. "The truth is that there is no proven way to protect California from fracking besides prohibiting this inherently dangerous practice," said the letter delivered to the governor's office Wednesday. Fracking, formally known as hydraulic fracturing, is a drilling technique that employs a high-pressure mixture of water, sand and chemicals deep underground to loosen oil and natural-gas deposits locked in shale.
CALIFORNIA | LOCAL
February 13, 2013 | By Michael J. Mishak
SACRAMENTO -- State lawmakers are voicing doubts that the Brown administration's proposal to regulate hydraulic fracturing is tough enough to protect public health and safety -- and they're questioning whether the state's oil regulators can be trusted to enforce it. As detailed in Wednesday's Los Angeles Times , state senators convened a joint legislative hearing to review draft regulations, which represent California's first attempt to govern...
CALIFORNIA | LOCAL
February 13, 2013 | By Michael J. Mishak
SACRAMENTO -- State lawmakers are voicing doubts that the Brown administration's proposal to regulate hydraulic fracturing is tough enough to protect public health and safety -- and they're questioning whether the state's oil regulators can be trusted to enforce it. As detailed in Wednesday's Los Angeles Times , state senators convened a joint legislative hearing to review draft regulations, which represent California's first attempt to govern...
BUSINESS
July 26, 2012 | By Ronald D. White, Los Angeles Times
Exxon Mobil Corp.andOccidental Petroleum Corp.said second-quarter earnings took a hit from lower oil and natural gas prices, a pattern that analysts expect to be repeated throughout the energy industry. But in an economy that is struggling to gain momentum, the oil business is still posting numbers that many others would love to have. Exxon Mobil, in fact, reported record profits, but it needed the help of asset sales to do it. Analysts said the stage for this week's earnings reports was set when oil declined nearly 9% and natural gas plunged 46% during the quarter compared with year-earlier prices.
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