-In his latest budget proposal, President Obama once again called for the elimination of tens of billions of dollars in tax incentives for the oil and gas industry. Via FuelFix, Obama’s targets include a tax credit for low producing marginal wells and allowed expensing of intangible drilling costs. API President Jack Gerard said raising taxes on the oil and gas industry would “thwart the very goals expressed” in Obama’s recent State of the Union speech, which focused heavily on boosting the middle class.
-Meanwhile, the plan allocates tens of billions of dollars for environmental programs. Obama’s budget proposes the creation of a $4 billion fund to encourage states to accelerate their greenhouse gas emission reductions and $7.4 billion in spending on clean energy technologies. Furthermore, the president called for the permanent extension of tax credits used by the wind and solar energy industries.
-The market for crude-carrying tank cars has gone off the rails amid narrowing price spreads and the return of some foreign oil imports. Via Reuters, the spread between West Texas Intermediate and Brent crude tightened to less than $5 on Friday, and the recent oil price plunge has made it impossible for shale producers to offer discounts. This has made it cheaper for East Coast refiners to import seaborne oil.
-Offshore engineered services firm Oceaneering International agreed to acquire Lafayette, La.-based survey services firm C&C Technologies for $230 million. The transaction is expected to close in April.
-Chevron named Jeanette Ourada corporate vice president and comptroller, effective April 1. She will replace 33-year Chevron veteran Matthew Foehr, who will retire March 31. Ourada has held several financial leadership roles at Chevron since joining the company in 2005, including general manager of investor relations and general manager of finance for Chevron’s Asia South Business Unit. She most recently served as general manager of Finance Shared Services. Foehr held the top financial positions in Chevron’s downstream and upstream businesses before assuming his current position in 2010.
