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☆ Chevron takeover of Hess resurrects multi-billion dollar tax shield
▼ + stars: | 2023-11-14 | by ( Tim Mclaughlin | ) www.reuters.com time to read: +5 min

“The tax benefits were definitely factored into how Chevron valued Hess,” said Donald Williamson, an accounting professor at American University’s Kogod School of Business. “When you combine the companies, we have the greater U.S. income, and we can use those net operating losses,” he said. The bottom line effect, when that loss limit is multiplied by the U.S. federal tax rate of 21%, is extra cash flow that could top $400 million a year. “There’s a strong and appropriate case to increase the corporate income tax rate.”Last year, corporate tax revenue totaled a record $425 billion, according to the Congressional Budget Office. Over the past decade, Chevron's current U.S. federal tax expense has averaged $40 million a year.

Persons: Dado Ruvic, Hess, ”, Donald Williamson, “, Pierre Breber, Williamson, Jim Seida, Jean Ross, Exxon, Darren Woods, ” Woods, Tim McLaughlin, Marguerita Choy Organizations: Chevron, Hess, REUTERS, Kogod School of Business, Internal Revenue Service, U.S, University of Notre Dame, Center for American Progress, Congressional, Graphics, Exxon Mobil, Pioneer Resources, Exxon, Reuters, Boston College, Thomson Locations: U.S, Chevron

☆ How shipping more US natural gas to Europe helped fuel CO2 pollution
▼ + stars: | 2023-11-08 | by ( Tim Mclaughlin | ) www.reuters.com time to read: +6 min

The administration approved five U.S. LNG export licenses to serve the European market following Russia's invasion, having approved none beforehand. U.S. special climate envoy John Kerry told Reuters last year that greenhouse gas emissions were an inevitable "downside" to increasing LNG exports to European allies. CO2 emissions from the energy-intensive process of liquefying gas for export mark only one stage in the industry's overall climate impact. Critics argue that it is unclear whether the U.S. gas export boom to Europe is displacing coal or delaying a transition to renewables like solar and wind. NextDecade Corp has said its proposed terminal near Brownsville, Texas, could remove more than 90% of its expected 6.4 million tons per year of carbon emissions.

Persons: Arathy, Biden, John Kerry, Robert Fee, Critics, Alexandra Shaykevich, Sempra, Susan Richardson, Tim McLaughlin, Richard Valdmanis, Suzanne Goldenberg Organizations: Reuters, Cheniere Energy, United, U.S . Environmental Protection Agency, Federal Energy Regulatory, Biden White, LNG, The Energy Department, FERC, U.S, Energy Information Administration, Reuters Graphics, Washington, Venture Global, CCS, SEC, Talos Energy, NextDecade, Thomson Locations: Freeport, U.S, Freeport , Texas, United States, Russia, Ukraine, Europe, Texas, Cameron, Louisiana, Brownsville , Texas

☆ NextEra workers roll the dice with big bet on company stock
▼ + stars: | 2023-09-21 | by ( Tim Mclaughlin | ) www.reuters.com time to read: +8 min

America’s largest renewable power company is among several U.S. energy and utility companies, including Exxon and Southern Company, that continue to promote big, concentrated bets on company stock in worker retirement plans. Nearly 50% of the investments in NextEra’s employee-funded 401(k) retirement plan are in company stock, the highest among all 30 companies in the S&P 500 Utilities Sector (.SPLRCU). NextEra declined to comment on its use of company stock in employee 401(k) plans. "If we saw a concentration of more than 20% in a single company stock, we would definitely tell them it's a big risk." `Keith Rasmussen, a retired geologist, said he still feels the financial repercussions of holding big bets on company stock in his retirement plans.

Persons: Robert Knoche, Yoon, NextEra, ”, Alicia Munnell, Kristin McKenna, McKenna, Ryan Frazier, Keith Rasmussen, jolt, Rasmussen, “, ” Rasmussen, Richard Valdmanis, Anna Driver Organizations: REUTERS, Exxon, Southern Company, Corporate America, Enron, Utilities, Vanguard Group, Center for Retirement Research, Boston College, Employees, Silicon Valley Bank, Darrow Wealth Management, SEC, Corporations, U.S . Securities, Exchange Commission, Southern Co, Dominion Energy Inc, Dominion, Chesapeake Energy Corp, Thomson Locations: Douglas County , Kansas, U.S, Silicon, Boston, Atlanta , Georgia

Hawaiian Electric CEO Shelee Kimura received a cash bonus in 2022 based on her performance against 10 measures including profit and customer satisfaction. Wildfire risk mitigation was not on the list, according to the utility’s pay disclosures. Wildfire risk had been a concern for several years before the blaze ripped through Lahaina, a historic resort town in Maui. Idacorp declined to comment on its pay practices and how they relate to wildfire mitigation. “You don’t want a wildfire disaster to be the catalyst for a change in public policy,” said Glazer, who supports linking executive pay to wildfire mitigation.

Persons: Mike Blake, ”, Alison Silverstein, Shelee Kimura, Kimura, “, Michael Cerasoli, Michael Underhill, Brian Buckham, ” Buckham, Idacorp, Larry Glazer, Glazer, Tim McLaughlin, Tom Hals, Peter Henderson, Noeleen Walder, Rich Valdmanis, Marguerita Choy Organizations: Workers, REUTERS, Hawaiian Electric, U.S . Federal Energy Regulatory, Electric, Hawaii Wildfire Management Organization, San Diego Gas &, Global Renewable Energy Income Fund, Reuters, Capital Innovations, SEC, Portland General Electric Co, Boston’s Mayflower Advisors, Thomson Locations: Lahaina, Maui, Hawaii, U.S, California, Honolulu, Maui ., Idaho , Oregon, Washington, Idaho

The minivan-sized submersible Titan, operated by U.S.-based OceanGate Expeditions, began its descent at 8 a.m. (1200 GMT) on Sunday. The Titan set off with 96 hours of air, according to the company, meaning its oxygen tanks would likely be depleted some time on Thursday morning. "When you're in the middle of a search-and-rescue case, you always have hope," Coast Guard Captain Jamie Frederick said at a press conference on Wednesday. Titanic expert Tim Maltin said it would be "almost impossible to effect a sub-to-sub rescue" on the seabed. The robot could also help hook the sub to a surface ship capable of lifting it, the operator said.

Persons: Jamie Frederick, Frederick, Atalante, Victor, Hamish Harding, Shahzada Dawood, Suleman, Paul, Henri Nargeolet, Sean Leet, Leet, Tim Maltin, OceanGate's, Steve Gorman, Joseph Ax, Tim McLaughlin, Rami Ayyub, Tyler Clifford, Louise Dalmasso, Daniel Trotta, Brad Brooks, Ariba Shahid, Paul Thomasch, Nick Zieminski, Sandra Maler, Raju Gopalakrishnan Organizations: Co, U.S, Expeditions, Atlantic, U.S . Coast Guard, Coast Guard, Guard, U.S . Navy, Stockton Rush, Horizon Maritime Services, Thomson Locations: Canada, France, U.S, Cape Cod , Massachusetts, St, John's, Newfoundland, French

[1/2] The Titan submersible, operated by OceanGate Expeditions to explore the wreckage of the sunken SS Titanic off the coast of Newfoundland, dives in an undated photograph. OceanGate Expeditions/Handout via REUTERSJune 21 (Reuters) - Around the world, the story of the missing Titanic submersible and its rescue operation's race against time has been riveting onlookers. Erin Geary, a 27-year-old research assistant in Atlanta, Georgia, described feeling sad, anxious and mystified as she watched the rescue operation for the Titan submersible unfold. Geary grew up as a fan of the 1997 movie the "Titanic" starring Leonardo DiCaprio, which cemented the ill-fated ship's tale in modern popular imagination. "Some people think the Titanic is kind of cursed, so why would you purposely put yourself in that situation?"

Persons: Erin Geary, Geary, Leonardo DiCaprio, Hamish Harding, Shahzada Dawood, Suleman, Paul, Henri Nargeolet, Jenna Roat, Gabriella Borter, Tim McLaughlin, Sandra Maler Organizations: OceanGate Expeditions, REUTERS, Google, Stockton Rush, OceanGate, Coast Guard, Thomson Locations: Newfoundland, Atlanta , Georgia, Chile, Pakistani, French, Greece, Boston

☆ Energy sector's COVID recovery turns into massive CEO payday
▼ + stars: | 2023-06-05 | by ( Tim Mclaughlin | ) www.reuters.com time to read: +8 min

Occidental said its CEO pay ratio follows the rules laid out by the U.S. Securities and Exchange Commission (SEC). IT'S RELATIVE WHEN IT COMES TO RETURNSTo be sure, the value of stock-based pay shrinks when markets sour. But most energy CEOs also have a measure of built-in protection from steep declines. That’s because about 90% of energy companies measure stock performance against others in the same industry who tend to suffer at similar times. Many energy companies are under pressure from investors to reform CEO pay, according to disclosures in their annual proxy statements.

Persons: Aeisha, Virginia Parks, Christina Noel, Darren Woods, Exxon, Michael Hennigan, ”, Rosanna Landis Weaver, Toby Rice, EQT, Phillips, ” Phillips, ” Mastagni, Richard Valdmanis, Anna Driver Organizations: Energy, California State Teachers, Marathon Petroleum, University of California Irvine, Occidental Petroleum Corp, Occidental, U.S . Securities, Exchange Commission, SEC, American Petroleum Institute, ExxonMobil, Services, Microsoft, Exxon, New York, EQT Corp, Reuters, Thomson Locations: U.S, California, Virginia, CalSTRS

WORCESTER, May 19 (Reuters) - A U.S. judge on Friday ordered the Air National Guardsman accused of leaking military secrets to remain in jail as he awaits trial on charges he violated the Espionage Act. Magistrate Judge David Hennessy made the decision after lawyers for Jack Douglas Teixeira, 21, asked for him to be released to house arrest pending trial. Teixeira leaked classified documents to a group of gamers on the messaging app Discord, according to prosecutors. While a low-level airman, Teixeira had broad access to military secrets at the Massachusetts Air National Guard’s 102nd Intelligence Wing, according to U.S. Justice Department lawyers. “I have stuff for Israel, Palestine, Syria, Iran and China,” Teixeira said on social media, according to prosecutors.

☆ US military leak suspect got offer to bolster intelligence skills
▼ + stars: | 2023-05-19 | by ( Tim Mclaughlin | ) www.reuters.com time to read: +2 min

As a low-level airman, Teixeira had broad access to military secrets at the Massachusetts Air National Guard’s 102nd Intelligence Wing. He received a warning, and was admonished again a month later after asking detailed questions at a briefing, according to the Justice Department. Attorneys with the Justice Department argue that Teixeira cannot be trusted to live at home with his father. Even after his warnings last year, Teixeira bragged online in early January that he had broad access to top secret information. “I have stuff for Israel, Palestine, Syria, Iran and China,” Teixeira said on social media, according to prosecutors.

☆ U.S. military leak suspect to appear in court; had arsenal, prosecutors say
▼ + stars: | 2023-04-27 | by ( Tim Mclaughlin | ) www.reuters.com time to read: +2 min

Jack Douglas Teixeira was arrested by the FBI on April 13 at his home in Massachusetts and charged with violating the Espionage Act. He is scheduled to appear in U.S. District Court in Worcester, Massachusetts on Thursday afternoon for his detention hearing. Prosecutors say the 21-year-old leaked classified documents, including some relating to troop movements in the Russia-Ukraine conflict, to a group of gamers on the messaging app Discord. In 2018, while in high school, Teixeira was suspended after he was overheard making racial threats and remarks about guns. Teixeira attributed those remarks to a reference in a video game, according to prosecutors.

☆ How the U.S. Clean Air Act lets closed coal plants keep polluting for years
▼ + stars: | 2023-04-22 | by ( Tim Mclaughlin | ) www.reuters.com time to read: +10 min

Under the federal program, states distribute a certain number of allowances to power plants annually. Reuters found dozens of other examples of coal plants using credits from closed facilities to help comply with pollution rules over the past five years. During the 2021 ozone season, New Madrid’s pollution was five times higher than average among coal plants participating in the NOx-reduction program, EPA data show. RED-STATE PROTESTSUtilities and lawmakers in Republican-controlled states have pushed hard against curbs on coal pollution, including the EPA’s latest NOx-reduction regulations. But even at that price, NOx allowances will find buyers among coal plants, including those that operate at high pollution rates.

WASHINGTON, April 19 (Reuters) - A 21-year-old member of the U.S. Air National Guard who is facing criminal charges for leaking top-secret military intelligence records online will remain in jail for now, according to court filings. It remains to be seen whether Teixeira will opt to challenge the government's detention request or not. Teixeira appeared very briefly in court on Wednesday, wearing an orange jumpsuit, where the judge accepted his request to waive his right to a preliminary hearing. Legal experts expect he will likely face more charges down the road as additional evidence is presented over time to a grand jury. Reporting by Sarah N. Lynch; editing by Jonathan OatisOur Standards: The Thomson Reuters Trust Principles.

BOSTON, April 14 (Reuters) - A 21-year-old member of the U.S. Air Force National Guard suspected of leaking highly classified military intelligence records online will make his initial appearance before a federal judge in Boston on Friday. Jack Douglas Teixeira, of North Dighton, Massachusetts, was arrested by the FBI at his home on Thursday without incident. Anyone convicted of willfully transmitting national defense information can face up to 10 years in prison. Reuters has reviewed more than 50 of the documents, labeled "Secret" and "Top Secret," but has not independently verified their authenticity. The U.S. is still fighting to extradite WikiLeaks founder Julian Assange from London to face criminal charges in connection with the 2010 leak.

University power plants are much smaller than their industry counterparts and thus produce fewer overall emissions. All fossil-fuel power plants produce these emissions, which are created when these fuels are burned. These facilities include large power plants owned by public utilities as well as private plants that provide electricity and heating for big consumers such as refineries, paper mills and colleges. Reuters identified 103 university power plants run by 93 four-year institutions among the facilities tracked by the EIA. NOx ComparisonsReuters turned to a different data set to obtain NOx emission rates for university power plants: pollution tests required by state and federal regulators.

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