ATP to Chapter 11 and more jobs down the tube thanks to obama

[Speleothem]

Originally Posted by Mayiask

LARGELY FUNDED BY DEBT.

Did you know businesses borrow money?

[Mayiask]

Originally Posted by Speleothem

Did you know businesses borrow money?

Sure they do. In every economy. Still sounds to me like they were overreaching. This is 2 years later. Why aren't all the small drilling companies failing?

[katzpaw]

The company said the U.S. government's stoppage blocked its plans to drill and develop six wells in 2010 and 2011,

The link below shows that they were drilling in the Gulf in 2011. Deep sea drilling was permitted after Oct 2010 if the operator could show that they could contain a spill. ATP's bankruptcy was largely caused by other problems.

SubSeaIQ - Offshore Field Development Projects
ATP Completes Fourth Well at Telemark - Nov 2011
ATP Brings Mirage Well Online in GOM - Aug 2011
ATP Completes A-2 well on Telemark - May. 2011
ATP Brings Second Well Online at Telemark Hub - Oct. 2010
Telemark Development Wells Delayed - Aug. 2010 - US drilling moratorium has delayed the drilling of the third and fourth Telemark Hub development wells. Resumption of development work dependent upon new regulations promulgated as a result of the oil spill.

[Winter_Sucks]

You're right. Let's not halt drilling for a while to figure out how to make sure another gigantic oil spill doesn't occur again.

[hogstooth]

How the Obama Administration Stifles Domestic Energy Production

ATP Oil & Gas Corporation had obtained oil leases and necessary permits to drill in the Gulf of Mexico. In fact, after installing state-of-the art drilling and processing equipment, ATP was poised to double its oil production… The first, and only, deepwater platform built entirely in America by a U.S. labor force, the Titan was constructed over the course of three years, creating a number of much-needed jobs in the process…. the ability to safely and securely drill into already-penetrated oil reservoirs promised to produce a steady stream of oil and revenue for the company

When President Obama ordered a cessation on Gulf drilling, he essentially forced ATP into such financial turmoil that the company had to seek out other countries that would permit drilling just to stay afloat. With his policy, President Obama effectively offshored jobs and any revenue that would come from domestic oil production.
How the Obama Administration Stifles Domestic Energy Production | myHeritage

[katzpaw]

Originally Posted by hogstooth

[b]

When President Obama ordered a cessation on Gulf drilling, he essentially forced ATP into such financial turmoil that the company had to seek out other countries that would permit drilling just to stay afloat.

ATP was drilling in the North Sea and the Mediterranean before the Gulf spill. More retroactive timeline problems from the right.

[Mayiask]

Originally Posted by hogstooth

How the Obama Administration Stifles Domestic Energy Production
How the Obama Administration Stifles Domestic Energy Production | myHeritage

myHeritage is the online home for Heritage Foundation members, a resource that explains how Heritage and Heritage members are making a difference in advancing conservative ideas.

What did you expect them to say?

[katzpaw]

Originally Posted by hogstooth

[b]
How the Obama Administration Stifles Domestic Energy Production | myHeritage

This article was written last week (August 12, 2012) and ends with "If President Obama would open these areas again to drilling ..."
Hello, he did. The ban ended in October 2010. More timeline problems from the right.

[hogstooth]

Law360, New York (August 17, 2012, 8:51 PM ET) -- ATP Oil & Gas Corp. filed for Chapter 11 protection Friday in Texas, citing dramatically reduced cash flows from the deepwater drilling moratorium placed on the Gulf of Mexico after the 2010 Deepwater Horizon oil spill. The Houston-based developer, which has 90 percent of its oil wells in the Gulf of Mexico, listed assets of $3.6 billion and liabilities of $3.5 billion in its Chapter 11 petition.
As ATP Oil Files For Bankruptcy, CEO Blames Obama For Company's Collapse. - NewsFeed Researcher - atp, company, oil, billion, deepwater, bankruptcy, million, wells, drilling, production, gulf

"While the moratorium adversely affected all companies involved in deepwater drilling in the Gulf of Mexico, the impact was especially profound on ATP, which is a smaller company than its principal competitors with a heavier concentration in the deepwater Gulf of Mexico," ATP said in court papers.
ATP Oil & Gas Files for Chapter 11 Bankruptcy - WSJ.com

[cittic10]

Originally Posted by hogstooth

More jobs down the tube thanks to obama.
How many people will be laided off by ATP?

Yeah, that's what I want to know. How many people will be laided off?!

It's bad enough with all the English teachers getting laided off.