ATP to Chapter 11 and more jobs down the tube thanks to obama (gas prices, gasoline)

[hogstooth]

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

Drilling Moratorium Leads ATP to Chapter 11

ATP blamed its financial woes in part on the drilling ban put in place in the Gulf of Mexico, where 90% of its wells are located, after the disastrous 2010 Deepwater Horizon oil spill. It resumed drilling in the Gulf last spring.

“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.

Drilling Moratorium Leads ATP to Chapter 11 | gCaptain - Maritime & Offshore News

[hogstooth]

Why are we importing gasoline.

Thanks to obama's anti domestic oil drilling polices we pay close to $4 a gal.

Once we boot Hussein out of the White House and repeal his anti oil polices we can start drilling, fracking, building more refineries etc, not only will gas prices go down we will be the ones export gasoline.


34 MR Tankers Booked to Ship European Gasoline Across the Atlantic, Hits 10 Month High
(Bloomberg) — The flow of European gasoline to the U.S. is poised to advance to the highest in almost 10 months, according to a survey of people directly involved in arranging cargoes.

Traders booked or plan to book 34 Medium-Range tankers, each hauling about 37,000 metric tons of the fuel, for loading in the next two weeks, according to the Bloomberg
34 MR Tankers Booked to Ship European Gasoline Across the Atlantic, Hits 10 Month High | gCaptain - Maritime & Offshore News

[Mayiask]

Obviously you don't live on the gulf coast. Either do I, but I could see the damage and devastation the BP oil spill created for that area. I think the people of those areas were relieved to see the moratorium. You would be, too, if it had happened in Manhattan, unless you plain don't care.

[hogstooth]

Originally Posted by Mayiask

Obviously you don't live on the gulf coast. Either do I, but I could see the damage and devastation the BP oil spill created for that area. I think the people of those areas were relieved to see the moratorium. You would be, too, if it had happened in Manhattan, unless you plain don't care.

thousands of Gulf residents recently packed the Louisiana Cajundome to protest President Barack Obama’s oil drilling ban, a policy reinforced by punitive regulations in Reid’s oil spill legislation.

A recent study conducted by IHS Global Insight notes that independent oil and gas companies currently account for about half of the nearly 400,000 jobs, $70 billion in economic values and $20 billion in federal, state and local revenue generated by the industry in 2009. …In Louisiana alone, the deepwater drilling moratorium could eliminate more than 17,500 jobs in the coming six months. Overall, this detrimental policy will threaten the jobs of more than 200,000 hardworking Americans in Texas, Louisiana, Mississippi and Alabama.

Remembering the suffering caused by the 1986 oil price collapse, Louisiana Association of Business and Industry president Dan Juneau recently wrote: “The minute I heard the words ‘six-month moratorium’ leave President Obama’s lips, my mind went back to the economic miasma of 1986. I realized instantly that if he carried through with that policy, it was going to pummel our economy, eliminate thousands of jobs and disrupt the lives of many families
Who Is Really Hurt by Obama’s Oil Drilling Moratorium? - AskHeritage

[Speleothem]

Originally Posted by Mayiask

Obviously you don't live on the gulf coast. Either do I, but I could see the damage and devastation the BP oil spill created for that area. I think the people of those areas were relieved to see the moratorium. You would be, too, if it had happened in Manhattan, unless you plain don't care.

I do.
The moratorium was more devastating than the spill.
In spite of how badly the cleanup was managed.

I think the people of those areas were relieved to see the moratorium.

You would be wrong.

[tmsterp]

Originally Posted by Mayiask

Obviously you don't live on the gulf coast. Either do I, but I could see the damage and devastation the BP oil spill created for that area. I think the people of those areas were relieved to see the moratorium. You would be, too, if it had happened in Manhattan, unless you plain don't care.

How is that ATP's fault? BP is doing fine. Obama's policies protect millionaires and billionaires and their large corporations while hurting smaller businesses (I said smaller to be clear. Im not implying ATP is a small business).

[Mayiask]

Originally Posted by tmsterp

How is that ATP's fault? BP is doing fine. Obama's policies protect millionaires and billionaires and their large corporations while hurting smaller businesses (I said smaller to be clear. Im not implying ATP is a small business).

It just sounds more like mismanagement to me.

The company said the U.S. government's stoppage blocked its plans to drill and develop six wells in 2010 and 2011, after it spent more than $1 billion on infrastructure construction related to five of them, largely funded by debt.

Gulf of Mexico operator ATP files for bankruptcy | Reuters

[katzpaw]

The temporary deep drilling ban was just part of ATP's problems. There was a 4 month deep drilling ban (June-Oct 15 2010) while the spill was investigated - and oil companies were allowed to resume if they could demonstrate the ability to contain a spill.

ATP declared a cash dividend in December 2011 and in June 2012.
In January 2012 ATP was being investigated for serious violations of federal securities laws and replaced their management team in June 2012.

In addition in 2012 they had operational issues that shut down some of their platforms in the Gulf and in Europe -unrelated to the 2010 ban.

Only in part could the temporary deep sea drilling ban possibly be blamed on their bankruptcy.

SubSeaIQ - Offshore Field Development Projects
ATP Oil And Gas Corp (ATPG.O) Key Developments | Reuters.com

[hogstooth]

Originally Posted by Mayiask

It just sounds more like mismanagement to me.



Gulf of Mexico operator ATP files for bankruptcy | Reuters

The company said the U.S. government's stoppage blocked its plans to drill and develop six wells in 2010 and 2011, after it spent more than $1 billion on infrastructure construction related to five of them, largely funded by debt.

[Mayiask]

Originally Posted by hogstooth

The company said the U.S. government's stoppage blocked its plans to drill and develop six wells in 2010 and 2011, after it spent more than $1 billion on infrastructure construction related to five of them, largely funded by debt.

LARGELY FUNDED BY DEBT.