Welcome to the Fossil Oil Company Blog for news of interest to our clients and the oil and gas investment industry.
by Moming Zhou
June 22, 2015 — 3:29 AM EDT Updated on June 22, 2015 — 3:15 PM EDT
Crude oil rose on speculation U.S. inventories fell for an eighth week, the longest stretch of declines in seven years.
Crude stockpiles decreased by 1.5 million barrels in the week ended June 19, according to a Bloomberg survey before Wednesday’s government report. Prices also gained amid optimism Greece’s debt crisis will be resolved.
“We are looking ahead to the inventory report already,” said John Kilduff, a partner at Again Capital LLC, a New York-based hedge fund that focuses on energy. “We have a good economy ahead and it’s not going to be upset by a Greek default. It’s a macro play at the moment.” Continue reading →
Texas Alliance of Energy Producers – Texas Petroleum:
Texas Alliance of Energy Producers have created a new history book on the Texas oil and gas industry.
Written by noted author and historian, Mike Cox, and published by HPN Books of San Antonio, Texas Petroleum: The Unconventional History focuses on the unconventional people, the unconventional events and the unconventional technology that has brought Texas petroleum to the forefront of world energy production.
Cox included a section of the book containing individual histories of companies, organizations and families involved in the Texas petroleum industry.
The book has been marketed through bookstores statewide and has be given to organizations involved in the state’s economic development, as well as to elected officials.
Fossil Oil Company was one of 40 Companies to tell their story in Texas Petroleum: The Unconventional History. Continue reading →
Direct Participation in oil and gas investments can be one of the most important ways to help you maximize tax benefits up front and on a continuing basis.
The tax advantages flow from the intangible drilling costs (IDC) on the initial investment, and the depletion allowance (DA) on the subsequent return of principal cash flows.
The tax benefits provide passive losses to offset passive gains (if the investor enters as a limited partner), relief from high marginal tax bracket exposure (ordinary loss if the investor enters as a general partner), and from exposure to the alternative minimum tax (AMT) up to certain investment limits. In addition, the subsequent cash flows are tax-advantaged due to the benefits of the DA as described earlier. Continue reading →
NEW YORK (CNNMoney) –
Most Americans love cheap energy, but the crash in oil prices spooked investors. Many feared the meltdown was being caused by sudden economic weakness that other metrics didn’t reveal. Investors also worried about a dramatic decline in profits for the energy industry.
Now that oil is showing signs of stabilizing, Wall Street is cheering. The Dow soared 305 points on Tuesday as the slide in oil prices appears to have ended, at least for the moment. After a terrible start to the year, the Dow is now just 2.5% away from all-time intraday highs.
Since sinking below $44 a barrel last week, oil has ripped 19% higher to settle above $53 on Tuesday. That’s the biggest three-day spike since January 2009 when the Great Recession neared an end.