Roundup: Gas rigs near 14-year low; PNC shareholder wants "climate risk" study; more
By Staff and Wire Reports
Published: Saturday, April 6, 2013, 12:01 a.m.
Gas rigs near fewest in 14 years with price at 20-month high
The natural gas rig count nationwide dropped to the lowest level in almost 14 years even as future prices for gas settled at a 20-month high. Gas rigs declined by 14 to 375, the fewest since May 14, 1999, according to Baker Hughes Inc. Oil rigs gained three to 1,357, the most since December. Total rigs dropped 10 to 1,738, the fewest in a year, said the field-services company in Houston. Gas rigs have fallen for six straight quarters as shale drilling drove stockpiles of the fuel to record highs, depressing prices and turning energy producers toward oil and liquids-rich plays. This week's drop in gas rigs reflects energy producers' response to futures prices from earlier this year, when “it really still wasn't economic for most people to drill,” said James Williams, president of WTRG Economics in London, Ark. “It takes between two and three months for the gas rig count to reflect a change in prices, and if you go back three months, we hadn't reached $4 gas.” Natural gas futures have risen 23 percent in 2013 and settled above $4 per thousand cubic feet last week for the first time since 2011. Of the major oil- and gas-producing states, Oklahoma lost 13 rigs, Pennsylvania dropped six, West Virginia lost two and North Dakota decreased by one.
PNC shareholder wants bank to assess ‘climate risk' because of lending practices
A PNC Financial Services Group's shareholder, Boston Common Asset Management LLC, claims that the Pittsburgh bank is “exceptionally exposed to climate risk,” because of its lending and investing practices and wants the bank to better assess that risk, according to a securities filing on Friday. The asset management firm's proposal asks PNC holders to have the board produce by September an assessment of the greenhouse gas emissions resulting from loans, investments and “other financing activities.” PNC board opposes the proposal, saying the bank monitors its emissions and carbon footprint already and that a report “would require considerable resources without conveying useful information.” The Boston firm cited a half-dozen examples of PNC loans and investments involving coal companies in the last two years and claimed they represent a risk to the bank. PNC will hold its annual meeting Downtown on April 23.
FNB Corp.'s CEO paid $2M last year
FNB Corp. CEO Vincent Delie Jr. received total compensation worth $2 million last year, up from $1.1 million a year earlier, said proxy materials filed with the Securities and Exchange Commission. His salary increased to $521,323 from $443,778, and the value of his stock awards jumped to $939,827 from $275,002. Delie, who became CEO in January 2012, also saw his non-equity incentive pay increase to $432,372 from $303,806. The parent of First National Bank will hold its annual meeting on May 15.
Boeing makes final test flight for 787 battery fix, calls it ‘uneventful'
Boeing put its 787 battery fix through a “final” flight test on Friday and will soon submit the data to regulators, who the aircraft maker hopes will sign off on the new system and allow the 787 back in the air. The Dreamliner has been grounded since mid-January because of smoldering batteries that, in one case, caused a serious fire on the tarmac in Boston. Boeing's fix includes more heat insulation and a battery box designed so that any meltdown of the lithium-ion battery will vent hot gases outside of the plane. Friday's flight took off from Paine Field in Everett, Wash., and returned one hour and 49 minutes later. “The crew reported that the certification demonstration plan was straightforward and the flight was uneventful,” Boeing said. The flight was to “demonstrate that the new battery system performs as intended during normal and non-normal flight conditions.”
Blue Belt settles lawsuit by rival
Blue Belt Technologies Inc. said it settled a lawsuit filed by Mako Surgical Corp. of Ft. Lauderdale, Fla. Mako alleged breach of contract and unfair competition claims, which East Liberty-based medical device firm Blue Belt denied. Terms of the settlement were not disclosed. Separately, Mako said it won a permanent injunction preventing Blue Belt from hiring a former Mako employee and requiring the destruction of all proprietary Mako business information in Blue Belt's possession. Both companies make robotic systems used in knee-replacement surgeries.
Other business news
• To mark National Financial Literacy Month, Citizens Bank will donate about $100,000 in grants to local nonprofit organizations for their financial education programs in Western Pennsylvania, which also includes the Erie and State College markets. The bank will announce the grants Downtown on Tuesday at a financial literacy workshop.
— Staff and wire reports
Show commenting policy
TribLive commenting policy
You are solely responsible for your comments and by using TribLive.com you agree to our Terms of Service.
We moderate comments. Our goal is to provide substantive commentary for a general readership. By screening submissions, we provide a space where readers can share intelligent and informed commentary that enhances the quality of our news and information.
While most comments will be posted if they are on-topic and not abusive, moderating decisions are subjective. We will make them as carefully and consistently as we can. Because of the volume of reader comments, we cannot review individual moderation decisions with readers.
We value thoughtful comments representing a range of views that make their point quickly and politely. We make an effort to protect discussions from repeated comments either by the same reader or different readers.
We follow the same standards for taste as the daily newspaper. A few things we won't tolerate: personal attacks, obscenity, vulgarity, profanity (including expletives and letters followed by dashes), commercial promotion, impersonations, incoherence, proselytizing and SHOUTING. Don't include URLs to Web sites.
We do not edit comments. They are either approved or deleted. We reserve the right to edit a comment that is quoted or excerpted in an article. In this case, we may fix spelling and punctuation.
We welcome strong opinions and criticism of our work, but we don't want comments to become bogged down with discussions of our policies and we will moderate accordingly.
We appreciate it when readers and people quoted in articles or blog posts point out errors of fact or emphasis and will investigate all assertions. But these suggestions should be sent via e-mail. To avoid distracting other readers, we won't publish comments that suggest a correction. Instead, corrections will be made in a blog post or in an article.
- Keisel might be at end of Steelers career
- Penguins’ leads evaporate in loss to Sharks
- McKeesport middle school student struck by dump truck dies in hospital
- Sharks praise ex-teammate, newest Penguins player Goc
- Martin would consider extending stay with Pirates
- Suspect in East Liberty slayings may be part of murder-for-hire case
- New Pirates pitcher Eppley brings special delivery to team’s staff
- Westmoreland man’s walk in Niagara Falls State Park wasn’t allowed, police say
- Judge to Cook Township drug suspect: Get new friends
- Qualifications of Peduto nominee for building inspection chief come up short
- Ohio man killed in Washington County crash