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Mariner Energy Shares Plunge On Reports Of Explosion At A Company-Owned Platform
Update: the explosion is on a Mariner operating platform in the Vermillion 380 field. This is not a rig.
From CNN:
An oil rig has exploded 80 miles off the coast of Louisiana, with 12 people overboard and one missing, the Coast Guard said Thursday morning.
Rescue attempts are underway for at least 12 people, Coast Guard spokesman John Edwards told CNN. 13 people were on board the rig total, Edwards said, noting 12 have been accounted for, but one person was missing.
The accident took place 80 miles off the coast of Louisiana on the Vermilion Oil rig 380, which is owned by Houston-based Mariner Energy.
The Coast Guard has multiple helicopters, an airplane and several Coast Guard cutters en route. It's unknown if there are any injuries.
The description of the Vermillion 380 field from the company's 10-K
At year-end 2009 estimated proved reserves attributed to our
Vermillion 380 field were 33.2 Bcfe, consisting of
approximately 47% oil and NGLs and 53% natural gas. During 2008
and 2009, we drilled five wells and added additional production
capacity on the “A” platform. Hurricane Ike damaged
the structure with the rig on the platform, causing us to
suspend drilling while underwater structural repairs were made.
We brought the platform back on production at reduced rates
until the facilities upgrade was finished. The platform is
currently producing approximately 28 MMcfe per day. Our
working interest in this block is 100%. Production at Vermillion
380 was approximately 1.1 Bcfe in 2009.
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Ka-boom! Now if only hurricane Earl did it's job and flooded all the HFT servers.
Completely off topic but always in topic as it speaks to nonsense in our markets. "I want my Salesforce.com" video (2 minutes)
aka why buying high beta stocks is always good since they always go up, in "I want my MTV" style spoof. I can't do it justice.. laugh out loud stuff.
http://www.fundmymutualfund.com/2010/09/video-omg-i-want-my-salesforceco...
Someone needs to call the SWAT Teams....
Got down to 19.62. Back up to 22.01. Overdone?
'Priced in' rather Turd Ferguson!
Of course. I forgot.
I also heard that a renegade North Korean sub has been seen in the vicinity ;)
Please, no more dead workers.
'Tis on CNBC reported -- must be the truth!
hhmm how will we ever know how much of the slick belongs to BP now?
hhmm.
Who told you there was any oil going into the water?
9:00 accident, you are here already. Interesting.
Augie, you are a fucking troll. Go back to your oil analyst or sheep fucking job or whatever it is you do and go post to Newsvine or someplace where your intelectual equals hang.
no more of this please.
things are bad enough as it for the gulf.
Are you asking for no more exploding rigs in the GOM or no more reporting of news of exploding rigs in the GOM?
Just curious because you didn't say.
no more dead workers and bad news for the gulf.
I agree.
But if it does happen, I wish to know about it. Until Big Brother decides I would be too upset by it and they only report cat-rescued-from-tree stories. That will be a great day in America, at least for all those news starved cat lovers.
CD
I worked my way through college working in the GoM (and Alaska amoungst other places).
It's a dangerous place and a dangerous business. Always has been.
I saw more than my share of rig fires back in the '70's but no Walter Cronkite (although I did see a NBC correspondent once - in bar in Fairbanks, but that's another story for another time).
An oil rig accident has occurred in the Gulf of Mexico and rescue attempts are underway for at least 12 people, Coast Guard spokesman John Edwards told CNN.
The accident took place 80 miles off the coast of Louisiana on Vermilion Oil rig 380, which is owned by Mariner Energy.
The Coast Guard has multiple helicopters, an airplane and several Coast Guard cutters en route. It's unknown if there are any injuries.
The rig inquestion is Vermilion Oil rig 380 owned by Mariner Energy.
But the Oil Industry said that the New Horizion incident was so rare, it wouldn't happen for hundreds of years.
This is not a well being drilled.
the explosion happened on a production platform where the production is gathered for processing.
Where did you get the information that this was a drilling rig? Did Geo Wash send you any information? If so, disregard it.
and where were you when the news broke to tell everyone to shut up? Working a little slow today?
Augie is a fucking TROLL / SHILL
One more of these and I'm calling it sabotage.
One more time? You must be Indian. This means war! Those damn North Koreans with their fancy al Qaida financed Venezualean submarine base. We'll show them. If a naval battle in the GOM is what it takes, then that is ok by me.
Disclosure Statement: Long Nalco Holding Company
I think it was an Iranian Nuke hidden in one of the Flotillas headed for Gaza.. :)
Fuck that - I'm ready to call sabotage now.
I mean, when was the last off-shore rig explosion prior to the New Horizon explosion - and now we have two happeneing in the same year and practically within the same grid square?
Coincidence, my ass.
It's dem dang lib-rals, it is!
Well, damned if I know.
But we ought never let a good crisis go to waste. Right?
http://www.zerohedge.com/article/mariner-energy-shares-plunge-reports-co...
Agreed. George Washington must be behind these.
Highly doubtful.
Your ass is showing.
It is not a drilling rig.
It is a production platform.
Distinction, fail to meet difference.
So we ignore when the production rig dumps its holdings into the GOM? Pull your scepter out of your butt and play king in your own home.
Production rigs are different set-ups ... your ignorance is showing.
And yes, I work in healthcare finance and I worked in the oil field to finance my college. GoM and Alaska (amoung other locations).
There will be some 'spill' simply due to the way production equipment shuts down but as far as another 'BP Deepwater Horizon' ... not likely.
So your logic dictates that a production rig has no oil on it whatsoever? You are the one showing your ignorance. And please explain now a report of a 1 mile sheen on the surface...couldn't be from this production rig according to you.
<s>So you worked on an offshore rig while going to school? </s>
Augie, your TROLL is showing
If it was sabotage, it's hard to say who.
Probably not environmental extremists. They don't really have the capability to hit targets a mile underwater.
Possibly insiders on the rigs, but it would be extremely coincidental to have it happen on two rigs from two companies like this.
International covert ops? The US sabotaged that Russian oil facility during the cold war. I think some of the work on the BP blowout preventer was contracted out to China. No info yet on if something similar on this rig, but it seems far fetched.
Unless there's more evidence, I'd have to go with the most likely culprit- extremely lax safety standards and corner cutting.
Did Matt Simmons leave a note predicting this one?
LOL!!
I have to agree with your assessment Jack. Reminds me of the collapse of the Big Dig in Boston. Cheap rivets while the union bosses skimmed the cream and skipped on quality parts/personnel.
Since it is my first comment, I wish to say a job well done to Durden and team! I have been doing some truth-telling of my own but the focus of your team on investigative reporting is impressive. This stuff ain't easy and no, big capital is in no hurry to invest in normalizing blogosphere news.
Welcome aboard JD! Lots of reading just keeping abreast of the news on ZH.
"The times they are a changing."
..................................................................................
Quinn just wallows in his sty/blog with his usual racist, sycophantic idiots: while the he ignores REALITY.
I drop '9/11Truth' bombs into TBP when I feel like it.
JimQ reacts in his familiar, childish ways, belittling anyone who challenges his ignorance and stupidity.
He thinks he can ban IPs...HAHAHAHA!...
What a MORON!
You're probably right, Jack - my attempts to play hyperbolic contrarian upthread notwithstanding. I suppose I should leave the contrarianism to the likes of Leo, eh?
Cheers, all -
Coz as we all know incompetence is a thing of the past.
SO IF, a aggressive driver rams into me, I am supposed to have empathy for the driver?
oh and in the past this shit has happened but the only one's that really gave a damn were the one's making sure it stayed out of the news. (also see dispersants)
For example, everyone now knows about these, right?
http://en.wikipedia.org/wiki/List_of_oil_spills
ME holds a 100% interest in the rig.
Hmmm lots of oil rig explosions in the Gulf...Im sure theres nothing to see here people, move along and just concentrate on beating the HFT algos with your Commodore 64 trading setup. Im quite confident youll beat them.
Irene Aldridge must be proud
Should we bail out Afghani banks too? http://www.bloomberg.com/news/2010-09-01/economy-seen-avoiding-recession-relapse-as-u-s-data-can-t-get-much-worse.html
Sure, why not. That would cost maybe $5k to $10k.
Bob Doll (MS) used that "it can't get much worse" logic a bit ago to defend his perma-bullish stance.
In 2008 we were clearly hours from a collapse of the banking system. Since then nothing has been fixed, just papered over with even more debt. Cracks are showing everywhere. The shills suggest there is zero probability for another decline, much less a crisis? Whistling past the graveyard with the hard earned savings of sheeple everywhere.
NEW ORLEANS -- One person is missing after a rig explosion in the Gulf of Mexico, about 80 miles south of Vermilion Bay, the U.S. Coast Guard said.
It happened around 9 a.m., and as of 10:15 a.m., the rig was still burning, the Coast Guard said. Rescue crews from New Orleans and Houston are responding.
Officials said there were 13 people aboard the rig, and all but one are accounted for.
http://www.wdsu.com/news/24854300/detail.html
Love my new 100 mpg Honda Ruckus scooter. I buy gas by the cup now.
What have you done for your country and planet lately?
I walk to work every day, walk to the stores for food when I need it. I don't even own a car or a tv.
I do own a computer though so I am sure I will be in the liquidate column eventually.
First they came for the car owners and I did nothing as I wasn't a car owner...
http://www.dieselmotorfiets.nl/
On order.
Jetta TDI
Carry more shit and get 45mpg
Yes,you can fit your big screen,granite countertops,chia pets,snuggies,ishit,SS appliances,Obama pins, and VW repair manuals with room to spare.
Want to know what's in there now?
7' 80lb class bentbutt rod/reel
Kristal XL75 Electric reel
A Cobb America Grill
Charcoal
Split wild cherry wood
and a cooler....
Oh and 2500yards of 80lb Momoi Diamond Braid and 1000 yards of 130lb Jerry Brown Hollow core braid.
Come again?
Only thing needing repair (100k miles so far) is a glow plug (which went out 50k miles ago and we don't need those around here) and the upholstery has a few cig burns in it...
Scooters are ultra-cool, for MPG alone, but don't work out so well for a Northeast commute in the colder months (that would be 7 or 8 out of 12).
I planted an organic garden.
Or in any number of other locations. Those of us who actually have to, you know, do real work, out in the real world, can't get any of it done with a bike, scooter, transit bus, etc.
Internal combustion is not the only option. A team of horses will work, too. Electric or other alternative will be an option some day. But right now, anyone relying on their own two feet and a bike or scooter is fooling themselves, and living off work done by other people's transportation. It's downright silly when they start getting smug about it.
Smug Alert!
http://www.southparkstudios.com/episodes/103216
There are places where people actually drive around like that in their Priuses. I shit you not.
Good Lord, too true! Full disclosure - I own/drive not one but two Prius' (Prii?). Bought the first in FEB 05 and the second in AUG 06. Love them both, have over 100k miles on both, zero problems (knocks on wood). Bought them because, well, I'm a geek and they're a geek car - they're also a legit mid-size interior so the kids have their space in the back on the way to Grandma's.
I occasionally get fellow Prius owners who, usually at a stop light or at a gas station, want to engage me on how it is we are the sole enlightened among the knuckledragers who are "saving the planet".
You should see the looks on their faces when I flip them off and floor the 78-hp engine pulling away.
And Coop (below)? Awesome rant, sir!
Thanks, Doc. I think Prii are probably great cars, I have nothing against them, or the people who drive them. (well people who don't think they're saving the world by driving one anyway) They simply do not suit the purpose of working construction, therefore I have never even looked at one.
For the record, while the rant was facetious, I have belched out people on bikes with the pickup a few times. It's actually pretty damn funny. Redneck maybe, but funny.
Heh - watching a Prius try to work a construction site would be comedy gold.
CAPTCHA WIN: _____ plus zero equals -56!!
+1000. Smug Fuckers. Know what I do? I drive a three quarter ton diesel pickup if I have to go farther than three feet. Sometimes I fill the box with concrete blocks just to burn more fuel. Wanna know what's really fun? When you get one of those too cool for the room fucks who like to hold up traffic while they pedal their bikes in the road, I wait till I get right along side them, then throw the bitch into 5th gear, and idle along belching black smoke all over them till they have to pull over.
/pissed off rant
BTW, I junked you and your Ruckus. Wanna ride one? Be my guest. Just shut the Hell up.
AMEN!
Are you able to keep the brown bag lunch from getting wet on the way to the park.
Augie = TROLL
May an out of control speeding semi be in your near future.
like ur hummer is going to save u from that.
I bought a 4x4 Crew Cab Truck. It protected my young children quite well when the bimbo texting her boyfriend rear-ended us at a stoplight. A little Windex took the smudge off of my bumper while the wrecker towed her Carrolla to the shop.
GW's wet dream!
I wonder how this will play out ...
Apr 15, 2010
Apache Corp., the second-largest independent U.S. oil producer, agreed to buy Mariner Energy Inc. for $2.7 billion in cash and stock to boost production and reserves in deep waters of the Gulf of Mexico.
Mariner owners will get 0.17043 a share of Apache and $7.80 in cash for each of their shares, or $26.22 at yesterday’s closing price, the Houston-based companies said today in a statement. The value is 45 percent higher than Mariner’s closing price yesterday. Apache will assume $1.2 billion of debt.
Vermillion Oil Rig 360 gas and oil rig sits in 450 feet of water in South Timbalier Block 316 according to Mariner energy.
23.58 on my wire
And now on to other news. The markets are Green.
Shocking that Alberta tarsand oil is considered sooo dirty! That's quite the strategic oil reserve that is building in the GOM.
Fox Snooze reporting everyone is alive & accounted for.
Matt Simmons warned about those ultra-high pressures found at Macondo.
..and me thinks he was spot on the money. Too bad BP/OBAMACO/OGI felt he should never be heard.
That warning was another of the factors that should have tipped hyou that he was losing it. It was nonsense.
What are the pressures at each well in Macondo field? What has dP/dt been for the Macondo field since drilling began? You seem to know everything so I know you have all the answers to the world.
Augie, where is your answer to the good gentleman's questions???
Perhaps a TROLL does not have the technical knowledge to answer such an inquity. That means said TROLL should STFU !!!!
It's really Apache's operating unit unless there's some out clause on the merger agmt that APA would exercise.
Guess the moratorium will harden on DW programs
In haste for clean air, are they going to flood and sink this rig? BPII
Just another in the saga of the:
"Sensitize 'Merka to the Need to Pay More for Renewable Energy"
I wonder how much oil this platform will emit.
And how many more rigs/platforms are to be blown up to create the required stir in public opinion.
As soon as we see the "shaping of public opinion" we will be into the "Reaction" phase of the Hegelian approach: Problem Reaction Solution.
+1
LeBalance, although very unsettling, thank you for having the courage to post - must admit it seems very curious....
Get back in your cage and stop questioning the consensus MSM has so generously laid out.
Ignorance is Strength!
I read in the August Monster report that the Gulf Coast jobs were lagging. The shift is underway. We're going to need some solar panel production money. STAT!
What have I done for the planet, lol. I bought a new suv, that put people to work, the profits were used by the corporation to increase their efficiency. Now they use energy and inputs more efficiently to produce and better your luddite existence. I will use that SUV to drive to several business appointments today to make more money to improve economic conditions for all..
Clearly this is Bush's fault....
nothing is Bush's fault. NOTHING! git it, no git over it.
talk about a dick in the butt
meanwhile, in other news, black choppers were seen streaking from the scene - various intelligence agencies could not be reached for comment
'Intelligence' agencies?
http://www.youtube.com/watch?v=wXMEfspf1eU
leave it to CNN to stir the pot by reporting inaccurate information.
So, this is gonna be used to justify increased taxes and "regulations" right? Isn't this the catalyst for the OBomber to get his agenda running? Can't be wasting 2 oil rig crises now can we?
How long are we gonna let this complete regulatory caputure go unhearalded and unresolved?
Every day I look forward to the complete systemic collapse a little more.
Hmm, 2nd explosion. Must be pesky eco-terrorists.
Can't be another sign of corporate fuedalism.
There were other explosions albeit on land in Texas and PA.
So where is the live footage, or any footage really?
The media doesn't seem to be making much effort on this story. Makes me wonder if they are being told to back off...
What's the big deal? There is enough dispersant in the water already. We can handle even more oil. Spill away. No harm. No fowl. Or fish. Or crustaceans. Or mammals. Or...
I've started a holiday, similar to Festivus. It's called Punch a Pretentious "Environmentalist" in the Face Day. It will coincide with Earth Day so they will be easier to identify.
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