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Energy News: Was Duke Energy's CEO Ouster a Good Move?


Plus, Chevron's Q3, bad news for Clean Energy, and Exxon's Hurricane Sandy relief efforts.

This column highlights the most interesting and useful business and financial commentary on energy from around the Web.

Link: Duke Energy's Surprise CEO Ouster Proved an Effective Tactic
"Newly released documents show that whatever the merits of Duke Energy's (NYSE:DUK) decision to oust Bill Johnson as chief executive, the surprise announcement was a tactical success that left Johnson's supporters shocked and in disarray.

"The move immediately after Duke's $32 billion purchase of Progress Energy was unexpected. Duke arranged to conduct the new board's first meeting July 2 - at which Johnson was elected CEO and then his resignation was demanded - by telephone."

Yahoo News
Link: Lower Production, Prices Hurt Chevron 3Q Profit
"Chevron Corp. (NYSE:CVX) said Friday its third-quarter net income fell 33% as production declined and it sold oil and gas at lower prices.

"The nation's second-largest oil company earned $5.25 billion, or $2.69 per share, in the July-through-September quarter. That compared with net income of $7.83 billion, or $3.92 per share, in the year-ago quarter. Revenue fell to $55.66 billion from $61.26 billion."

Seeking Alpha
Link: Cheap Natural Gas a Double Edged Sword for NGVs
"T. Boone Pickens just can't catch a break. First, his plan to free up natural gas by promoting more wind power was thwarted by a gas glut. Now, cheap gas is allowing a fledgling gas-to-liquids industry to compete with the real stuff.

"This is bad news for Clean Energy Fuels (NASDAQ:CLNE). The company co-founded by Pickens and Andrew Littlefair has bet the farm on consumers switching from gasoline and diesel to less expensive natural gas. The momentum for natural gas as a vehicle fuel is swinging in the right direction, but not fast enough. The company is still in the red and the market has reacted, sending the company's share price to a 52-week low."

Link: Exxon Mobil Continues Sandy Support in Relief, Recovery
"Exxon Mobil (NYSE:XOM) continues to work to support distribution of gasoline and fuel throughout the area affected by Hurricane Sandy and is donating $1 million to the American Red Cross for disaster relief assistance in New York, New Jersey, and the Caribbean.

"'Hurricane Sandy has had a devastating impact on people and communities along the east coast and in the Caribbean,' said Andrew W. Madden, vice president of supply and transportation, ExxonMobil Refining & Supply Company. 'It's our hope that ExxonMobil's donation to the Red Cross will help provide comfort to those affected and help people rebuild their lives as quickly as possible.'"
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