2024IADC, Regulation, and LegislationMay/June


US Congressman Wesley Hunt (R-TX) speaks at a luncheon organized by the IADC DrillersPAC and held at Patterson-UTI’s headquarters in Houston on 25 March. Rep. Hunt spent more than two hours with PAC members, taking questions and discussing his thoughts on the energy sector and upcoming elections in the US.

IADC DrillersPAC steps up advocacy at luncheon with Congressman Wesley Hunt

On 25 March, IADC’s DrillersPAC organized a luncheon featuring US Congressman Wesley Hunt (R–38-TX). More than 50 people attended the event, which was held at Patterson-UTI’s Houston office. Rep. Hunt, who represents the Energy Corridor of Houston in Congress, spent more than two hours with DrillersPAC members.

He spoke to the group about current events of interest on Capitol Hill and shared his thoughts on the energy sector, recent legislative actions and the 2024 elections. At the end of the lunch, the IADC DrillersPAC presented Rep. Hunt with a $5,000 check in support of his re-election campaign.

DrillersPAC is the official political action committee (PAC) of IADC. As a non-partisan, federally registered PAC that supports individuals running for state and federal office, the purpose of DrillersPAC is to support candidates who champion the safe and responsible development of the world’s energy resources.

SEC stays climate disclosure rule pending judicial review

On 4 April, the US Securities and Exchange Commission (SEC) voluntarily issued an order staying its previously adopted climate disclosure rules, pending the completion of judicial review of consolidated Eighth Circuit Court petitions.  The rules, which had been adopted by the SEC on 6 March, require that climate risk disclosures be included in a company’s SEC filings, such as annual reports and registration statements.

In its stay order, the SEC said that it was “not departing from its view” that the rules were “consistent with applicable law” and within its authority to require the disclosure of information to investors.

In response to the stay order, Ryan Meyers, API Senior VP and General Counsel, said, “We agree with the SEC’s decision to stay this flawed rule and not burden companies with significant compliance costs before courts can adjudicate its legality. The rule would confuse investors rather than advance the dialogue on climate that has been occurring for many years between businesses and their shareholders.”

API, US energy groups oppose proposed methane fee rule

On 26 March, API joined with 19 other associations representing the US oil and gas industry in calling on the US Environmental Protection Agency (EPA) to revise its proposed methane fee.

In comments submitted to the EPA on the “waste emissions charge” proposed rulemaking, the associations argued that the EPA’s proposed rule creates an incoherent regulatory regime, fails to meet the statutory requirements outlined by the Inflation Reduction Act and disincentivizes emissions reduction efforts by the industry. The comments also urged the Biden Administration to coordinate this proposed rule with other regulations.

BOEM announces areas under consideration for future GOM lease sales

On 29 March, the US Bureau of Ocean Energy Management (BOEM) announced the Notice of Availability of the Area Identification for the proposed Gulf of Mexico (GOM) Oil and Gas Lease Sales 262, 263 and 264. The Area ID was published in the Federal Register on 1 April, but it is not a decision to lease. It only determines which areas will receive further consideration.

On 14 December 2023, the Interior Department had announced the 2024-2029 National Outer Continental Shelf Oil and Gas Leasing Program. The first proposed sale under that program, Lease Sale 262, is tentatively scheduled for 2025.

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button