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Number of orphaned wells predicted to grow

There are already tens of thousands of “orphaned” wells spread across U.S. oil-producing states, left abandoned by failed companies that did not have the cash to plug them before walking away. Now, the oil crash that is threatening to trigger a spate of bankruptcies could make that problem worse, sticking states with the bill to seal up the new orphan wells that pose pollution risks, Pro’s Zack Colman reports this...

California’s multibillion-dollar problem: In Arvin, fumes remain near homes and schools

Five years ago, Elvia Garcia returned to her home in Arvin, which she said had been looted while she was gone. Since then, her family has continued to suffer from lingering headaches brought on by occasional odors. State regulators fined the company responsible for the leak, Petro Capital Resources LLC. The company installed machines on homes in the neighborhood, including Garcia’s, to remove gas — and vent it into backyards....

California’s multibillion-dollar problem: More than 7,600 wells on pause

CRC has since faced harsh market forces. Oil production at the wells now owned by the company is down more than 70% since the 1980s. Gas is down more than 50%. CRC’s shares had lost more than four-fifths of their value as of mid-January. The company’s cash generated after expenses — a key financial measure known as net free cash flow — is several hundred million dollars in the red...