Dear Valued Visitor,

We have noticed that you are using an ad blocker software.

Although advertisements on the web pages may degrade your experience, our business certainly depends on them and we can only keep providing you high-quality research based articles as long as we can display ads on our pages.

To view this article, you can disable your ad blocker and refresh this page or simply login.

We only allow registered users to use ad blockers. You can sign up for free by clicking here or you can login if you are already a member.

Hercules Offshore, Inc. (HERO), Chevron Corporation (CVX): Five Disturbing Energy Blunders in 2013

Pipeline blaze in the Gulf. Photo credit: AP Photo/US Coast Guard, Petty Officer 3rd Class Carlos Vega.

So far, 2013 isn’t shaping up to be the energy industry’s safest year. A number of disasters have occurred, which have brought unwanted attention to the industry. Here’s a look at the industry’s five biggest blunders so far this year.

A Herculean disaster averted in the Gulf
Just this past week, a blowout occurred on a Hercules Offshore, Inc. (NASDAQ:HERO) -owned rig operating in the shallow waters of the Gulf of Mexico. Natural gas leaking from a well off the coast of Louisiana caught fire and spread to the Hercules Offshore, Inc. (NASDAQ:HERO) rig. Fortunately, all 48 personnel in the rig were safely evacuated. However, the incident underscores the risks of drilling offshore. It could have been a lot worse, as no one was hurt, and this is a natural gas well so the environmental threats are far less than if it were an oil well. While the well is not yet under control, Hercules Offshore, Inc. (NASDAQ:HERO) investors appear to have caught a break, which is why stock was down only about 4% on the week.

The Gulf aflame, again
Earlier in the year, oil did catch fire in the Gulf after a Chevron Corporation (NYSE:CVX) -owned pipeline caught fire after being hit by a tugboat pushing an oil barge. Cleanup crews were quick to respond in deploying thousands of feet of containment booms and skimmers. However, the incident left a mile-long oil sheen in the Gulf, which isn’t something any of us wanted to see in the Gulf again. Luckily, the incident didn’t cause much harm or damage, though it did serve as a reminder of the risks we face in securing our energy future.

Photo Credit: Flickr/DVIDSHUB.

Exxon Mobil Corporation (NYSE:XOM)’s oily mess Oil and gas giant Exxon Mobil Corporation (NYSE:XOM) had a pretty big mess on its hands when its 70-year-old Pegasus oil pipeline sprang a leak. In late March, the pipeline spilled about 5,000 barrels of crude oil, or about 210,000 gallons, in Mayflower, Ark. Luckily, that was just a fraction of the 90,000 barrels of crude oil that flow through the pipeline each day. The spill caused quite a stir against the transporting of crude oil by pipes, and it certainly didn’t help the cause of the politically charged Keystone XL. Nor did it help that the pipeline sprang a small leak again about a month later. This time it spilled about one barrel of crude oil in a residential yard about 200 miles from the Mayflower spill.

DOWNLOAD FREE REPORT: Warren Buffett's Best Stock Picks

Let Warren Buffett, George Soros, Steve Cohen, and Daniel Loeb WORK FOR YOU.

If you want to beat the low cost index funds by 19 percentage points per year, look no further than our monthly newsletter.In this free report you can find an in-depth analysis of the performance of Warren Buffett's entire historical stock picks. We uncovered Warren Buffett's Best Stock Picks and a way to for Buffett to improve his returns by more than 4 percentage points per year.

Bonus Biotech Stock Pick: You can also find a detailed bonus biotech stock pick that we expect to return more than 50% within 12 months.
Subscribe me to Insider Monkey's Free Daily Newsletter
This is a FREE report from Insider Monkey. Credit Card is NOT required.