Pioneer Natural Resources Co. plans to keep tearing it up in the Midland Basin of West Texas, where horizontal drilling in the Spraberry/Wolfcamp, as well as in the Eagle Ford Shale of South Texas, grew reserves and production during a year that CEO Scott Sheffield said was “…the best year in Pioneer’s 17-year history.”
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Appalachia-Focused Texas Eastern TEAM 2014 Given OK by FERC
FERC has issued a certificate for a Texas Eastern Transmission LP project that would add 600,000 Dth/d of incremental transportation capacity on the pipeline’s northern Penn-Jersey system from Appalachian basins to serve markets in the Northeast, Midwest, Southeast and the Gulf Coast.
Industry Brief
The final environmental impact statement for Cheniere Energy Inc.’s Corpus Christi Liquefaction LLC project in Texas and associated pipeline is to be issued Oct. 8, with a deadline of Jan. 6, 2015 for a decision on whether to authorize the project, the Federal Energy Regulatory Commission said. Corpus Christi Liquefaction would construct and operate a liquefied natural gas (LNG) export and import terminal on the north shore of Corpus Christi Bay in Nueces and San Patricio counties. The terminal would be capable of liquefying about 2.1 Bcf/d and vaporizing about 400 MMcf/d of LNG. The project would also include three 160,000 cubic-meter LNG storage tanks; two LNG berthing docks; about 23 miles of 48-inch diameter, bi-directional pipeline capable of transporting 2.25 Bcf/d of gas; and two compressor stations. In December Corpus Christi Liquefaction struck an agreement with PT Pertamina (Persero) under which Pertamina would purchase about 0.8 million tonnes per annum of LNG from the terminal (see Daily GPI, Dec. 6, 2013).
Marcellus and Utica Squeeze Harder on Boardwalk
The abundance of market-area gas that has crushed basis differentials and flattened seasonal spreads has bedeviled Boardwalk Pipeline Partners LP for several quarters now. But on Monday investors got pinched hard when the partnership cut its distribution by 81% and the price of its units plunged 46%.
DOE OKs Cameron LNG Exports, It’s Sixth Non-FTA Approval
Sempra Energy’s Cameron LNG LLC has received conditional approval to export liquefied domestic natural gas to countries that do not have a free trade agreement (FTA) with the United States.
Boardwalk Cuts Distribution as Shale Gale Blows Cold on Earnings
Boardwalk Pipeline Partners LP on Monday slashed its quarterly distribution by 81% in order to reduce debt and fund projects following a fourth quarter that saw net income fall 78% from a year ago. Net income for 2013 was down 17% from the prior year.
Fee-Based Deal Underpins New Crosstex Permian Pipe
Crosstex Energy LP has struck a long-term, fee-based agreement with “a major oil and gas producer” in the Permian Basin that supports the expansion of its gas gathering and processing infrastructure, the company said Thursday.
Calgary’s Baytex Buying Out Eagle Ford-Focused Aurora
Calgary-based Baytex Energy Corp. is buying out Eagle Ford Shale player Aurora Oil & Gas Ltd. of Perth, Australia in a cash and debt deal worth C$2.6 billion (US$2.36 billion).
Marathon Oil CEO ‘Encouraged’ by Crude Export Talk
Marathon Oil Corp. has not been pursuing a swap or permit arrangement that would allow it to export domestic oil production, CEO Lee Tillman said Thursday. However, the leading Eagle Ford Shale producer is carrying the torch for the pro-export cause and watching attitudes toward crude exports evolve.
House Committee Urges Opening of LNG Export Gates
The window is closing on the opportunity to export liquefied U.S. natural gas to world markets and the U.S. Department of Energy should approve all remaining export license applications by the end of the year, the House Energy and Commerce Committee said in a report released Tuesday.