Antero Plans to Expand in Marcellus; Production Up in 1Q2012

With net production up more than 83% from the prior-year quarter, Antero Resources said Monday that it plans to expand its operations in the Marcellus Shale but will hold the line in the Piceance Basin and the Woodford and Fayetteville shales.

May 16, 2012

Crosstex Expands Utica Operations with Clearfield Energy Buy

Crosstex Energy LP will pay about $210 million to buy privately held pipeline services provider Clearfield Energy Inc., a deal that would significantly expand its crude oil and condensate services in the Utica Shale, the Dallas-based partnership said Tuesday.

May 9, 2012

Black Hills Works Through Low Gas Prices, CEO Says

While it increased earnings slightly in 1Q2012 compared to 1Q2011, Rapid City, SD-based Black Hills Corp. had to overcome a 22% decrease in natural gas prices and a 13 cents/share negative impact on earnings from milder-than-normal winter weather, according to CEO David Emery.

May 8, 2012

Industry Brief

The expansion of Boardwalk Field Services LLC’s Eagle Ford Shale gathering system and construction of an associated cryogenic gas processing plant is on schedule, as is work on the Boardwalk Pipeline Partners LP (BPP) subsidiary’s $90 million Marcellus Shale gathering system project, according to company officials. “We expect that a portion of our Marcellus gathering line will go into service in the very near future, and additional portions of the gathering line will go into service over the next 12 to 24 months,” BPP CEO Stan Horten said during a conference call with financial analysts. Boardwalk is adding about 55 miles of 20- and 24-inch gathering pipeline to its existing 340-mile South Texas gathering system (see Shale Daily, Feb. 7). Once complete, the combined pipeline system will have the capability to move more than 300 MMcf/d of liquids-rich gas from Karnes and Dewitt counties in the heart of the Eagle Ford play. The Marcellus gathering system in northeastern Pennsylvania is designed to connect Southwestern Energy Co. wells in the region to Tennessee Gas Pipeline Co.’s (TGP) Line 300 (see Shale Daily, Oct. 11, 2011). BPP’s 1Q2012 operating revenues were $312.9 million, a 1% increase from $311 million during 1Q2011, and the Houston-based partnership’s net income was $92.6 million, a 12% increase from $83 million a year ago.

May 3, 2012

Industry Briefs

Apache Corp. has retained Scotia Waterous (USA) Inc. to sell about 49,500 net acres (80,000 gross) in East Texas, which at the end of 1Q2011 were producing a total of 41 MMcfe/d net. The acreage to be sold includes 490 proved developed producing wells, which are 80% operated. Proved reserves are estimated at 233 Bcfe, with proved and probable reserves of 338 Bcfe. Most of the total proved and probable reserves are in Freestone, Nacogdoches and Upshur counties; additional acreage to be sold is in Camp, Rust, Angelina, Gregg, Panola, Marion, Harrison, Leon and Limestone counties. Production comes from several producing intervals that include the Bossier, Cotton Valley lime, Travis Peak and Rodessa formations. The bid due date is Aug. 4; the effective date is Sept. 1. For information contact Edward Katterhagen at (713) 437-5064.

June 17, 2011

ExxonMobil Acquires More Marcellus Acreage

ExxonMobil Corp., the nation’s largest onshore natural gas producer, has acquired another 317,000 net acres in the Marcellus Shale, which nearly doubles its leasehold in the play.

June 10, 2011