Officials with EV Energy Partners LP (EVEP) say the company is still looking to sell thousands of wet gas acres in the Utica Shale and is looking for one or more joint venture (JV) partners in the play to develop the volatile oil window.
Articles from 1Q2012
Chesapeake Energy Corp. on Friday agreed to sell an estimated 99,000 net acres in southwestern Pennsylvania, including 10 wells, to EQT Corp. for $113 million, which puts the sale price at roughly $876/acre.
ConocoPhillips has entered into an agreement with China Petrochemical Corp., a state-owned company also known as Sinopec Group, to perform a study of unconventional oil and natural gas resources in China’s Sichuan Basin.
Because of the timing of the decrease in natural gas prices, and a “timely hedge book,” exploration and production (E&P) companies mostly have “coasted” through 1Q2012’s borrowing base season, but there may come a point when commercial banks may not continue to use a lending gas price deck well above strip prices, the energy team at Raymond James & Associates Inc. said last week.
A warmer-than-normal winter colored Southern Company’s 1Q2012 financial results, but natural gas issues, and particularly coal-to-gas trends, dominate the current landscape for the Atlanta-based operator, which recently received the first construction/operating licenses for two nuclear units in more than 30 years.
Natural gas bulls already have seen the writing on the wall for exploration and production (E&P) companies’ earnings reports for 1Q2012. Minus those with gas hedging programs or an already solid turn to liquids and oil basins, it’s not going to be a pretty picture.
Because of the timing of the decrease in natural gas prices, and a “timely hedge book,” exploration and production (E&P) companies mostly have “coasted” through 1Q2012’s borrowing base season, according to energy analysts with Raymond James & Associates Inc. However, commercial banks may not continue to use a lending gas price deck well above strip prices, wrote Kevin Smith, John Freeman and Justin Albert in a note to clients.
Kodiak Oil & Gas Corp. said Wednesday it has agreed to purchase 13,500 net acres in the Bakken Shale play from an undisclosed private oil and gas company for about $235 million in cash. It also agreed to assume the terms of a contract for its sixth drilling rig.