Afternoon

Bolstered by record production, especially in the southwest Pennsylvania portion of the Marcellus Shale, and revisions to its estimated ultimate recovery (EUR) curves, Range Resources Corp. reported net earnings of nearly $144 million for the second quarter of 2013.

A 24-inch diameter natural gas pipeline operated by Williams Partners Ltd. in Marshall County, WV, ruptured early Friday afternoon, forcing the evacuation of homes and businesses in the Reid Ridge area, said Marshall County Sheriff Kevin Cecil.

Six months after selling its Appalachian Basin portfolio to focus on the oily Eagle Ford Shale, Penn Virginia Corp. (PVA) said its operations in the latter were moving forward while proved reserves of oil and natural gas liquids (NGL) had increased during 2012.

Hess Corp. said Monday it plans to sell its oil terminal network in the United States and close its refinery at Port Reading, NJ, part of its strategy to completely exit the refining business and transform into an exploration and production (E&P) company focused on unconventional assets.

Continental Resources Inc. announced Wednesday that its proved reserves have nearly doubled, driven primarily by strong production growth in North Dakota and Montana’s portions of the Bakken Shale, and part from a legacy play in south-central Oklahoma.

Chesapeake Energy Corp.’s share price had fallen more than 4% in afternoon trading Tuesday following news a day earlier to revamp corporate governance and rein in spending and compensation. Among other things, CEO Aubrey McClendon won’t receive a bonus for 2012 and some of his perquisites have been cut.

A 10-inch diameter natural gas gathering pipeline owned by Copano Energy LLC ruptured several miles north of Alice, TX, Thursday afternoon. There were no injuries or damage to property in the rural area except for a small grass fire, Copano spokesman Craig Brown told NGI. The pipeline was moving less than 5,000 Mcf/d of gas at the time at less than 500 psi operating pressure. A small amount of production from the field being served by the line is shut in. An investigation is to be conducted into the cause of the explosion, Brown said. Alice is 239 miles southwest of Houston.

Eagle Rock Energy Partners LP said there were no injuries or fatalities from Monday afternoon’s explosion and subsequent fire at a natural gas processing facility in the Texas Panhandle, and has launched an investigation into the incident.

Eagle Rock Energy Partners LP said there were no injuries or fatalities from Monday afternoon’s explosion and subsequent fire at a natural gas processing facility in the Texas Panhandle. It is investigating the incident.