Announced

CAISO, PacifiCorp Agreement to Impact Gas-Fired Power

California’s electricity grid operator and Portland, OR-based PacifiCorp announced Tuesday an agreement to create a real-time market mechanism for improving the dispatching of power — a widespread efficiency improvement in the electric generation sector that could have lasting impact on demand for natural gas throughout the West.

February 13, 2013

Industry Briefs

Apache Canada Ltd. and Chevron Canada Ltd. have completed the previously announced transaction making them 50-50 partners in the Kitimat LNG [liquefied natural gas] plant in British Columbia, the Pacific Trail Pipelines and 644,000 gross undeveloped acres in the Horn River and Liard basins. After a brief transition, Chevron Canada will assume operatorship of the LNG plant and the pipeline. Apache Canada increased its ownership in the LNG plant and pipeline from 40% and will operate the upstream assets. Apache’s net proceeds from the transaction were $405 million. Encana Corp. and EOG Resources, formerly 30% nonoperating owners in Kitimat LNG and Pacific Trail Pipelines, sold their interests and exited the venture (see Daily GPI, Dec. 26, 2012).

February 12, 2013

Patterson-UTI Surprises on Strong Growth

Patterson-UTI Energy Inc. did something in the final three months of 2012 that no other onshore oilfield services provider has announced yet: hydraulic fracturing (fracking) services climbed and sales surpassed expectations — surprising even company executives.

February 11, 2013
Patterson-UTI’s Surprisingly Strong Results Upend Forecasts

Patterson-UTI’s Surprisingly Strong Results Upend Forecasts

Patterson-UTI Energy Inc. did something in the final three months of 2012 that no other onshore oilfield services provider has announced yet: hydraulic fracturing (fracking) services climbed and sales surpassed expectations — surprising even company executives.

February 11, 2013

Trans Energy Sells Shallow Assets, Connects Two Wells to Pipeline

Trans Energy Inc. announced Wednesday that it had sold its drilling rights and working interest in shallow wells targeting the Devonian Shale for $2.75 million before adjustments, but had retained a royalty interest on most wells and drilling rights to deeper formations, such as the Rhinestreet, Marcellus and Utica shales.

February 1, 2013
Kinder Putting More Straws in Texas Shales with Copano Deal

Kinder Putting More Straws in Texas Shales with Copano Deal

With its acquisition of Copano Energy LLC, announced Wednesday, Kinder Morgan Energy Partners LP (KMP) will expand its footprint in Texas shale plays, the Eagle Ford in particular, as it adds gas gathering, processing, treating and natural gas liquids fractionation assets.

January 31, 2013

McClendon Cites ‘Philosophical Differences’ with Board

Chesapeake Energy Corp. CEO Aubrey McClendon, whose retirement from the company he founded 24 years ago was announced late Tuesday, told employees in an email that the departure centered on some differences with the board of directors.

January 31, 2013

Agencies Expand Review of Harm to Mammals in Arctic Seas

The National Oceanic and Atmospheric Administration (NOAA), a division of the Commerce Department, announced that it plans to conduct a supplemental environmental review of the incidental taking of marine mammals, specifically whales, dolphins, sea lions and seals, by the oil and gas industry incidental to exploration activities in Alaska’s Chukchi and Beaufort Seas.

January 31, 2013

Appalachian Antero Posts 73% Increase to Proved Reserves

Antero Resources announced Monday that its proved reserves had increased 73% in one year by the end of 2012, while its proved, probable and possible (3P) reserves had increased 94% and its natural gas liquids (NGL) reserves increased by 170% during the same time frame, all thanks to discoveries in the Marcellus and Utica shale plays.

January 30, 2013
Bakken Helps Continental Nearly Double Its Proved Reserves

Bakken Helps Continental Nearly Double Its Proved Reserves

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.

January 28, 2013
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