Chesapeake Energy Corp. is planning to operate 17 drilling rigs across the U.S. onshore this year, up seven from 2016, as it mounts a return to the Powder River Basin (PRB) and boosts activity in the Midcontinent and Eagle Ford Shale, the Oklahoma City-based independent said Tuesday.
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Athabasca Oil Corp. said it has formed a joint venture (JV) valued at C$475 million (US$338 million) with a subsidiary of Murphy Oil Corp. to develop light oil targets in the Duvernay and Montney shales, in the Kaybob and Placid areas of Alberta.
National Grid has asked state regulators in Massachusetts and Rhode Island for permission to recover some of approximately $67.5 million in under-collected natural gas costs, stating that near-record demand this winter and associated price spikes make rate adjustments necessary.
Physical natural gas prices fell nationally on average by approximately 6 cents in Thursday’s trading for Friday delivery, and although futures traders usually get their deals done prior to the release of storage data, the July contract was already down 6 cents prior to the release of the government inventory data.
Physical natural gas values fell an average of approximately 8 cents Thursday for Friday delivery as the retreat was in full swing prior to the release of Energy Information Administration (EIA) storage data.
Natural gas cash prices overall for weekend and Monday delivery played catch-up with Thursday’s screen decline and dropped on average approximately 16 cents nationally. Volatile Northeast and eastern locations led the slide and double-digit declines were common.
During the first quarter, Quicksilver Resources Inc. lost more money than Wall Street was expecting as the company continued to “hammer on the cost side” of its business, deferring elective spending in the energy patch and cutting back on staff.
The Crestwood and Inergy companies are merging to create a $7 billion midstream business that will serve numerous big-name North American unconventional plays with existing assets and additional infrastructure to be developed or acquired, they said Monday.
Dry gas player Southwestern Energy Co. is having “success in a low gas-price environment,” not just surviving, said CEO Steve Mueller.