Low natural gas prices didn’t deter U.S. operators from boosting upstream spending in 2012, according to data compiled by Ernst & Young.
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Natural gas production in the Lower 48 and Other States categories, which include some of the nation’s most prolific shale plays, was up in February compared with January and with February 2012, according to the Energy Information Administration’s (EIA) Monthly Natural Gas Gross Production Report.
North Dakota regulators reported a decline in month-over-month production for both oil and gas in January, and weather conditions attributed to the drop may keep production down well into May, according to Lynn Helms, director of the Department of Mineral Resources (DMR).
Range Resources Corp. said Wednesday its production volumes in 4Q2012 hit a record 844 MMcfe/d, 35% higher year/year, which it attributed in large part to oil and natural gas liquids (NGL) growth in liquids-rich shale plays, presumably the Marcellus Shale and the Mississippian Lime.
EnerVest Ltd., the second biggest leaseholder in the Utica Shale after Chesapeake Energy Corp., should complete the sale of a big chunk of its leasehold by the end of the year, CEO John Walker said Friday. The property sale could fetch as much as $6 billion for the privately held Houston operator and publicly traded arm EV Energy Partners (EVEP).
Williams management said Thursday it is primed for continued growth from the Marcellus Shale because producers want more natural gas takeaway capacity and stalwart Transcontinental Gas Pipe Line (Transco) is ready to deliver the goods.
Physical gas prices for delivery Wednesday jumped on average about 8 cents Tuesday, but traders attributed it to short-term weather developments with little connection to any longer-term fundamental supply-demand shifts.
This year is the first in a multi-year period of growth for Noble Energy Inc. as the company realizes the payoff from “multiple years of exploration success,” CEO Charles Davidson told financial analysts Thursday during an earnings conference call. However, dry gas production from the Marcellus Shale is not part of the windfall, at least not for a while.
Dallas-based Pioneer Natural Resources Co. reported a 9% sequential increase in production for the fourth quarter and attributed the success to “three core liquids-rich growth assets in Texas.” In light of low prices for dry gas, the company has tweaked some of its drilling plans while it continues to high-grade liquids-rich drilling.
Devon Energy Corp., which took the prospective Barnett Shale and turned it into one for the ages, disclosed Wednesday that it has leased 250,000 net acres in the emerging Tuscaloosa Marine Shale of southwestern Mississippi/central Louisiana for a cost of around $180/acre.