Averaged

Arkansas’ gross revenue from natural gas severance taxes so far this year is trending higher than during 2011, which turned out to be a record year for gas severance tax revenue in the Natural State.

Range Resources Corp. has the potential to produce up to 8 Bcf/d from the Marcellus Shale, an executive said Tuesday.

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.

Despite disappointing earnings at Consol Energy Inc. during the first quarter, the company reported 10.7 Bcfe of production in the Marcellus Shale, a 60% increase that signaled that the play is becoming increasingly important for the coal and natural gas producer.

The Bakken Shale, Hess Corp.’s “principal engine of growth.” averaged 65,000 boe/d in the first three months of this year, an increase of 55% from a year ago, the CEO told investors on Wednesday.

Cash prices averaged about a nickel higher Thursday as cooler weather and higher prompt power prices kept the market well bid. Northeast points led the march higher with double-digit gains, but the move higher was broad and pervasive.

Natural gas cash prices overall averaged about a 6-cent gain on Wednesday for Thursday delivery as forecasts called for continued below normal temperatures throughout the Midwest and Great Lakes regions.

Cash prices overall averaged a 7-cent gain in Wednesday’s trading as punishing cold refused to release its grip on Midwest and eastern energy markets. If oversized gains in New England are omitted, however, the increase falls to just above 3 cents.

Natural gas spot prices, which averaged $2.75/MMBtu at the Henry Hub last year and $3.33 last month, are expected to climb to an average of $3.41 this year and $3.63 in 2014, according to the Energy Information Administration (EIA).