Kinder Morgan Inc. (KMI) and El Paso Corp. have agreed to a friendly, $38 billion buyout of the latter that KMI CEO Richard D. Kinder said is largely predicated on the growing role of natural gas in North America’s energy supply picture, thanks in large part to production from shale gas plays around the continent.
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California Approves $100M Alternative Transportation Plan
The California Energy Commission (CEC) has approved $100 million for its third annual alternative transportation investment plan, including nearly half of the budgeted funds going toward natural gas and biofuel transportation programs. The funding follows $259 million spent since the 2008-09 fiscal year under the same CEC-administered program.
Petrohawk Squeezed More Out of Shales Last Year
Petrohawk Energy Corp. charted 50% pro forma year-over-year reserves growth last year, ending 2010 with 3.4 Tcfe of estimated proved reserves, the company said. Shale plays led the charge, particularly with a 100% increase in production from the Haynesville and Bossier shales and a whopping 235% increase in the Eagle Ford in South Texas.
Chevron Hikes 2011 Capital Budget
Chevron Corp. has set a $26 billion capital and exploratory spending program for 2011, which is about $4 billion more than it budgeted for this year.