Devon Energy Corp. expects to achieve 14% more production this year than it did in 2013, a 3% higher forecast from a few months ago, after surpassing expectations from Texas oilfields during the third quarter.
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The U.S. natural gas and oil industry should see higher and more sustainable growth over the coming decade as production growth and efficiency improvements create a paradigm shift, Raymond James & Associates Inc. analysts said Monday.
Royal Dutch Shell plc plans to lay off staff in its U.S. exploration and production (E&P) arm and cut upstream Americas spending by 20% this year to right its capital spending with cash flow.
Natural gas cash values pushed higher again Tuesday for Wednesday delivery, with gains in the East recording the largest increases as the return of summer heat after weeks of below-normal temperatures sparked gas demand. After exploring gains in morning trading with a high of $3.500, the September natural gas futures contract retreated in the afternoon to close at $3.444, down 1.9 cents from Monday’s regular session close.
Physical natural gas trading Friday for weekend and Monday delivery overall was flat in uninspired trading. With few exceptions, prices flip-flopped within a nickel of unchanged.
Growing natural gas production in the Permian Basin has prompted Atlas Pipeline Partners LP to announce plans for a new 200 MMcf/d cryogenic processing plant, which will be anchored by production from Pioneer Natural Resources Inc.
Consol Energy Inc. has opened a water treatment plant near Mannington, WV, that will be used to treat up to 3,500 gallons per minute of water from coal mines, some of which could be put to use in hydraulic fracturing (fracking) operations in the area.
Cash natural gas prices Friday for Monday delivery followed the lead of Thursday’s futures and fell 16 cents on average. Almost all points fell into the loss column, and only a few market points escaped double-digit losses.
Cash quotes overall fell 7 cents Tuesday as Northeast points reacted to an expected moderation in temperatures as well as weaker power prices and led the march lower. Eastern points weren’t too far behind, and gas for delivery Wednesday into the Great Lakes area slid about a nickel. July natural gas slid 9.2 cents to $3.647 and August dropped 9.0 cents to $3.670. August crude oil added 14 cents to $95.32/bbl.