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ExxonMobil Corp., ConocoPhillips and BP plc apparently are close to a finalizing a deal with Alaskan officials build a liquefied natural gas export terminal to transport the state’s abundant natural gas to overseas markets.

Linn Energy LLC has agreed to pay $1.2 billion to acquire BP plc’s Hugoton Basin properties in Kansas, the largest conventional gas field in the United States. The agreement, set to close by the end of March, includes the 450 MMcf/d Jayhawk Natural Gas Processing Plant and 2,400 producing gas wells on 600,000 net acres. The properties have a decline rate of about 7% and are expected to provide 110 MMcfe of liquids production, Linn CEO Mark E. Ellis said. The wells are 98% operated, with an estimated 800 future drilling locations. The leasehold is 63% weighted to gas, and reserves life is estimated at 18 years. Proved reserves are estimated at 730 Bcfe, with 81% proved developed. Linn entered into hedging contracts for 100% of the natural gas production associated with the transaction through 2016 using a combination of 50% swaps and 50% puts. In addition, 68% of the natural gas liquids output is hedged through 2016.

QEP Resources Inc. said Thursday it would devote most of its capital expenditures (capex) for the 2012 fiscal year to crude oil and liquids-rich natural gas plays, and would look to boost annual production.

February natural gas futures rose Wednesday as traders covered short positions ahead of the release of government inventory figures. At the close February had risen 10.3 cents to $3.096 and March had gained 10.5 cents to $3.127. February crude oil rose by 26 cents to $103.22/bbl.

December natural gas rose Monday as traders covered short positions before options expiration on Wednesday. At the close December had gained 8.3 cents to $3.399 and January had risen 6.2 cents to $3.558. January crude oil fell 75 cents to $96.92/bbl.

Land that Anadarko Petroleum Corp. has long controlled in northern Colorado in the Wattenberg Field holds a huge liquids-rich resource potential of 500 million to 1.5 billion boe net, executives disclosed this week. Separately, Noble Energy Inc., which controls 400,000 net acres in the play, said Tuesday it has identified 1.3 billion boe of net risked resources with the potential for even more.

Marathon Oil Corp. CEO Clarence Cazalot said the company was close to acquiring additional acreage in the Eagle Ford Shale that would increase its position to more than 300,000 net acres by the end of 2011, with an exit rate of about 18,000 boe/d.

With nuclear power generation being phased out, coal considered too inflexible and the potential for shale gas to overcome current negative connotations in parts of Europe, natural gas as a source of electricity generation is drawing increased interest in Germany, which is rapidly moving toward total reliance on renewable sources for power generation.

November natural gas futures eased Monday in a lackluster session showing no interest in following through on Friday’s hefty 17.2-cent jump. At the close November had lost 1.5 cents to $3.688 and December had given up 5.7 cents to $3.903. November crude oil fell 42 cents to $86.38/bbl.