Southwestern Energy Co. CEO Harold Korell said Friday that progress in 2007 in the company’s core Fayetteville Shale program and investments in emerging plays across the country have helped to “set the stage” for 30-35% production growth this year.
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Articles from Core
Decision to Evaluate E&P Reserves Disclosures Welcomed
Because oil and natural gas reserves are the “core” measure of exploration and production (E&P) performance, the Security and Exchange Commission’s (SEC) decision to review and evaluate reserves disclosures offers a “welcome opportunity” to strengthen and improve the rules, Standard & Poor’s (S&P) said in a report Friday.
E&P Reserves Disclosure Review Welcomed
Because oil and natural gas reserves are the “core” measure of exploration and production (E&P) performance, the Security and Exchange Commission’s (SEC) decision to review and evaluate reserves disclosures offers a “welcome opportunity” to strengthen and improve the rules, Standard & Poor’s (S&P) said in a report Friday.
Southwestern ‘Cracks the Code’ in Fayetteville; Gas Output Jumps 56%
Southwestern Energy Co. wowed energy analysts and investors with a 56% gain in quarterly output from its core Fayetteville Shale play, which the company said followed its use of longer lateral wells and more slick fracture stimulations.
Pioneer Discovers Two New Gas Fields in South Texas
Dallas-based Pioneer Natural Resources Co. has discovered two new natural gas fields in one of its four onshore core areas, the Edwards Trend in South Texas.
Industry Briefs
The New York Mercantile Exchange Inc. (Nymex) announced that beginning on Monday it will expand block trading and exchange of futures for swaps (EFS) to include its core energy futures contracts. Additionally, trading at settlement (TAS) will be expanded on the floor and electronically. Block trades will be available with a minimum quantity of 200 contracts for crude oil futures, and 100 contracts for natural gas, heating oil and gasoline futures. Block trades may be submitted on the trading floor or by fax to the Nymex facilitation desk, if registered for Nymex ClearPort. An additional fee of $1.50 per lot per side will apply. EFS will be available for crude oil and heating oil futures, as is currently available for natural gas and gasoline futures contracts. Nymex said submission will be expanded beyond the trading floor to include Nymex ClearPort. A fee of $2.50 per lot per side will apply. TAS will expand to include the third nearby trading month for all eligible energy contracts on the Nymex trading floor and on the CME Globex electronic trading platform.
Industry Briefs
The New York Mercantile Exchange Inc. (Nymex) announced that beginning on Monday it will expand block trading and exchange of futures for swaps (EFS) to include its core energy futures contracts. Additionally, trading at settlement (TAS) will be expanded on the floor and electronically. Block trades will be available with a minimum quantity of 200 contracts for crude oil futures, and 100 contracts for natural gas, heating oil and gasoline futures. Block trades may be submitted on the trading floor or by fax to the Nymex facilitation desk, if registered for Nymex ClearPort. An additional fee of $1.50 per lot per side will apply. EFS will be available for crude oil and heating oil futures, as is currently available for natural gas and gasoline futures contracts. Nymex said submission will be expanded beyond the trading floor to include Nymex ClearPort. A fee of $2.50 per lot per side will apply. TAS will expand to include the third nearby trading month for all eligible energy contracts on the Nymex trading floor and on the CME Globex electronic trading platform.
Swift to Purchase Gas-Rich Assets in Louisiana for $175M
Houston-based independent Swift Energy Co., whose core operations are focused onshore Louisiana and Texas, said Monday it will purchase the interests in five oil and gas properties in South Louisiana from BP America Production Co. for $175 million. Production is about 75% natural gas, with proved reserves estimated at 58.2 Bcfe and probable reserves estimated at 28.1 Bcfe.
UniSource Sees Small 2Q Profit Rise, Ups Full-Year Guidance
With its core utility accounting for all of the net profits, Tucson, AZ-based UniSource Energy Corp. Thursday reported second quarter results that were up slightly over the same quarter last year — $10 million, or 28 cents/basic share, compared with $9 million, or 27 cents/basic share, in the second quarter of 2005. The holding company for Tucson Electric Power Co. (TEP) also increased its 2006 full-year earnings guidance to between $1.75/basic share and $2.15/basic share.
Energy Transfer Hikes Earnings Forecast on Improved Operating Results
Dallas-based Energy Transfer Partners LP said improved operating results from its core natural gas pipeline assets in Texas will lead to higher-than-expected earnings in fiscal 2006. The partnership on Monday upped its expectations for the year to $730 million from $710 million.