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Cabot Sees More Marcellus Market Connections Coming

Thanks to the Marcellus Shale, Houston-based Cabot Oil & Gas Corp. recently completed the best quarter in its history on an operational and financial basis, said CEO Dan Dinges. The company is adding a sixth rig in the play as it anticipates multiple infrastructure projects will come online in the months ahead, increasing the ability to get its gas to markets.

July 29, 2013

Industry Brief

Halcon Field Services, a unit of Halcon Resources Corp., is proposing to build a storage and rail-loading terminal for Utica Shale oil at the Ohio Commerce Center industrial rail park in the village of Lordstown, in Trumbull County, OH. Plans call for four bay truck racks, a 20-rail car loading platform, and six 90,000 bbl storage tanks. The $50-$60 million project is to be completed in three phases, with the first phase expected to go into service by the end of this year. A zoning variance was recently approved to allow construction to begin.

July 26, 2013

Pacific Northwest Oil Rail Terminal Plan Approved

The Port of Vancouver, WA, Board of Commissioners on Tuesday approved a 10-year lease with a joint venture (JV) involving units of Tesoro Corp. and Savage Companies for a crude oil rail terminal at the port.

July 26, 2013
Cabot Stepping On the Gas in the Marcellus

Cabot Stepping On the Gas in the Marcellus

Thanks to the Marcellus Shale, Houston-based Cabot Oil & Gas Corp. recently completed the best quarter in its history on an operational and financial basis. The company is adding a sixth rig in the play as it anticipates multiple infrastructure projects to come online in the months ahead, increasing the ability to get its gas to markets.

July 26, 2013

Encana’s Duvernay, TMS Results Encouraging, Says New CEO

With solid second quarter results in the books, Encana Corp. is taking a look at its entire North American portfolio and has begun putting a “new emphasis on our portfolio of emerging liquids plays,” CEO Doug Suttles told investors on Wednesday.

July 26, 2013

Bakken-Focused Kodiak Raises Spending, Production Guidance

Denver-based Kodiak Oil & Gas Corp., which is focused on the Bakken Shale in North Dakota’s Williston Basin, grew oil and gas sales volumes by 83% during the second quarter compared to a year ago; crude oil accounted for 87% of second quarter sales. The company has raised capital spending and production guidance for the remainder of the year.

July 25, 2013

Noble Offshore Capacity ‘Sold Out,’ Margins Increase

Rates for offshore rigs improved and the amount of downtime fell between April and June, helping to buoy offshore drilling contractor Noble Corp. to higher-than-expected profits.

July 22, 2013

Newfield, Hess Terminate Leases in Pennsylvania

Newfield Exploration Co. and joint venture (JV) partner Hess Corp., have terminated about 1,500 leases in northeastern Pennsylvania, dashing hopes that landowners could earn about $187.5 million in royalties.

July 22, 2013

XTO Fined in Pennsylvania Clean Water Act Settlement

ExxonMobil Corp. subsidiary XTO Energy Inc. will pay a $100,000 penalty and spend an estimated $20 million on a plan to improve wastewater management practices following a settlement with federal authorities to resolve an alleged violation of the Clean Water Act related to the discharge of hydraulic fracturing wastewater at a Lycoming County, PA, facility.

July 22, 2013

Chevron, Argentina’s YPF Ink Vaca Muerta Shale Deal

A unit of Chevron Corp. and affiliates of Argentina’s state-controlled YPF SA have struck a long-sought agreement for the U.S. major to provide an initial $1.24 billion to further development of shale oil and gas resources from the Vaca Muerta formation in Argentina’s Neuquen province.

July 19, 2013