Cumulative

Following the abrupt departure of Forest Oil Corp. (FST) CEO H. Craig Clark, one analyst that follows the company suggested that his quick exit was related to the company’s failure to strike a joint venture (JV) in the Eagle Ford Shale of South Texas.

Ten years on, drilling in the Barnett Shale has expanded the economy of the 24-county region in North Texas by 38%, according to a new study that said cumulative economic benefits of the Barnett from 2001 to 2011 include $65.4 billion in gross product for the region and $80.7 billion for the state.

Ten years on, drilling in the Barnett Shale has expanded the economy of the 24-county region in North Texas by 38%, according to a new study that said cumulative economic benefits of the Barnett from 2001 to 2011 include $65.4 billion in gross product for the region and $80.7 billion for the state.

Chesapeake Energy Corp. is boasting that one of its conventional natural gas wells in Oklahoma is only the sixth in the state’s history to reach 60 Bcf of cumulative production.

The bears made it a clean sweep for the week on Friday as July natural gas futures dropped an additional 21.8 cents to finish at $7.130. The cumulative result of the five consecutive lower closes was a 78.8-cent drop from the previous Friday.

July natural gas futures continued lower on Wednesday, bringing the down-day streak to three and the cumulative loss to 52.7 cents during that period. The prompt month reached a low of $7.350 before closing out the day’s regular session at $7.391, down 12.8 cents from Tuesday.

Cumulative gas production shut-ins onshore and offshore Texas and Louisiana are nearly 300 Bcf since hurricanes Katrina and Rita struck, Colorado-based consulting firm Bentek Energy reported Thursday. However, gas production from the Gulf Coast finally has risen to nearly 8 Bcf/d compared to about 13.8 Bcf/d prior to the hurricanes.

With preliminary oil and natural gas infrastructure damage reports from Hurricane Rita looking more positive than expected, natural gas futures traders in the extended Sunday Access trade session moved October futures down to $11.78, over 54 cents lower than Friday’s weak close, which itself was 46.6 cents down from Thursday. However, futures showed a burst of strength in trading on Monday afternoon, bringing the prompt month higher to settle at $12.44, up 11.6 cents from Friday.

The amount of Gulf of Mexico gas production shut in due to damage from Hurricane Ivan dropped sharply this week to about 743 MMcf/d on Thursday from 1.2 Bcf/d last Friday. However, Southern Natural Gas has reported that pipeline replacement work at Main Pass 298 will leave about 240 MMcf/d shut in for six to 12 months.