Comstock Resources Inc.’s second quarter results took a beating from “extraordinarily low natural gas prices,” but the company continues to shift to oil in a big way and just sealed a joint venture (JV) for its “growth engine” Eagle Ford Shale acreage. Comstock expects good things to come from the Permian Basin and plans to hold on to its Haynesville-Bossier Shale acreage in anticipation of better days for dry gas.
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Petronas Adds C$500M to Progress Energy Bid
Malaysian national oil company Petronas has increased to approximately C$6 billion its bid for Progress Energy Resources Corp. in a deal that would create a company that would deliver Canadian natural gas to world markets, Progress said. The amended offer was made in an effort to block an unsolicited proposal from another company.
Crestwood Pays $90M for Devon Midstream Properties
Crestwood Midstream Partners LP late Monday agreed to pay $90 million to buy some of Devon Energy Corp.’s midstream assets in the Barnett Shale and to process the producer’s natural gas output from 20,500 dedicated acres, now estimated at 95 MMcf/d, over a 20-year period.
New York Governor Touts ‘Home Rule’ As Fracking Gateway
Taking two opportunities to field questions on hydraulic fracturing (fracking) in as many days, New York Gov. Andrew Cuomo said he supports “home rule” legislation and believes such powers would be an appropriate method for communities that support drilling to have it.
Petronas-Progress Combo to Deliver Canadian Shale Gas to the World
Malaysian national oil company Petronas plans to combine its liquefied natural gas (LNG) expertise with the unconventional resources abilities of Calgary-based Progress Energy Resources Corp. by acquiring Progress in a deal worth C$5.5 billion including debt. The combined enterprise would deliver Canadian natural gas to world markets.
Atlas Pipeline Completes Woodford Expansion, Begins Midcon Buildout
Atlas Pipeline Partners LP (APL) has completed a 60 MMcf/d expansion of its Velma system in the Woodford Shale of Oklahoma, increasing capacity to 160 MMcf/d.
Industry Briefs
The Federal Energy Regulatory Commission (FERC) approved Equitrans LP’s request to abandon by sale its Sunrise Pipeline facilities currently under construction to newly created affiliate Sunrise Pipeline LLC, which was formed by Equitrans owner EQT Corp. [CP12-32]. FERC found that Equitrans’ proposed abandonment of the Sunshine facilities is permitted by the “public convenience and necessity.” FERC approved the Pittsburgh-based company’s Sunrise Project in July 2011 (see NGI, Aug. 1, 2011). When completed, the $272 million project would supply the northeastern and Mid-Atlantic states with up to 313,560 Dth/d of Marcellus Shale gas. The Commission approved Equitrans’ request to lease the Sunrise facilities, which would go into effect when it transfers the facilities. FERC also granted a request for pregranted abandonment and amended certificate authority to terminate the lease agreement when it ends in 15 years and to permit Equitrans to “reacquire ownership in fee of the Sunrise facilities.”
FERC OKs Equitrans Transfer of Marcellus Sunrise Pipe to Affiliate
FERC Tuesday approved Equitrans LP’s request to abandon by sale its Sunrise Pipeline facilities that are currently under construction to a newly created affiliate, Sunrise Pipeline LLC, which was formed by Equitrans owner EQT Corp.
Pennsylvania DEP Finds Methane in Three Wells, Two Streams
Inspectors with the Pennsylvania Department of Environmental Protection (DEP) found methane gas in three residential water wells and two streams in Bradford County. DEP has launched an investigation to determine the source.
DCP Projects Target Midcontinent Liquids
DCP Midstream LLC is promoting a number of Midcontinent-focused projects currently under way that combined represent an investment of $2 billion. Among them is infrastructure development to provide natural gas liquids (NGL) takeaway capacity to Mont Belvieu, TX.