Quicksilver Resources Inc. is continuing to “hammer on the cost side” of its business, deferring elective spending in the energy patch and cutting back on staff. A recently announced joint venture (JV) in the Barnett Shale with Tokyo Gas Co. Ltd. was welcome news (see NGI, April 8), but there is more work ahead. “We are focused on the most important projects and we’re bringing in partners to both reduce debt and assist in the development of our assets,” said CEO Glenn Darden. “The company is very serious about reducing costs and living within cash flows.” Over the last year, the employee count has come down by about 20%. The Fort Worth, TX-based operator reported an adjusted net loss of $6 million (minus 4 cents/share) compared with a loss in 1Q2012 of $15 million (minus 9 cents). Since it was able to complete a long-sought Barnett Shale deal and in light of “challenging” natural gas liquids pricing, the company has shelved plans to create a Barnett master limited partnership (see NGI, Nov. 12, 2012).
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Alaska In-State NatGas Pipe, Oil Tax Bills Pass
During the last days of the legislative session, Alaska lawmakers passed one bill intended to revive the state’s declining oil production by cutting taxes, and another to advance development of an in-state pipeline that would commercialize North Slope natural gas reserves for use by Alaskans.
Alaska Lawmakers Pass Bills to Pipe NatGas, Spur Oil Production
During the last days of the legislative session, Alaska lawmakers passed one bill intended to revive the state’s declining oil production by cutting taxes, and another to advance development of an in-state pipeline that would commercialize North Slope natural gas reserves for use by Alaskans.
Pioneer Natural Cuts Jobs on Low NatGas Prices
Dallas-based Pioneer Natural Resources Co. is cutting jobs and scaling back operations in its Trinidad, CO, operating area, a dry natural gas play in the Raton Basin. The company said low gas prices were the culprit.
Encana Cuts Back on Low Natural Gas Prices
Encana Corp. is cutting back its capital expenditures (capex) and shifting more resources to oil and liquids, but the gassy Haynesville Shale remains on the development list, a top executive said Thursday.
Oxy Focus: Cost-Cutting, Margin Growth, Oil in 2013
With U.S. natural gas prices still the “great uncertainty,” Los Angeles-based Occidental Petroleum Corp. (Oxy) is undertaking a cost-cutting program designed to increase margin while it continues to emphasize oil production growth over natural gas in its domestic U.S. plays, CEO Steve Chazen said Thursday during a 4Q2012 conference call. He reported lower quarter-over-quarter results related to a one-time Midcontinent natural gas assets impairment charge.
Oxy Focus: Cost-Cutting, Margin Growth, Oil in 2013
With U.S. natural gas prices still the “great uncertainty,” Los Angeles-based Occidental Petroleum Corp. (Oxy) is undertaking a cost-cutting program designed to increase margin while it continues to emphasize oil production growth over gas in its domestic U.S. plays, CEO Steve Chazen said Thursday.
BP’s New Supercomputer to Ramp Up Hunt for Oil, NatGas
The largest supercomputing complex for commercial research in the world, designed to provide a technological cutting edge in the global hunt for oil and natural gas, is under construction in Houston and will open by the middle of next year, officials with BP plc said Thursday.
Enbridge: The Stealth Canadian Oil Pipeline to Gulf
While TransCanada Corp.’s Keystone XL oil pipeline has become controversial in general interest news media and politics, Enbridge Inc.’s. under-the-radar oil pipeline cutting through the nation’s midsection from Illinois to Houston-Port Arthur, TX, has the opposite image. The contrast drew general news media interest over the weekend.
Chesapeake CEO Under More Fire; Largest Shareholder Steps In
Chesapeake Energy Corp. CEO Aubrey McClendon, reporting on a disappointing 1Q, said Wednesday the company is cutting its natural gas drilling count to 12 by the third quarter, down from 100 in January 2011 and switching to a liquids focus. He apologized for the “distractions” of recent days as another storm broke over his personal investments that so far have cost him the chairmanship.
