Declined

The nonprofit Institute for Energy Research (IER) said Thursday that oil and natural gas production on federal lands declined during the 2011 fiscal year (FY), citing data from the U.S. Department of Interior (DOI).

Cash market quotes nationally were mostly unchanged, but prices declined sharply at New England points and made gains at Midwest locations. A smaller-than-expected inventory draw of 78 Bcf prompted initial futures declines, but traders reconsidered and prices staged a modest advance on the day. At the close March had risen 2.9 cents to $2.477 and April had improved 3.8 cents to $2.636. March crude oil rose $1.13 to $99.84/bbl.

Dominion Resources Inc. announced Friday that its earnings for the full-year 2011 and the fourth quarter both declined due to lower profits in its merchant generation business and a decrease in weather-related energy sales.

January natural gas declined Wednesday largely in concert with the petroleum complex and as traders braced for a government storage report with widely varying estimates but nonetheless anticipated to show a decline significantly less than historical averages. At the close January had slid 6.6 cents to $3.421 and February had given up 6.5 cents to $3.458. January crude oil dropped 79 cents to $100.49/bbl.

EXCO Resources Inc. saw record net production volumes during 3Q2011, helped in large part by strong results in the Haynesville/Bossier shale play in Louisiana and Texas and growing momentum in the Marcellus Shale, where it is seeking additional acreage.

Philadelphia Mayor Michael Nutter has declined to have the city join a lawsuit against the Delaware River Basin Commission (DRBC) over Marcellus Shale development, despite a resolution from the City Council supporting such a move.

West Virginia has more taxes and fees on natural gas production than most of the 18 other gas-producing states included in an analysis prepared for a West Virginia Legislature subcommittee by the Marshall University Center for Business and Economic Research. However, it isn’t clear if taxes are hampering development of the state’s Marcellus Shale, the analysts said.

Shortly after several families in northeastern Pennsylvania sued each other over plans by Chief Oil & Gas LLC to build a natural gas transmission pipeline through their neighborhood, the Dallas-based company has joined the fray with its own lawsuit in federal court.

Trinidad and Tobago’s energy minister said Wednesday an audit has revealed that the Caribbean country’s proved natural gas reserves have declined, but he predicted that global demand for its liquefied natural gas (LNG) resources would rise.