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SandRidge Cost Cutting May Include Reduced Rig Count

SandRidge Energy Inc.’s revamped board of directors is making good on its promise to review the company’s strategy and costs — including a potential decrease in rig count — and allegations made against embattled CEO Tom Ward by hedge fund TPG-Axon Capital.

April 15, 2013
SandRidge Cost Cutting Could Include Reduced Rig Count

SandRidge Cost Cutting Could Include Reduced Rig Count

SandRidge Energy Inc.’s revamped board of directors is making good on its promise to review the company’s strategy and costs — including a potential decrease in rig count — and allegations made against embattled CEO Tom Ward by hedge fund TPG-Axon Capital.

April 9, 2013

Analysts See U.S. Oil Rig Count Drifting Lower As Gas Slowly Recovers

The U.S. oil rig count will continue to “drift slowly lower” in 2013 and 2014 in part because of technology and in part to balance the market, according to an updated analysis by Raymond James & Associates Inc.

March 26, 2013

Board OKs $500M Consol Deal for Pittsburgh Airport Drilling

Allegheny County Airport Authority (ACAA) board members Friday unanimously approved a deal with Consol Energy Inc. for Marcellus Shale natural gas drilling rights at Pittsburgh International Airport. The arrangement could be worth $500 million over the next 20 years.

February 12, 2013

Baker Hughes Profits Slammed by Natural Gas Glut

Baker Hughes Inc., the third largest oilfield services provider in North America, on Wednesday reported a big decrease year/year in earnings, in part because of a 25% oversupply of pressure pumping equipment used in unconventional natural gas and oil plays.

January 24, 2013

Christmas Holiday Pushes Cash, Futures Lower, Despite Winter Storm

Despite a decided turn toward more winter-like weather in a number of regions of the United States on Monday, the expected decrease in natural gas demand tied to the Christmas Holiday proved to be enough to send nearly all pricing points lower, with a majority of the declines recorded across the country coming in at more than a dime.

December 26, 2012

Ohio Severance Tax Proposal Could Be Revisited in 2013

Republican leaders in the Ohio General Assembly indicated that they will give some consideration to Gov. John Kasich’s proposal to impose new severance taxes on hydraulic fracturing (fracking) and natural gas liquids (NGL) in 2013, after declining to do so in 2012.

December 24, 2012

EIA Bumps 2013 Henry Hub Price Forecast Up to $3.49

With working natural gas inventories at a record high, the Henry Hub spot price is expected to average $2.77/MMBtu this year — a 31% decrease from $4.00/MMBtu in 2011 — but it is expected to rebound to an average of $3.49/MMBtu in 2013, the Energy Information Administration (EIA) said in its Short-Term Energy Outlook released Tuesday.

November 7, 2012

Southwestern Growing in Marcellus, Learning in Brown Dense Play

During the third quarter, Southwestern Energy Co. grew natural gas and oil production by 12% from a year ago. Costs associated with its Fayetteville Shale activities declined while well results there improved. Marcellus Shale production more than doubled from a year ago, and the company continues to find its way in the emerging Brown Dense play.

November 5, 2012

Industry Briefs

Natural gas and electric utility bills will decrease in the fourth quarter for Xcel Energy’s Colorado customers, assuming state regulators approve the combination utility’s proposed new rates, effective Oct. 1. Xcel asked the Colorado Public Utilities Commission (PUC) to OK monthly gas utility bills going down by an average of $6.15 for residential customers and $23.16 for small businesses. Commodity prices for the two customer groups will be 44.19 cents/therm and 43.84 cents/therm, respectively, compared to rates of 52.11 cents/therm and 52.33 cents/therm in 4Q2011. For electric customers, monthly bills are expected to drop for residential ($3.21) and small business ($26.79).

September 19, 2012