The U.S. onshore rig count currently is “trendless,” but there’s hope for some direction in first quarter reports by three of the top domestic oilfield services providers, Schlumberger Ltd., Baker Hughes Inc. and Halliburton Co., according to Tudor, Pickering, Holt & Co. Inc. (TPH).
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Rosetta Resources Inc. has raised its 2013 guidance for spending and production and increased its borrowing base in light of its pending acquisition of Permian Basin assets announced last month.
United States natural gas production is expected to increase every year through 2035 thanks to increased shale development, according to the U.S. Energy Information Administration’s (EIA) complete version of the Annual Energy Outlook 2012 (AEO2012). Just as the preliminary report released in January found (see Shale Daily, Jan. 24), the EIA also believes the United States will transition from being a net importer to a net exporter of natural gas in approximately nine years.
Archie W. Dunham, 73, the former chairman of ConocoPhillips, was tapped Thursday as Chesapeake Energy Corp.’s independent nonexecutive chairman. Dunham, who also was CEO of predecessor Conoco Inc., has had “no previous relationship” with the company, the board said.
An environmental group is suing Pennsylvania Gov. Tom Corbett, claiming that his administration is misusing revenue from Marcellus Shale development on state lands. Although Corbett is being sued, most of the actions cited in the litigation first were undertaken by his predecessor Ed Rendell.
Less than 14% of Americans believe the United States is headed in the right direction on energy, according a poll released on Wednesday by the University of Texas at Austin (UT).
The capital costs for building a typical natural gas-fired electric generation plant are going up, and it appears to be a trend in that upward direction for the first time in nearly a decade, according to the IHS Cambridge Energy Research Associates (CERA) capital cost index for North America released on Wednesday.
Tuesday’s smaller price gains than those a day earlier proved indicative of the market direction, as most points saw small losses Wednesday. Forecasts of modest retreats in peak temperatures in the South, and to a lesser extent in the Northeast, tended to squelch some of the extra cooling load from earlier in the week, and Tuesday’s 0.1-cent decline by June futures was neutral regarding cash market guidance.