Divide

Two producers in the Thompson Divide area of western Colorado that could be an onramp to unleashing Mancos Shale supplies Tuesday received a two-year extension on their natural gas leases, to allow time for the Bureau of Land Management (BLM) to conduct a new and unprecedented post-leasing environmental review of a broader region, according to the Western Energy Alliance (WEA).

The New York State Assembly’s passage of a bill calling for a two-year moratorium on high-volume hydraulic fracturing (HVHF) in the state could divide the fragile bipartisan coalition that controls the Senate.

The New York State Assembly’s passage of a bill calling for a two-year moratorium on high-volume hydraulic fracturing (HVHF) in the state could divide the fragile bipartisan coalition that controls the Senate.

Citing the current economic depression, Marathon Oil Corp. said it plans to continue its focus on noncore asset sales and has shelved its plans to divide its operations into two separate entities. Following the absorption of a noncash $1.4 billion impairment of goodwill related to its Oil Sands Mining segment, Marathon reported a 4Q2008 net loss of $41 million, or minus 6 cent/share, compared with net income in 4Q2007 of $668 million, or 94 cents/share.

EnCana Corp.’s strategy to divide and conquer drew an enthusiastic cheer from investors and energy analysts last week, sending the company’s share price to new highs and setting off rumors that one or both of the new entities could be attractive takeover targets.

EnCana Corp.’s strategy to divide and conquer, which apparently came after three years of internal debate, drew an enthusiastic cheer from investors and energy analysts Monday, sending the company’s share price to a new high and setting off rumors that one or both of new entities could be attractive takeover targets (see related story).

They come from opposing sides of Arkansas’ political divide and have different ideas about where the proceeds should be spent, but Gov. Mike Beebe, a Democrat, and Sheffield Nelson, a former Republican candidate for governor, agree that the state’s severance tax on natural gas production needs to be raised.

They come from opposing sides of Arkansas’ political divide and have different ideas about where the proceeds should be spent, but Gov. Mike Beebe, a Democrat, and Sheffield Nelson, a former Republican candidate for governor, agree that the state’s severance tax on natural gas production needs to be raised.

The divide in energy markets continued to widen Monday as natural gas futures continued to plummet while crude futures remained firm, leaving some traders to tilt their heads even farther sideways in confusion. The August natural gas contract dropped to a low of $6.320 before inching higher to settle at $6.376, down 28.6 cents on the day.