Double

Continental Resources Inc. plans to double the number of drilling rigs it has targeting a legacy shale play in Oklahoma in 2013, and it will increase development and exploratory drilling in the Bakken Shale as it looks to maintain its reign as North Dakota’s top oil producer.

Continental Resources Inc. plans to double the number of drilling rigs it has targeting a legacy shale play in Oklahoma in 2013, and it will increase development and exploratory drilling in the Bakken Shale as it looks to maintain its reign as North Dakota’s top oil producer.

Energy productivity could double with significant macro environmental and economic benefits through stepped-up efficiency programs during the next two decades, according to a report by a national nonpartisan commission headed by Sen. Mark Warner (D-VA) and National Grid U.S. President Tom King.

Energy productivity could double with significant macro environmental and economic benefits through stepped-up efficiency programs during the next two decades, according to a report by a national nonpartisan commission headed by Sen. Mark Warner (D-VA) and National Grid U.S. President Tom King.

Rosetta Resources Inc. said it achieved double-digit growth in production and proved reserves while it “significantly reduced” well costs during 2012. The company said it replaced 472% of production from all sources at a reserve replacement cost of $10.03/boe.

Cash prices on average fell 3 cents overall Wednesday as traders put to bed any requirements they might have for the extended holiday weekend. Double-digit losses were posted by California points, but the Northeast and East were mixed. The Energy Information Administration (EIA) reported a withdrawal from storage of 38 Bcf, including a reclassification, which was significantly greater than what the market was expecting. At the close December futures had risen 7.1 cents to $3.903, a new 12-month high, and January was up 7.6 cents to $4.020. January crude oil added 63 cents to $87.38/bbl.

Cash prices overall staged a broad rally Monday with an average gain in the double digits. Northeast and West Coast points were notably strong as power generation was reported as lean and next-day loads were forecast to increase. Gulf and eastern locations were also strong. At the close of trading December futures had fallen 7.1 cents to $3.719 and January had lost 6.7 cents to $3.837. January crude oil vaulted $2.36 to $89.28/bbl.

Cash quotes overall on average were 7 cents higher Thursday, paced by double-digit, weather-driven gains at Northeast points. Eastern, Midcontinent and Rockies prices all gained as well.

BHP Billiton Ltd.’s recent announcement of a $2.8B charge for the diminished value of its dry gas Fayetteville Shale assets (see Shale Daily, Aug. 7) wasn’t the only bad shale-related news to come from the Australian company. Its Petrohawk Energy Corp. unit has been turning in sour numbers as well.