Republicans on the House Natural Resources Committee Wednesday voted out expanded offshore leasing legislation, which nearly doubles the number of lease sales now proposed for the 2012-2017 period and opens up new areas — the Mid-Atlantic and Southern California — to exploration.
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Unit Petroleum Co., a subsidiary of Unit Corp., has agreed to pay $617 million to Noble Energy Inc. for oil and natural gas properties in western Oklahoma and the Texas Panhandle. The deal doubles Unit’s acreage in its Granite Wash core area.
Southwestern Energy Co. said it will spend slightly less next year in the Fayetteville Shale while it nearly doubles spending in the Marcellus Shale in Pennsylvania. Overall, Southwestern’s 2012 capital program is pegged at $2.3 billion, up from about $2.1 billion in 2011. Production is expected to climb about 15% from this year.
Maritimes & Northeast Pipeline LLC Monday asked FERC for authorization to start up its Phase IV expansion by Jan. 15. The project, which doubles the capacity of its existing pipeline, will support service from the Canaport liquefied natural gas (LNG) import terminal that is scheduled to be fully operational in the first quarter.
FERC last Wednesday gave Questar’s Overthrust Pipeline the green light to begin service on an expansion that more than doubles the transportation capacity of its system located in Southwest Wyoming.
FERC Wednesday gave Questar’s Overthrust Pipeline the green light to begin service on an expansion that more than doubles the transportation capacity of its system located in Southwest Wyoming.
A day after Magnum Hunter Resources Inc. closed a deal that doubles its oil and gas assets in New Mexico, the producer reported a 457% increase in second quarter net income — $23.2 million (33 cents/share), compared with $4.2 million (6 cents) in 2Q2003.
Magnum Hunter Resources Inc. on Monday doubled the amount of oil and natural gas properties it holds in its successful onshore core region of southeastern New Mexico with a $243 million purchase from EnCana Corp., which obtained the properties through its acquisition with Tom Brown Inc. The properties represent a 72% increase to Magnum Hunter’s existing 32 MMcfe/d of production from existing properties in New Mexico and approximately 11% of its current total net daily production.