Even with the global economic downturn, XTO Energy Inc. said Thursday that its board of directors has approved a 2009 capital budget for development and exploration expenditures of $3.3 billion and an additional $500 million has been budgeted for the construction of pipeline infrastructure and compression and processing facilities.
Downturn
Articles from Downturn
S&P Cuts Gas, Oil Price Assumptions
Citing the risk of a “prolonged” global economic downturn and the drop in Henry Hub natural gas prices from their summer highs, Standard & Poor’s (S&P) Friday slashed its natural gas prices by $2 to $7/MMBtu for 2009 and 2010, and said that in 2011 and beyond, gas prices would average $6.
S&P Cuts Gas, Oil Price Assumptions
Citing the risk of a “prolonged” global economic downturn and the drop in Henry Hub natural gas prices from their summer highs, Standard & Poor’s (S&P) Friday slashed its natural gas prices by $2 to $7/MMBtu for 2009 and 2010, and said that in 2011 and beyond, gas prices would average $6.
Softness Likely Following Mixed Price Moves
The cash market was approximately evenly mixed in up and down movement Wednesday as weather vagaries and the previous day’s screen downturn tugged at prices in varying ways. In general the West and Midcontinent were softer, while the Gulf Coast, Midwest and Northeast were mixed but leaning mostly to the upside.
Most Prices Higher; Rockies Take Another Dive
Rising temperatures in the Northeast, modest futures strength on the previous Friday and the return of industrial load from its typical weekend downturn caused prices to rise Monday in most of the cash market. But in what is becoming a familiar — but unwanted — week-starting routine for Rockies producers, quotes plunged by double-digit amounts, leaving all points in the region averaging less than a dollar.
Most Points Fall; Potential TS Approaches South Texas
Only the two Arizona/Nevada points in NGI’s price index table avoided an overall downturn Tuesday as cold fronts were expected to keep summer heat subdued in key northern market areas. Monday’s decline of 2.6 cents by September futures added a further minor bearish note to Tuesday’s cash trading.
E&Ps Seen ‘More than Willing’ to Up Drillbit, M&A Spending
Even with the downturn in commodity markets, exploration and production (E&P) companies appear “more than willing” to continue investing this year in the drillbit and in acquisitions, according to an informal survey by Raymond James & Associates energy analysts.
NGI The Weekly Gas Market Report
Raymond James Sees Producers Bullish Despite High Costs
The recent storage- and weather-driven downturn in natural gas prices has given investors pause, but producers remain undaunted, according to Raymond James & Associates Inc.
Raymond James Sees Producers Bullish but Investors Cautious
The recent storage- and weather-driven downturn in natural gas prices has given investors pause, but producers remain undaunted, according to Raymond James & Associates Inc.
Some Midcontinent/West Firming in Overall Dips
While most of the market continued its weekend downturn Monday based on weak fundamentals, some Midcontinent/Midwest and West points found enough heating load support to hold firm at flat to up about a dime. The losses ranged from a couple of pennies to nearly a quarter, with Northeast and Louisiana points claiming many of the largest declines.