A standout performance in the Permian Basin increased oil production 23% year/year in the first three months of this year, but it’s not the only racehorse in the stable, Devon Energy Corp.’s top executive said Wednesday. Encouraging results from the emerging Mississippian Lime, for example, may provide the “next leg of growth.”
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Anadarko Petroleum Corp. is doing “a lot” of experimentation in the U.S. onshore to determine how best to drill unconventional wells to ensure optimized estimated ultimate recoveries (EUR). What the management knows for sure is that the bigger the hydraulic fractures (fracks) the more a well can recover, said CEO Al Walker.
Gastar Exploration Ltd. said Wednesday net production from its Marcellus Shale assets have increased more than 34-fold in a year, a result of ramped up drilling activity in the liquids-rich portion of the play during the second quarter of 2012.
Early indications point to natural gas development having a positive impact on state tax collections in counties in Pennsylvania’s Marcellus Shale region, according to an analysis by Pennsylvania State University researchers.
Exploration in North America’s onshore remains in its earliest stages because producers are eyeing “tens of thousands” of locations for future drilling, Baker Hughes Inc. CEO Martin Craighead said Tuesday.
EXCO Resources Inc. saw record net production volumes during 3Q2011, helped in large part by strong results in the Haynesville/Bossier shale play in Louisiana and Texas and growing momentum in the Marcellus Shale, where it is seeking additional acreage.
Devon Energy Corp.’s exit from the Gulf of Mexico last year and the recent sale of its Brazilian assets in order to focus on North American onshore drilling have begun to pay significant dividends for the Oklahoma City-based independent, including record high North American onshore production, CEO John Richels said Wednesday.
Rex Energy Corp. is joining the ranks of companies pursuing the Utica Shale of eastern Ohio. The State College, PA-based company recently acquired 11,000 net acres in Carroll County, OH, for an estimated $40 million and plans to continue acquiring acreage in preparation for a drilling program in 2012.
Devon Energy Corp., which took the prospective Barnett Shale and turned it into one for the ages, disclosed Wednesday that it has leased 250,000 net acres in the emerging Tuscaloosa Marine Shale of southwestern Mississippi/central Louisiana for a cost of around $180/acre.
A natural gas partnership spun off by utilities giant Constellation Energy Group Inc. (CEG) on Wednesday earned modest success, raising $94.5 million on 4.5 million common units. Constellation Energy Partners LLC, formed as a subsidiary by CEG in February 2005, was forecast to earn between $19 and $21 per unit, and it was trading in the high end of the forecast at midday.