Gastar Exploration Ltd. announced a three-way deal with Chesapeake Energy Corp. on Monday, in which Gastar purchased proven reserves in the prospective Hunton Limestone formation in Oklahoma, as well as close to 10% of its common stock. The companies also agreed to settle outstanding litigation.
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Weak Job Growth Seen in Ohio Shale, But Retail Sales Strong
Researchers from Cleveland State University (CSU) said Ohio counties with significant Marcellus and Utica shale development have seen only a modest increase in job creation in 2012, but those same counties also saw a large increase in retail sales.
Carlyle, Sunoco JV Eyes Growth Fueled by Marcellus, Bakken
The Carlyle Group LP and Sunoco Inc. on Monday stepped up with an ambitious plan to keep the doors open at the oldest continuously operating refinery on the East Coast. The new venture is eyeing growth from the gassy Marcellus Shale that surrounds the refinery, while the oily Bakken Shale would provide up to 140,000 b/d of low-cost fuel supplies.
Bakken/Three Forks Oil Transport Capacity Grows
Rangeland Energy LLC’s COLT facility — North Dakota’s largest open-access crude oil marketing terminal, according to the company — has begun serving Bakken and Three Forks shale oil producers, the company said Monday.
Salazar: ‘Safe’ Fracking Part of Natural Gas Future
Hydraulic fracturing (fracking) may be at the center of current debate in states that are experiencing a shale gas boom, but it will remain an important part of the industry and can be performed safely, according to Interior Secretary Ken Salazar.
Industry Briefs
An estimated 224,200 people were employed by Texas’ oil and gas industry in June, a nearly 15% increase compared with June 2010, according to the most recent Texas Petro Index (TPI). “Post-recession job growth in Texas has been among the strongest in the nation, and the oil and gas industry in Texas deserves most of the credit for that,” said petroleum economist Karr Ingham, who designed the TPI. June’s employment figure marks the first time more Texans have been working in the industry than in October 2008, the peak of the industry’s last boom, Ingham said. Directly or indirectly, the industry accounted for 66% of total job growth in Texas during the 12-month period, Ingham said. The TPI, which measures a group of upstream economic indicators, rose in June to 243.5 from a low in December 2009 of 186.6. It was the eighteenth straight month to show an increase. The TPI, which peaked at 286 in September and October 2008, was 208 in June 2010 (see NGI, Aug. 2, 2010). According to latest TPI, Texas’ estimated gas output in June was 576.5 Bcf, which was down about 6.1% from a year ago. But the value of Texas-produced gas was $2.46 billion, about 0.2% more than in June 2010.
Texas Petro Index Finds Surge in Oil and Gas Jobs
An estimated 224,200 people were employed by Texas’ oil and gas industry in June, a nearly 15% increase compared with June 2010, according to the most recent Texas Petro Index (TPI).
Study: Gas is Big Business in Canada
More than 16% of Albertans are employed in some area of the natural gas industry, according to an industry-sponsored study, and gas accounts for about 6.7% of Canada’s gross domestic product (GDP), compared with about 2.7% of GDP in the United States.
Study: Gas Cuts Bigger Profile in Canada’s Economy Than in U.S.
More than 16% of Albertans are employed in some area of the natural gas industry, according to an industry-sponsored study, and gas accounts for about 6.7% of Canada’s gross domestic product (GDP), compared with about 2.7% of GDP in the United States.
Study: Gas Cuts Bigger Profile in Canada’s Economy Than in U.S.
More than 16% of Albertans are employed in some area of the natural gas industry, according to an industry-sponsored study, and gas accounts for about 6.7% of Canada’s gross domestic product (GDP), compared with about 2.7% of GDP in the United States.