Equivalent

Total Gas & Power North America Inc. has agreed to buy the equivalent of 91,250,000 MMBtu of liquefied natural gas (LNG) annually plus 13,500,000 MMBtu of seasonal LNG volumes upon the commencement of train five operations at the Sabine Pass Liquefaction LLC project in Louisiana, project developer Cheniere Energy Partners LP said Monday.

Onshore unconventional powerhouse Devon Energy Corp. plans to spend “significantly less” on exploration in 2013, but exploration activity still will remain at 2012 levels, CEO John Richels said Wednesday.

The U.S. Lower 48 onshore has 1.1 quadrillion cubic feet equivalent (Qcfe) of recoverable resources across 450,000 drilling locations, according to a new analysis by Calgary-based ITG Investment Research, which, not surprisingly, cited the big-name shales for being reserves and production stars.

The U.S. Lower 48 onshore has 1.1 quadrillion cubic feet equivalent (Qcfe) of recoverable resources across 450,000 drilling locations, according to a new analysis by Calgary-based ITG Investment Research, which, not surprisingly, cited the big-name shales for being reserves and production stars.

Debt- and dry gas-laden Quicksilver Resources Inc. posted a hefty loss for the second quarter, largely due to a nearly $1B asset impairment reflecting low commodity prices. On Tuesday management talked up plans to right the balance sheet and weather the low-price period with spending cuts and other measures.

Petroleum Development Corp. (PDC) said Monday it would pay $330.6 million to acquire close to 35,000 net acres in a liquids-rich area of the Niobrara and Codell formations in Colorado from an undisclosed seller.

With an emphasis on oil over natural gas, Los Angeles-based Occidental Petroleum Corp. (Oxy) continued to shatter company production records in barrels of oil equivalent (boe) globally and domestically, Oxy senior executives said Thursday. At 755,000 boe Oxy’s daily oil/gas production was the highest in its history; and its U.S. totals of 455,000 boe set a record for the sixth straight quarter.

Early results, albeit preliminary and limited, indicate that the Niobrara play in southeast Wyoming is slow in coming to fruition, according to the state’s top oil/gas exploration and production official.

Chevron Corp.’s U.S. net oil-equivalent production dropped by 18,000 boe/d in July and August from the full second quarter of this year in part because of increased maintenance activity across “multiple assets” in the Gulf of Mexico (GOM), the oil major said late Tuesday. However, domestic natural gas production in the two-month period was higher.