A sharp drop in the latest production estimates, attributed to springtime maintenance, helped lift natural gas futures several cents higher in early trading Tuesday. The June Nymex futures contract was up 4.1 cents to $2.662/MMBtu at around 8:30 a.m. ET.
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Production from the seven most prolific U.S. onshore unconventional plays in March will continue its seemingly endless upward swing, with natural gas output forecast to reach 77.97 Bcf/d and oil an estimated 8.40 million b/d, according to the U.S. Energy Information Administration (EIA).
Natural gas and oil production from the seven most prolific U.S. onshore unconventional plays in December will continue a two-year upward progression, with gas output expected to reach 75.08 Bcf/d and oil an estimated 7.94 b/d, according to the U.S. Energy Information Administration (EIA).
Houston-based Linn Energy Inc., which is revamping its exploration and midstreambusinesses, has agreed to sell its estimated 179,000 net acres in the Oklahoma waterflood and Texas Panhandle to an undisclosed buyer for $122 million. Third quarter production for the properties was about 5,200 boe/d, with proved developed reserves of 22.8 million boe. Annualized field level cash flow was estimated at $21 million, while annual general and administrative expenses for the combined properties is around $4-6 million. The sale is expected to close in early 2018 with an effective date of Oct. 1. Jefferies LLC acted as financial adviser for the Texas Panhandle properties, while Kirkland & Ellis LLP acted as legal counsel for both transactions.
January natural gas was set to open about a penny higher Friday at around $2.695, with some mixed changes overnight in the weather outlook not offering much inspiration for the bulls.
Consol Energy Inc. said Monday it produced between 99 and 103 Bcfe during the third quarter, according to preliminary estimates filed with the U.S. Securities and Exchange Commission (SEC) as part of its plans to spin off its remaining coal assets into a separate publicly traded company by year’s end.
In a continuation of a trend that began in January, natural gas and oil production from the nation’s seven most prolific unconventional plays will increase again in June, while the number of drilled but uncompleted (DUC) wells in the plays will also increase, according to data from the Energy Information Administration (EIA).
Questerre Energy Corp., which explores in Quebec’s Utica Shale within the St. Lawrence Lowlands, said independent engineers estimate that some of the company’s resources in the play are 30% larger than previously thought.
The Piceance Basin’s Mancos Shale in Colorado contains an estimated 66 Tcf of natural gas, sharply higher than a 2003 estimate of 1.6 Tcf, becoming the second-largest assessment of potential continuous gas resources ever conducted by the U.S. Geological Survey (USGS), officials said Wednesday.