Although overall month-over-month totals were down, production rates set all-time high marks for oil and natural gas in February in North Dakota, state officials reported Tuesday.
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Living up to preliminary estimates earlier in the year calling for a 50-year high (see Shale Daily, Jan. 25), Colorado oil/natural gas officials released statistics showing oil production was up 22% last year, soaring past the 40 million bbl mark for the first time in a half-century at 47.9 million bbl.
EnCap Flatrock Midstream LLC has closed its second private equity fund, EnCap Flatrock Midstream Fund II LP (EFM II), with commitments of $1.75 billion. The fund exceeded its $1.25 billion target and was significantly oversubscribed, EnCap Flatrock Midstream said. It received strong support from existing and new investors, it said. EnCap Flatrock Midstream now has nearly $3 billion in investment commitments from institutional investors and has made commitments to 10 portfolio companies across Funds I and II. Fund II recently announced a commitment to Caiman Energy II LLC as part of a $285 million total commitment from the firm. Caiman II will develop midstream infrastructure in the rich gas region of Ohio’s Utica Shale, including gathering pipelines and natural gas treating, processing and fractionation facilities. EFM II will be announcing a second commitment soon, EnCap Flatrock Midstream said.
EnCap Flatrock Midstream LLC has closed its second private equity fund, EnCap Flatrock Midstream Fund II LP (EFM II), with commitments of $1.75 billion.
Aggregate U.S. pressure pumping supply exceeded demand late last year and in the first three months of 2012 capacity utilization averaged 93.4%, a big turnaround in a market that had been undersupplied for two years, according to a new analysis. The shift is challenging oilfield service operators, which already were noting the squeeze in quarterly conference calls.
A Los Angeles-based husband-wife independent filmmaking team said Tuesday they have exceeded their fundraising goal and will continue with production of a pro-hydraulic fracturing (fracking) documentary film, FrackNation, to combat an upcoming sequel to the Oscar-nominated anti-fracking film Gasland by activist Josh Fox. The couple, however, will continue to fundraise for their project, they said.
While lower profits in its merchant generation business and a decrease in weather-related energy sales hampered Dominion Resources Inc.’s full-year and 4Q2011 earnings, the Richmond, VA-based company said it has made “significant progress” in developing infrastructure projects to serve the robust shale gas production from the Marcellus and surrounding plays.
San Diego-based energy holding company Sempra Energy said all of its business units met or exceeded their financial objectives this year. As a result, Sempra said it expects to meet or exceed the higher end of its previously announced 2011 earnings-per-share guidance of $4-4.30. The guidance excluded a second quarter $1.14/share gain from South American utility acquisitions. On a generally accepted accounting principles basis Sempra’s previously announced guidance was $5.14-5.44/share, which the company also expects to meet or exceed. Sempra’s 4Q2011 and full-year 2011 results are scheduled to be announced Feb. 28.
Based on recent low linepack resulting from actual receipts into the system exceeded actual deliveries out of it, Gulfstream issued an Action Alert Monday requiring that positive imbalances not exceed 10% (or 1,000 Dth, whichever is greater). The alert will remain in effect until further notice.