Exchange

WPX Energy, newly spun off from Williams, is having to rethink its first full year as an exploration and production (E&P) company because of sustained low natural gas prices, the company said late Monday.

In a report forwarded to Congress Thursday, the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC) said it was far too soon to determine whether there were no “gaps or inconsistencies” between the U.S. and international regulation of the multi-trillion dollar derivatives market.

China’s Sinopec International Petroleum Exploration & Production Corp. (SIPC) is investing $2.2 billion with Devon Energy Corp. in exchange for one-third of Devon’s interest in five new venture plays, the Oklahoma City-based independent said Tuesday.

The Securities and Exchange Commission (SEC) has charged the former CEO and CFO of Bixby Energy Systems, a Minnesota-based clean coal technology company, for making allegedly false and misleading statements to investors, and it separately charged a network of brokers for selling Bixby’s securities without being registered to do so.

Southwestern Energy Co. said it will spend slightly less next year in the Fayetteville Shale while it nearly doubles spending in the Marcellus Shale in Pennsylvania. Overall, Southwestern’s 2012 capital program is pegged at $2.3 billion, up from about $2.1 billion in 2011. Production is expected to climb about 15% from this year.

National Fuel Gas Co.’s Seneca Resources Corp. more than doubled fiscal fourth quarter production from its activities in Appalachia. This contributed to better Seneca results and for National Fuel overall during the quarter and fiscal year.

The cloud of confusion surrounding the U.S. Geological Survey’s (USGS) recent estimate of undiscovered, technically recoverable natural gas and natural gas liquids (NGL) contained in the Marcellus Shale — and the apparent differences between the USGS assessment and previous estimates — cleared somewhat Friday as the agency clarified its methodology.

Quicksilver Resources Inc. is the latest company to disclose that it has been served by the Securities and Exchange Commission (SEC) with a subpoena seeking information on proved developed producing (PDP) shale gas wells and reserve estimates from Jan. 1, 2008.

Quicksilver Resources Inc. is the latest company to disclose that it has been served by the Securities and Exchange Commission (SEC) with a subpoena seeking information on proved developed producing (PDP) shale gas wells and reserve estimates from Jan. 1, 2008.