Expenditures

ExxonMobil Corp. has increased its hold in the Bakken Shale to nearly 600,000 net acres after agreeing to acquire Denbury Resources Inc.’s entire portfolio in the play, 196,000 net acres. The North Dakota and Montana properties had average production in the first six months of this year of about 15,400 boe/d, 88% weighted to oil and liquids.

Lower natural gas liquids (NGL) prices weighed down 2Q2012 earnings for both DCP Midstream Partners LP (DPM) and Energy Transfer Equity LP (ETE), the companies’ executives said in separate conference calls with analysts Wednesday.

With a eye on natural gas prices, Dallas-based Exco Resources Inc. is dropping more than half of its drilling rigs in the Haynesville Shale this year, cutting one rig in the Marcellus and deferring well completions in natural gas plays. However, CEO Doug Miller said Friday there are “huge opportunities” to buy distressed properties, which the company intends to pursue.

QEP Resources Inc. said Thursday it would devote most of its capital expenditures (capex) for the 2012 fiscal year to crude oil and liquids-rich natural gas plays, and would look to boost annual production.

QEP Resources Inc. said Thursday it would devote most of its capital expenditures (capex) for the 2012 fiscal year to crude oil and liquids-rich natural gas plays, and would look to boost annual production.

Cimarex Energy Co. will spend $1.4-1.6 billion on capital expenditures (capex) in fiscal 2012, with nearly all of it devoted to drilling for oil and natural gas liquids (NGLs) in the Permian Basin and the Cana-Woodford Shale, company officials said Wednesday.

National Fuel Gas Co. (NFG) said low natural gas prices were forcing its Seneca Resources Corp. subsidiary to scale back capital expenditures (capex) on exploration and production (E&P) for fiscal 2012, which includes dropping two of its six drilling rigs in the Marcellus Shale.

Hess Corp. announced Thursday that it would spend $6.8 billion in global capital expenditures (capex) in 2012, including a large portion on drilling in the deepwater Gulf of Mexico (GOM).

Hess Corp. announced Thursday that it would spend $6.8 billion in global capital expenditures (capex) in 2012, more than one-third of which would target unconventional sources in the United States, specifically the Bakken, Eagle Ford and Utica shales.