Financially

Chesapeake Energy Corp., which has been on a tumultuous trip both financially and management-wise over the past year, recorded a profit in 4Q2012, albeit lower than a year ago, but price-related revisions — nearly all related to onshore natural gas assets in the Barnett and Haynesville shales — led to losses for the year.

In its final rule to eliminate harmful air pollution from oil and natural gas production, the U.S. Environmental Protection Agency (EPA) on Wednesday extended the deadline for full compliance from 60 days to two-and-a-half years — 2015 — which officials said was a “reasonable” time.

Aside from those that have leased lands for development, Pennsylvania school districts do not seem to be benefiting much financially from Marcellus Shale activity, according to a recent report from Pennsylvania State University.

Houston-based Contango Oil & Gas Co., better known as a Gulf Coast player, on Monday joined with some financially savvy partners to invest up to $380 million over the next five years in Encana Corp.’s holdings in the Jonah field, one of the largest natural gas fields in the United States and the third largest oilfield in Wyoming.

Although Norse Energy Corp. ASA has put most of its leasehold in New York up for sale, the company said it hopes to continue doing business in the state — especially through a joint venture (JV) — and is currently in negotiations with several interested parties over its assets.

PG&E Corp. (PG&E) announced Wednesday that the company suffered financially during the first quarter of 2011 as its utility subsidiary, Pacific Gas and Electric Co., continued to address safety issues over its natural gas pipeline network in the wake of an explosion last September.

PG&E Corp. (PG&E) announced Wednesday that the company suffered financially during the first quarter of 2011 as its utility subsidiary, Pacific Gas and Electric Co., continued to address safety issues over its natural gas pipeline network in the wake of an explosion last September.

Less than two months after gaining a financially able partner to develop some of its Marcellus Shale acreage, Gastar Exploration Ltd. on Wednesday said it would buy another 59,000 net acres in the WestVirginia portion of the play.

The Natural Gas Supply Association (NGSA) on Monday said it believes that 13 financially settled natural gas contracts traded on IntercontinentalExchange (ICE) — which are currently under review by the Commodity Futures Trading Commission (CFTC) — do not perform a significant price-discovery function (SPDF).