Double Eagle Energy Holdings and private equity firm Apollo Global Management have formed a partnership to invest in oil and natural gas properties in Oklahoma, focusing primarily on the Anadarko and Ardmore basins. Fort Worth, TX-based Double Eagle already has more than 500,000 acres across Texas and the Midcontinent, according to Co-CEO Cody Campbell. The partnership with Apollo “will provide a great opportunity to expand and continue our land-centered approach to oil and gas asset acquisition, which has proven successful over the last several years,” he said. Last year, Apollo led a consortium of private equity investors in a $7.15 billion leveraged buyout of El Paso Corp.’s exploration and production business, which included an array of liquids-rich U.S. unconventional property extending across Texas, Louisiana, the Raton Basin and the Rocky Mountains (see Shale Daily, Feb. 28, 2012).
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Cana-Woodford Becoming Biggest Producer for Newfield
Newfield Exploration Co. is “right where we want to be toward execution of our 2013-2015 plan,” CEO Lee Boothby said Wednesday during an earnings conference call in which management talked of a “surge” in Eagle Ford Shale production and the rising prominence of the Cana-Woodford Shale in the company’s liquids-focused portfolio.
U.S. Oil, NatGas Professionals Among World’s Highest Paid
Oil and natural gas industry professionals in the United States are the sixth best compensated in the world, according to an annual report by the Australian consulting firm Hays plc and Oil and Gas Job Search (OGJS), an industry jobs website.
U.S. Oil, NatGas Professionals Among World’s Highest Paid
Oil and natural gas industry professionals in the United States are the sixth best compensated in the world, according to an annual report by the Australian consulting firm Hays plc and Oil and Gas Job Search (OGJS), an industry jobs website.
Industry Brief
Equitrans LP is holding a nonbinding open season through March 13 for firm transmission and storage capacity on a system to be known as Allegheny Valley Connector, which would consist of transmission and storage assets that are expected to transfer to EQT Corp. as part of a transaction with Peoples Natural Gas Co. LLC. EQT is the parent of Equitrans through its EQT Midstream Partners LP. The system is in the Marcellus Shale region, and its primary function is to store and transport gas to Peoples interconnects, including gas for use by Peoples and other suppliers. Information is at www.eqtmidstreampartners.com.
Midwest Still Enduring Snow, Cold; Futures Draw to A Mixed Close
Physical gas prices Tuesday overall on average added about 6 cents with nearly all points experiencing gains. Midwest points were firm as an exiting storm still made itself felt in the form of 30 mph gusts and typically constrained points in the Northeast also made outsized gains. The expiring March futures contract exited on a modest note, and at the end of trading March had risen 1.3 cents to $3.427 and April had fallen 1.4 cents to $3.456. April crude oil lost 48 cents to $92.63/bbl.
Williams Takes Japanese Partner for Floating Tubular Bells System
Williams Partners LP said Wednesday the Japanese firm, Marubeni Corp., is taking a 49% stake in its Gulfstar FPS project, the first floating production system built entirely in the United States.
Industry Briefs
Merchant Energy Holdings LLC is holding a nonbinding open season through Feb. 20 for up to 8 Bcf of firm, high-deliverability, multi-cycle working gas storage capacity available April 1 at its ECGS facility in Logan County, CO, about 90 miles east of the Cheyenne Hub. ECGS began operation in April and is completing its second phase of expansion, which includes additional injection/withdrawal wells, gathering and processing facilities and gas compression. ECGS is connected with Trailblazer Pipeline and has access to other major pipelines at the Cheyenne Hub. Total injection and withdrawal capability after the expansion will be more than 200,000 Dth/d. For information, visit www.mehllc.com or contact Scott Smith, (713) 403-6472, ssmith@mehllc.com; or Kevin Legg, (720) 351-4004, klegg@mehllc.com.
Flood of Marcellus Wastewater Overwhelming Disposal Capacity
Despite producing less wastewater per unit of natural gas produced compared with conventional wells, the enormity of the Marcellus Shale’s growth has increased total wastewater generated in the region by about 570% since 2004, “overwhelming current wastewater disposal infrastructure capacity,” according to a study by researchers at Duke and Kent State universities.
Canada Should Open Door to Foreign Investment in LNG, Says PFC
A consulting firm’s global market review makes a case for a Canadian open door policy, allowing foreign firms to have an equity share in developing Canadian liquefied natural gas (LNG) export projects and the resources that supply them.
