Unconventional plays in North America will be ConocoPhillips’ priority going forward, with the focus on fields rich in liquids and oil, CFO Jeff Sheets said Wednesday.
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Bill Barrett Raises Production Outlook
Stronger prices for oil and natural gas liquids (NGL) have prompted Bill Barrett Corp. to increase its 2011 spending with a focus on its liquids-rich Gibson Gulch program, the company said. Production guidance has also been raised.
Sellers Seen Waiting in the Wings; April Weakens
April natural gas futures drifted lower Monday as traders continue to focus on a rangebound market and see no compelling reason for prices at current elevated levels. At the close April futures eased seven-tenths of a cent to $4.161 and May slid five-tenths of a cent to $4.241. April crude oil vaulted $1.26 to $102.33/bbl.
Traders Looking for $3.50; April Slides
April natural gas futures worked lower Tuesday as traders continued to focus on expected production levels rather than near-term weather or storage. Near-term weather forecasts signal the end of what has been a very cold heating season, and short-term analysts have a $3.50 target in their sights. At the close April futures were down 6.3 cents to $3.864 and May lost 6.0 cents to $3.924. April crude oil declined 42 cents to $105.02/bbl.
MarkWest to Expand Midstream Operations in 2011
A focus on liquids-rich resource plays helped MarkWest Energy Partners LP increase its volumes and earnings despite low natural gas prices in 2010, and the Denver midstream player plans to expand its liquids-based operations considerably in the next few years.
Sempra Looks Past Trading to Utilities, Gas Infrastructure
Having shed a lucrative commodities joint venture, San Diego-based Sempra Energy senior executives Thursday outlined a new focus on utility and natural gas infrastructure as the energy holding company’s strategic targets this year and beyond. This was the thrust of their remarks on a conference call with financial analysts to report decreased earnings year over year due to the exit from energy trading.
Sempra Looks Past Trading to Utilities, Gas Infrastructure
Having shed a lucrative commodities joint venture, San Diego-based Sempra Energy senior executives Thursday outlined a new focus on utility and natural gas infrastructure as the energy holding company’s strategic targets this year and beyond. This was the thrust of their remarks on a conference call with financial analysts to report decreased earnings year over year due to the exit from energy trading.
KKR Continues Building Shale Stake
Kohlberg Kravis Roberts & Co. (KKR) said Tuesday it has acquired Barnett Shale properties from ConocoPhillips. The deal is the latest in the private equity giant’s march into North American gas shale plays.
Regency Beefing Up Eagle Ford Assets
Regency Energy Partners LP is expanding its South Texas facilities to meet producer demand for rich gas services in the growing Eagle Ford Shale play, the partnership said Tuesday. The projects are expected to provide 200 MMcf/d of capacity for Regency’s South Texas gathering system.
Savoy Acquires 300-Acre Eagle Ford Lease Within the ‘Oil Window’
Houston-based Savoy Energy Corp. said it has completed a 300-acre lease acquisition in Central Texas within the “oil window” of the Eagle Ford Shale formation.