Following

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.

El Paso Corp. is considering adding pipeline infrastructure to carry gas from northeastern Pennsylvania to an interconnection near Albany, NY, following a nonbinding open season that was held last year.

Following in the footsteps of other major Marcellus Shale operators, Cabot Oil & Gas Corp. plans to reduce capital spending by about $100 million this year in response to low natural gas prices.

Both cash and futures markets fell Tuesday following weather reports that suggested a mild March and incorporated little in the way of blocking patterns necessary for any large-scale cold influx. Notable exceptions were New England and eastern points, which experienced double-digit price erosion as almost spring-like conditions were forecast for Boston and portions of the East Coast.

Futures jumped Thursday following the release of government inventory data, but the surge occurred after most cash trading had taken place, leaving the illusion of divergent markets.

Cash prices on Friday rose throughout the country except for in the Northeast following Thursday’s strength in futures, but the March contract eased as the market couldn’t shake the stranglehold of moderate weather and plump storage.

Following a trend among the major players in the Marcellus Shale, Range Resources Corp. is reporting record production rates after averaging 625 MMcfe/d across its portfolio in the fourth quarter.

Officials from one of two Colorado cities to halt hydraulic fracturing (fracking) within its boundaries, Commerce City, heard from a panel of experts that a permanent ban against the oil/gas industry drilling technology is not possible, and besides, the state already closely regulates the practice.

Onsite power with low emissions and maintenance is an increasing necessity for operators in burgeoning oil and gas shale plays, and a couple of Southern California-based manufacturers are seeking markets for their distributed generation devices (see Shale Daily, Dec. 28, 2011).