Forced

The era of low prices and gas shale play abundance has forced exploration and production (E&P) companies to focus more intently on cost control and has brought independents and majors together as they develop North America’s natural gas factory, an analysis by Deloitte has found.

For the first time since it was forced to suspend issuing new units in early July, the United States Natural Gas fund (UNG) grew the number of limited partnership units it has outstanding Oct. 5 by issuing seven million more to its authorized purchasers (AP). The fund now has 354.4 million units outstanding, but unlike the prodigious growth in units UNG saw in the first half of the year, the fund will likely struggle to grow its share count by a significant amount in the months ahead.

For the first time since it was forced to suspend issuing new units in early July, the United States Natural Gas fund (UNG) grew the number of limited partnership units it has outstanding on Monday by issuing seven million more to its authorized purchasers (AP). The fund now has 354.4 million units outstanding, but unlike the prodigious growth in units UNG saw in the first half of the year, the fund will likely struggle to grow its share count by a significant amount in the months ahead.

More than 32,000 Texans were forced out of their jobs in the energy industry from January through July and thousands more face “inevitable” job losses, according to the latest Texas Petro Index (TPI). Meanwhile, Colorado is forecasting a 38% drop this year versus a year ago in applications to drill.

More than 32,000 Texans were forced out of their jobs in the energy industry from January through July and thousands more face “inevitable” job losses, according to the latest Texas Petro Index (TPI).

Most cash points continued to decline on Thursday as the futures market dove further and the natural gas industry was forced to digest yet another larger than normal storage injection report.

EOG Resources Inc. CEO Mark Papa said Friday it will be “real close” as to whether U.S. natural gas producers will be forced to curtail their output this year. If gas pipeline pressures increase, there could be “automatic curtailments pretty much across the board.”

EOG Resources Inc. CEO Mark Papa said Friday it will be “real close” as to whether U.S. natural gas producers will be forced to curtail their output this year. If gas pipeline pressures increase, there could be “automatic curtailments pretty much across the board.” But for those who tough it out, there are higher prices ahead.

Despite recording oil and natural gas production increases from 2Q2008 to 2Q2009, lower commodity prices forced exploration and production giant Occidental Petroleum Corp. (Oxy) to record a 70% decrease in net income from one period to the next. Production levels for the company look like they will remain robust, especially after the company last week announced that it had made a “significant” discovery of oil and gas reserves in Kern County, CA.