Fourth

Dealing with an Eagle Ford gas flow that has turned out to be much more liquids-rich than expected, Regency Energy Partners LP announced Monday that it will expand its Edwards Lime gathering joint venture in the South Texas shale play to increase the system’s capacity by 90 MMcf/d to 160 MMcf/d, and provide for additional crude transportation and stabilization capacity of 17,000 b/d.

El Paso Corp., which at the end of last week clinched a blockbuster deal to sell its exploration unit, on Monday said fourth quarter profits more than doubled. The natural gas pipeline franchise also reported a solid performance, lifted by rising volumes from the Marcellus Shale.

With a eye on natural gas prices, Dallas-based Exco Resources Inc. is dropping more than half of its drilling rigs in the Haynesville Shale this year, cutting one rig in the Marcellus and deferring well completions in natural gas plays. However, CEO Doug Miller said Friday there are “huge opportunities” to buy distressed properties, which the company intends to pursue.

Cimarex Energy Co. will spend $1.4-1.6 billion on capital expenditures (capex) in fiscal 2012, with nearly all of it devoted to drilling for oil and natural gas liquids (NGLs) in the Permian Basin and the Cana-Woodford Shale, company officials said Wednesday.

Joint ventures (JV) in its domestic natural gas division helped Consol Energy Inc. to achieve record fourth quarter profits, but it said Thursday sustained low gas prices will require scaling back spending and drilling plans in 2012.

Hess Corp.’s total crude oil and natural gas production fell in 2011 and it suffered a net loss in the fourth quarter, but company officials said Wednesday they are confident this year will be better as the company commits to developing its growing North American unconventional portfolio.

DCP Midstream is holding a binding open season through Oct. 31 for capacity on its proposed Southern Hills Pipeline. The company said it is moving toward a fourth quarter close on its acquisition of Seaway Products Pipeline Co., whose assets would be part of the Southern Hills natural gas liquids (NGL) project.

“Persistent, scorching heat” in the eastern and central United States made last month the fourth warmest July on record nationally and exacerbated drought conditions in the South, according to scientists at the National Oceanic and Atmospheric Administration’s (NOAA) National Climatic Data Center.

“Persistent, scorching heat” in the eastern and central United States made last month the fourth warmest July on record nationally and exacerbated drought conditions in the South, according to scientists at the National Oceanic and Atmospheric Administration’s (NOAA) National Climatic Data Center.