In a campaign speech in Cincinnati, OH, President Obama expressed full support for the development of natural gas and acknowledged that “a lot of folks” in the industry are engaging in hydraulic fracturing (fracking) in a safe manner. He dismissed claims that his administration — namely the Interior Department and Environmental Protection Agency — is blocking oil and natural gas development.
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Obama Touts Safety of Gas Development During Ohio Visit
In a campaign speech in Cincinnati, OH, President Obama expressed full support for the development of natural gas and acknowledged that “a lot of folks” in the industry are engaging in hydraulic fracturing (fracking) in a safe manner. He dismissed claims that his administration — namely the Interior Department and Environmental Protection Agency — is blocking oil and natural gas development.
Enbridge Tweaks Outlook on Weak NGL Prices
Enbridge Energy Partners LP ast Tuesday lowered its full-year earnings projections to the C$440-470 million range from earlier guidance of C$510-$550 million. The near-term outlook for the natural gas business is being hurt by continuing declines in natural gas liquids (NGL) prices, but management said the company has “significantly mitigated” the the negative impact through “existing commodity hedging arrangements.”
LNG Trucking Gets Boost from Shell, Fueling Station Firm
Ohio-based TravelCenters of America LLC (TA) said Monday it plans to construct 100 liquefied natural gas (LNG) fueling facilities nationwide along its network of 165 full-service long-haul truck stops in 41 states. TA said it has signed a letter of understanding with a unit of Royal Dutch Shell to supply the LNG.
Lower 48 Gas Output Bounced Back in April, EIA Says
Buoyed by a 0.41 Bcf/d (1.9%) increase in Texas, natural gas production in the Lower 48 states reached 72.48 Bcf/d in April, a 0.8% increase compared with 71.92 Bcf/d in March and up a full 3.22 Bcf/d compared with April 2011, according to the Energy Information Administration’s (EIA) latest Monthly Natural Gas Gross Production report.
Lower 48 Production Bounced Back in April, EIA Says
Buoyed by a 0.41 Bcf/d (1.9%) increase in Texas, natural gas production in the Lower 48 states reached 72.48 Bcf/d in April, a 0.8% increase compared with 71.92 Bcf/d in March and up a full 3.22 Bcf/d compared with April 2011, according to the Energy Information Administration’s (EIA) latest Monthly Natural Gas Gross Production report.
Chesapeake Lays Off 70 Barnett Employees; 700 Remain
Chesapeake Energy Corp. on Tuesday announced that it would lay off 70 employees from its Barnett Shale workforce and transfer other staff members, leaving about 700 in its North Texas offices.
Bakken Shale Did Heavy Lifting Last Year
If U.S. shale plays were students in a classroom, the one blowing the curve on the oil production test would be named Bakken.
Chesapeake Claims ‘Unprecedented Negative Media,’ Then Pulls Statement
A new investor presentation posted early Tuesday by Chesapeake Energy Corp. included a full-page statement by the company with the headline, “It’s been a tough five weeks, but better days ahead.” By Tuesday afternoon, the statement, originally the second page of the 32-page presentation, had been deleted with no explanation by the company.
Chesapeake Blames Media, Then Withdraws Statement
A new investor presentation posted early Tuesday by Chesapeake Energy Corp. offered 32 pages of onshore production and financial numbers, as well as a full-page statement that opened the document with the headline, “It’s been a tough five weeks, but better days ahead.” By Tuesday afternoon the page, originally the second page of the 32-page presentation, had been deleted with no explanation.