Funding

Boosted by funding from joint venture (JV) partner BG Group plc, EXCO Resources Inc. said last week it would increase its natural gas-directed onshore rig count by four to 17 in the first three months of 2010. Most of the drilling is to target East Texas and North Louisiana.

Boosted by funding from joint venture (JV) partner BG Group plc, EXCO Resources Inc. said Tuesday it would increase its natural gas-directed onshore rig count by four to 17 in the first three months of 2010. Most of the drilling is to target East Texas and North Louisiana.

The U.S. Department of Energy (DOE) will provide nearly $38 million in funding under the American Recovery and Reinvestment Act to improve state emergency preparedness plans and ensure quick recovery and restoration from energy supply disruptions, DOE said. Funds will be used by state governments to hire or retrain staff and expand state-level capacities to address challenges to the country’s energy systems, including emergency situations such as blackouts, hurricanes, ice storms and disruptions to heating supplies. Each state will be required to track energy emergencies to assess the restoration and recovery times of any supply disruptions; to train personnel on energy infrastructure and supply systems; and conduct and participate in state and regional energy emergency exercises to evaluate the effectiveness of their energy assurance plans. The awards will also help states address cyber security concerns and prepare for the challenges of integrating smart grid technologies and renewable energy sources into the transmission network.

Funding for Anadarko Petroleum Corp.’s Gulf of Mexico (GOM) and international exploration projects is secure, but with natural gas prices remaining low, the company now favors short-cycle investment opportunities in the U.S. onshore where there are “compelling economics,” like those in the Marcellus Shale, CEO Jim Hackett said last week.

Funding for Anadarko Petroleum Corp.’s Gulf of Mexico (GOM) and international exploration projects is secure, but with natural gas prices remaining low, the company now favors short-cycle investment opportunities in the U.S. onshore where there are “compelling economics,” like those in the Marcellus Shale, CEO Jim Hackett said Tuesday.

The Commodity Futures Trading Commission (CFTC) needs more funding and a larger staff in order to revamp the agency and rules to address “a regulatory system that failed the American people,” according to acting Chairman Michael Dunn.

The Commodity Futures Trading Commission (CFTC) needs more funding and a larger staff in order to revamp the agency and rules to address “a regulatory system that failed the American people,” according to acting Chairman Michael Dunn.

Southwestern Energy Co. has upped its capital spending for 2008 to $1.7 billion from $1.46 billion, with most of the extra funding to be directed at its core leasehold, the Fayetteville Shale. The Houston-based independent also closed its sale of some noncore properties in the Arkansas shale to XTO Energy Corp. (see Daily GPI, April 4). The $518 million in proceeds is expected to fund the higher spending plan this year. Of the $245 million increase in planned capital investments, $153 million is dedicated to the Fayetteville Shale. The company now expects to participate in around 520 wells this year (75% operated), up from a previous guidance of 475 wells. About $30 million of the new capital is slated for more exploration in East Texas, $34 million is for gathering systems for the midstream operations and $28 million is for other projects. Southwestern also has increased its 2008 production guidance to 172 Bcfe from a previous forecast of 168 Bcfe, which would be 50% above its total 2007 production.

San Antonio-based Abraxas Energy Partners LP said Friday it will launch an initial public offering (IPO) to secure funding for its South and West Texas drilling programs. Timing and financial details were not disclosed.