Giving

Citing low natural gas prices as being among the economic drivers, power giant Exelon Corp. said Tuesday it is giving up plans to build nuclear power facilities near Victoria, TX.

Political and regulatory indicators point to the U.S. Department of Energy (DOE) giving the green light to pending applications to export liquefied natural gas (LNG) to non-free trade agreement (FTA) nations by no later than early next year, according to Sempra Energy CEO Debra Reed.

Infrastructure constraints during the second quarter put a crimp in SM Energy Co.’s operated Eagle Ford Shale output, prompting the Denver-based company to divert some capital to the Permian Basin, where getting production to market is easier for the time being. And a steep drop in net income pummeled the Denver-based producer’s shares.

ConocoPhillips has begun initial development on the “potentially impactful” Mancos Shale in the San Juan Basin, which has the potential to be a producer “for years and years,” CEO Ryan Lance said Wednesday.

A decision by Range Resources Corp. to sell its Barnett Shale portfolio last year to devote more resources to the Marcellus Shale appears to have paid off handsomely, with unconventional output jumping 42% in 2Q2012 from the year-ago period. Natural gas, which makes up 80% of the producer’s total output, rose 48%.

Ohio Gov. John Kasich signed an executive order on Tuesday temporarily giving the Ohio Department of Natural Resources (ODNR) additional power to regulate wastewater injection wells used by oil and natural gas drilling operations.

With the Gulf of Mexico (GOM) giving it a lift, Chevron Corp.’s U.S. estimated upstream production climbed 14,000 boe in the second quarter over the first three months of this year, the oil major reported late Wednesday.

Nabors Industries Ltd. shareholders apparently scored an industry first on Tuesday, approving a nonbinding resolution giving them power to oust members of the drilling contractor’s board of directors. The proxy access resolution is said to be the first successfully passed by shareholders of a major company.

Interior Secretary Ken Salazar last Tuesday signed a record of decision (ROD) giving Anadarko Petroleum Corp. the green light to proceed with a major natural gas development project in eastern Utah.