Grew

Enterprise Products Partners LP (EPD) earned record profits in the first quarter as rig counts grew in liquids-rich shales and low natural gas prices spurred petrochemical demand. The company continues to see opportunities “to serve our customers, both producers and consumers,” COO Jim Teague said during a conference call Tuesday.

Chesapeake Energy Corp. has reached its debt reduction goal, built an internal oilfield services unit to counter cost inflation and grew first quarter production 20% as it increasingly emphasized higher-value oil and natural gas liquids (NGL), CEO Aubrey McClendon enthused during an earnings conference call last Tuesday. But Wall Street was not impressed.

Chesapeake Energy Corp. has reached its debt reduction goal, built an internal oilfield services unit to counter cost inflation and grew first quarter production 20% as it increasingly emphasized higher-value oil and natural gas liquids (NGL), CEO Aubrey McClendon enthused during an earnings conference call Tuesday. But Wall Street was not impressed.

EXCO Resources Inc. has withdrawn its proposal to lease nearly 300 acres of borough-owned land for Marcellus Shale gas drilling operations in Ford City, PA, about 40 miles northeast of Pittsburgh in Armstrong County, the borough council said Tuesday.

W&T Offshore Inc. grew its proved reserves by 31% last year, thanks largely to two big acquisitions from Shell Offshore Inc. and a U.S. unit of Total SA. And more deals will likely be in the offing this year, according to CEO Tracy Krohn.

W&T Offshore Inc. grew its proved reserves by 31% last year, thanks largely to two big acquisitions from Shell Offshore Inc. and a U.S. unit of Total SA. And more deals will likely be in the offing this year, according to CEO Tracy Krohn.

Consol Energy Inc. has proved gas reserves of 3.7 Tcf as of the end of last year, marking an increase of 1.8 Tcf, or 95%, from the 1.9 Tcf reported at year-end 2009. Coalbed methane (CBM) and a “nice jump” in the Marcellus Shale were credited for the growth.

Newfield Exploration Co. said it will spend about $1.7 billion this year on exploration and production activity, with two-thirds directed to oil plays and the rest focused on liquids-rich natural gas. The amount is equivalent to the company’s estimate of 2011 cash flow from operations.

Stone Energy Corp. grew its estimated proved reserves last year by 15% and said Monday it expects to spend about half of its 2011 budget in the Gulf of Mexico (GOM).