U.S natural gas production as measured by gross withdrawals reached 90.9 Bcf/d in 2017, the highest volume on record, the U.S. Energy Information Administration reported Tuesday.
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SM Energy Co. has closed on the $800 million gross sale of its nonoperated assets in the Eagle Ford Shale, including an ownership interest in associated midstream infrastructure, to a unit of Venado Oil and Gas LLC, which is an affiliate of KKR.
Cimarex Energy Co. missed its production guidance for the third quarter, and lowered it for the upcoming fourth. The company said it still plans to add a rig by the end of the year to form a nine-rig drilling program going into 2017.
Newfield Exploration Co. has increased its production guidance for the second quarter and the full year, crediting the Anadarko Basin’s stacked reservoirs for exceeding expectations yet again.
Sundance Energy Australia Ltd. is picking up Texas acreage prospective for the Eagle Ford Shale and for the Georgetown Formation and has sold its acreage in the Denver-Julesburg (DJ) Basin in order to refocus capital on core areas, the company said.
Australia’s Aurora Oil & Gas Ltd., which is focused on the Eagle Ford Shale, said it projects production will grow about 47% in 2014, as it spends $455-495 million on capital expenditures (capex) and launches its largest non-operated well development program.
In its latest Short Term Energy Outlook (STEO), the Energy Information Administration (EIA) nudged down is Henry Hub natural gas price forecast for this year and next and predicted that coal-fired power plants will retain their recent gains over gas-fueled facilities. The gas production outlook held steady with last month’s STEO.
The Kentucky Oil and Gas Association’s (KOGA) first comprehensive research of the economic impact of the oil and gas industry found that the state had 14,632 producing natural gas wells in 2011 and produced more than 3 million bbl of oil in 2012, but the number of horizontal well permits issued has declined each year since 2009.
Arkansas’ gross revenue from natural gas severance taxes so far this year is trending higher than during 2011, which turned out to be a record year for gas severance tax revenue in the Natural State.