Highest

Fort Worth-based Range Resources Corp. reported a 13% increase in oil and natural gas production in the second quarter over a year ago, to 264 MMcfe/d, the highest quarterly production in the independent’s history. The gas-weighted Range, whose recent acquisition of privately held Stroud Energy Inc. doubled its leasehold in the Barnett Shale (see Daily GPI, May 12), said its drilling success has prompted it to raise its production target by 15% through 2007.

In the government’s highest profile case targeting false energy price reporting, a former Dynegy Inc. trader and a former El Paso Corp. trader are being tried this week in Houston on charges that they reported bogus transactions to industry publications. The case, which culminates more than three years of work by the government, is being closely watched because it’s believed to be the first time the Depression-era Commodity Exchange Act has been used against a member of the energy industry in a criminal court.

Calendar year 2005 had the highest global surface temperature in more than a century, narrowly edging out 1998 — the warmest previous year — as the warmest year on record, according to James Hansen, director of NASA’s Goddard Institute for Space Studies.

Five years after a wholesale energy market crisis with lasting economic and political ramifications, one of which was his election to California’s highest office two years ago, Gov. Arnold Schwarzenegger late Thursday in his state-of-the-state address only once referred to energy during a 20-minute, 2,500-word speech in Sacramento. When talking about environmental and state infrastructure programs the “e-word” never crossed the former movie actor’s lips.

With a solid contribution from the Patina Oil and Gas assets, Noble Energy Corp. reported its highest quarterly net income ever, with 3Q profit increasing 111% to $177 million (99 cents/share), compared with $83.7 million (70 cents) in 3Q2004. Daily production rose 61% worldwide, and domestic output also climbed, despite the impact of Hurricanes Katrina and Rita.

ExxonMobil Corp. hiked CEO Lee Raymond’s income by 37% to $38.1 million in 2004 after the oil major’s net income was the second highest in U.S. history.

ExxonMobil Corp. hiked CEO Lee Raymond’s income by 37% to $38.1 million in 2004 after the oil major’s net income was the second highest in U.S. history.

EnCana Corp. said it is drawing strong interest in the conventional oil and gas producing assets and the gathering and processing assets that it plans to auction to the highest bidder over the next few months. Among the assets on the block are about 15 properties in central and southern Alberta, 1.4 million acres offshore in the Gulf of Mexico, five production blocks in Ecuador, and some gathering and processing facilities in the Rocky Mountain region.

EnCana Corp. said it is drawing strong interest in the conventional oil and gas producing assets and the gathering and processing assets that it plans to auction to the highest bidder over the next few months. Among the assets on the block are about 15 properties in central and southern Alberta, 1.4 million acres offshore in the Gulf of Mexico, five production blocks in Ecuador, and some gathering and processing facilities in the Rocky Mountain region.