Devon Energy Corp., which took the prospective Barnett Shale and turned it into one for the ages, disclosed Wednesday that it has leased 250,000 net acres in the emerging Tuscaloosa Marine Shale of southwestern Mississippi/central Louisiana for a cost of around $180/acre.
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Natural Gas Can Wait, Says Chesapeake CEO
In recognition of the “value gap” between oil and natural gas prices, Chesapeake Energy Corp. will continue to direct a big chunk of its technological and leasehold acquisition expertise to “identify, secure and commercialize” new unconventional liquids-rich plays, CEO Aubrey McClendon said Wednesday.
Marathon Builds U.S. Portfolio in Unconventional Basins
Marathon Oil Corp., which has announced plans to spin off its integrated assets and become a stand-alone explorer, on Wednesday said it plans to increase its capital spending in 2011 to develop existing projects and exploit new resources, including onshore in North America.
Slowing Growth, Regulation Hit Southwest Gas; 2Q Loss Reported
Quarterly results were essentially flat when excluding nonrecurring items for Southwest Gas Corp. which faces the challenge of fine tuning its strategy for maximizing its regulatory climate and gaining rate changes. Last week the Las Vegas, NV-based company reported a loss of $337,000, or 1 cent/share, for the second quarter, compared with profits of $3.7 million, or 9 cents/share, for the same period last year.
Slowing Growth, Regulation Hit Southwest Gas; 2Q Loss Reported
While second quarter results were essentially flat when excluding nonrecurring items, the continuing moderation of growth in Nevada and Arizona challenges Las Vegas, NV-based Southwest Gas Corp. to fine tune its strategy for maximizing its regulatory climate and gaining rate changes that minimize weather and seasonal impacts on its rates. Southwest reported a loss of $337,000, or 1 cent/share, for the second quarter Monday, compared with profits of $3.7 million, or 9 cents/share for the same period last year.
Sierra Pacific Resources’ 3Q Profits Up on Utility Customer Growth
With or without adjustments for one-time, nonrecurring items, Sierra Pacific Resources last Friday reported increased profits for the third-quarter and nine-month periods this year, compared to the same periods last year. The company attributed the increase to continued customer growth at Sierra’s two Nevada utilities, Nevada Power Co. and Sierra Pacific Power Co., along with carrying charges associated with the new Chuck Lenzie Generating Station near Las Vegas, NV.
PG&E 2Q Earnings Drop; Rate Case, Expanding Strategy Outlined
Among the short- and long-term items PG&E Corp is keeping on its plate are a soon-to-be-announced settlement of its 2007 general rate case, the possibility of pursuing development of a nuclear power plant outside of California and several nonutility electric and natural gas projects, PG&E CEO Peter Darbee said during a conference call with financial analysts last Wednesday in which second-quarter earnings were reported as down, but it was mostly attributable to nonrecurring costs.
PG&E Close to Rate Settlement; Keeps Nuke Plant as Option, CEO Says
Among the short- and long-term items PG&E Corp is keeping on its plate are a soon-to-be-announced settlement of its 2007 general rate case, the possibility of pursuing development of a nuclear power plant outside of California and several nonutility electric and natural gas projects, PG&E CEO Peter Darbee said during a conference call with financial analysts Wednesday. Darbee also said he is not ruling out possible acquisitions in the future.
Kelliher: Storage Pricing Reform, Relaxed Blanket Rules Top Gas Agenda
While electricity items have dominated the agenda at FERC in recent weeks, Chairman Joseph Kelliher on Tuesday made clear that natural gas issues haven’t been forgotten at the agency.
NorthWestern Reports ’05 Earnings Increase; Merger Due Diligence Ongoing
South Dakota-based NorthWestern Corp. saw consolidated net income rise $55.2 million for 2005 when special items relating to its Chapter 11 filing are excluded. Gross margin growth at all four operating segments and decreased interest expense were credited.