Julesburg

With a market capitalization of $406.3 billion, ExxonMobil Corp. once again led the world’s top oil and natural gas producers in 2011, according to the annual ranking PFC Energy 50. Irving, TX-based ExxonMobil has led all of the world’s producers except in 2007 and 2009, when PetroChina Co. Ltd. was the No. 1 producer, PFC noted. In the latest ranking PetroChina is in second place with a market valuation of $276.6 billion. Six supermajors posted the best group performance among companies returning to this year’s list: ExxonMobil, Royal Dutch Shell plc, Chevron Corp., BP plc, Total SA and ConocoPhillips increased their combined market capitalization 8% in 2011 to $1.2 trillion. Chevron, in fourth place with a market capitalization of nearly $212 billion, increased its valuation by 15% from $183.6 billion, which was the largest percentage increase of any returning company. Four midstream and pipeline companies made the list: Enterprise Products Partners LLC in the 25th spot; TransCanada Corp., 37th; Enbridge Inc., 40th; and Kinder Morgan Inc., 41st.

SM Energy Co. said it has agreed with undisclosed buyers to divest a portion of its Eagle Ford Shale position.

DCP Midstream LLC plans to build a 110 MMcf/d gas processing plant and high-pressure gathering system in Weld County, CO, to augment its position in the Denver-Julesburg (DJ) Basin, the company said Tuesday.

Noble Energy Inc. CEO Chuck Davidson said he was “really pleased” with the company’s growth in the Denver-Julesburg (DJ) Basin, and said Noble was moving forward with deepwater drilling in the Gulf of Mexico (GOM) after receiving the industry’s first permit to resume post-moratorium drilling there (see NGI, March 7).

Buoyed by a new gas processing plant and 10 Marcellus Shale wells drilled in the first quarter, Rex Energy Corp. is increasing its capital budget by $26.7 million for the year to support increased drilling activities.

Noble Energy Inc. CEO Chuck Davidson said he was “really pleased” with the company’s growth in the Denver-Julesburg (DJ) Basin, and said Noble was moving forward with deepwater drilling in the Gulf of Mexico (GOM) after receiving the industry’s first permit to resume post-moratorium drilling there (see Daily GPI, March 1).

Noble Energy Inc. CEO Chuck Davidson said he was “really pleased” with the company’s growth in the Denver-Julesburg (DJ) Basin.

Houston-based independent Magnum Hunter Resources Corp.’s Triad Hunter LLC unit has bought Marcellus Shale oil and gas properties and leasehold mineral interests in Wetzel County, WV, for $20 million, the company said. The assets acquired include 2,225 net contiguous acres containing 20 identified horizontal drilling locations, of which seven gross locations are currently booked as proved undeveloped. A company analysis conducted in December found that the assets contained total proved reserves of about 11.5 Bcfe (16% proved developed producing) with net production of 517 Mcfe/d (100% natural gas).

Recovery Energy Inc. announced Monday that it has closed on a $12.3 million cash-and-stock deal to acquire oil and gas leases on 8,060 net acres from Houston-based Wapiti Oil & Gas LLC. The leasehold is located primarily northwest of the prolific Silo field in Laramie County, WY. The Wapiti sale follows Denver-based Recovery’s acquisition last month of approximately 1,700 acres in Weld County, CO and about 6,600 net acres in Goshen County, WY from various private individuals for $1.9 million in cash and stock. The combined acquisitions bring Recovery’s holdings in the Denver-Julesburg Basin to 148,000 gross acres (134,000 net acres).