Despite support from Senate Majority Leader Harry Reid (D-NV), an amendment to jump-start the adoption of natural gas vehicles (NGV) and the supporting infrastructure for large trucking fleets failed in the Senate Tuesday as lawmakers did not obtain the 60 votes needed to fend off a filibuster.
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Earnings Briefs
Apache Corp. saw its net income jump 75% in 4Q2011 from a year earlier, lifted by higher output and strong crude prices. The producer plans to drill up to 30% more wells this year than in 2011, when it drilled 1,100 gross wells; more than half are to be in the Permian and Anadarko basins. In 4Q2011 total gas output rose 3.2%; oil output climbed 4.3%. North American gas volumes increased to 1.494 Bcf/d in 4Q2011 from 1.432 Bcf/d in 4Q2010, and from 1.478 Bcf/d in 3Q2011. Net profits totaled $1.17 billion ($2.98/share) in 4Q2011, compared with $670 million ($1.77) in 4Q2010. Revenue rose 25% to $4.3 billion.
U.S. Crude Output Predicted to Jump 20% by Year’s End
Full-year U.S. crude production, excluding natural gas liquids (NGL), will jump by 20% by the end of this year, a full seven years ahead of Energy Information Administration (EIA) projections, Raymond James & Associates Inc. said Monday.
Colorado Shale Boom Creates Permitting Backlog
The cash- and employee-strapped Colorado state government is battling a growing oil and gas drilling permit backlog created by a combination of a 70% jump in applications between 2007 and 2010 and the recession, which shrank state government. However, oil and gas industry representatives are praising state officials for attempting to address the problem.
Salazar Reinforces Administration Support for Natural Gas
U.S. Interior Secretary Ken Salazar on Friday reiterated the importance of natural gas to the Obama administration’s energy and job-creation programs. Salazar said his department is very active in efforts to boost gas development both on and offshore in the United States.
New Paramount Subsidiary to Hold Oilsands, Bitumen Businesses
Calgary independent Paramount Resources Ltd., better known for its natural gas exploration, saw its stock price jump by nearly 5% in midday trading Monday after the company said it was creating a subsidiary to house its growing oilsands and bitumen businesses.
Encana Touts Haynesville’s Potential for LNG Exports, Growing Gas Demand in South
In all the hoopla surrounding the Marcellus Shale’s natural gas resources and its access to East Coast markets, it may be easy to forget that the Haynesville Shale was once the toast of the gas world. To Encana Corp., it still is.
Bentek: Marcellus Takeaway Capacity Doubles by 2013
Marcellus Shale natural gas pipeline takeaway capacity will jump to 8.5 Bcf/d by 2013, more than double its current level, according to Bentek Energy LLC.
Bentek: Marcellus Takeaway Capacity to Double by 2013
Marcellus Shale natural gas pipeline takeaway capacity will jump to 8.5 Bcf/d by 2013, more than double its current level, according to Bentek Energy LLC.
Bakken Shale Pushing North Dakota Oil Production Higher
Riding the Bakken shale rush, North Dakota appears in a good position to jump up to the second biggest oil producing state in the nation behind only Texas. If the upper Midwest state achieves that status next year as expected, it would leapfrog over both Alaska and California, something that would have been unthinkable five years ago.