Carrizo Oil & Gas Inc. raised second quarter oil production guidance to 10,800-11,200 b/d from 9,600-10,000 b/d, increased its 2013 crude oil production growth target to 40% from 28% and raised its total 2013 production growth target to 10% from 6%, based largely on results in the Eagle Ford Shale.
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Barclays Lifts Natural Gas Price Projections for 2013
Wintry weather boosted natural gas consumption and has lifted prices, but the trajectory of U.S. supplies largely has remained unchanged, and that means gas prices may “hunt” this year for the right level of gas-to-coal displacement to keep the market balanced, according to an analysis by Barclays Capital.
Vanguard Is Oil/Gas ‘Agnostic,’ Focused on Margin
Unlike many producers today, Vanguard Natural Resources LLC is not necessarily focused on oil and natural gas liquids (NGL)-rich acquisitions. The company has done recent deals for both liquids and dry gas assets, instead focusing on margin and how the properties fit into its structure, CEO Scott Smith said Monday.
EIA: Shales Boosted 2011 NatGas Production
Domestic natural gas production surged in 2011 to 28.48 Tcf, a 1.66 Tcf (6.2%) increase compared to 26.82 Tcf in 2010, and it was production from the nation’s shale plays that gave the total its biggest boost, according to the U.S. Energy Information Administration (EIA).
Forecasts Drive Algonquin Above $7; Futures Flat to Lower
Cash natural gas prices overall jumped on average more than 10 cents Monday, largely driven by weather reports calling for a brutal nor’easter to pummel New England and the Mid Atlantic. Gulf locations softened, but California locations bounded higher. At the close of trading December futures were unchanged at $3.554 and January had slipped 0.2 cent to $3.678. December crude oil added 79 cents to $85.65/bbl.
Researchers: Marcellus Helped Region Weather Recession
The growth of the natural gas industry in the heart of Pennsylvania’s eastern Marcellus Shale helped the area avoid the worst of the 2008 recession, and the positive effects have only just begun, according to a study issued by the Institute for Public Policy and Economic Development (IPPED).
GAO: Shale Development Risks ‘Unknown’
The extent of the risks associated with development of shale oil and natural gas is “unknown” because existing studies have not taken into account the potential long-term, cumulative effects of the activity, according to a new report issued by the Government Accountability Office (GAO) last Tuesday. The agency in a companion report did not make any recommendations to change environmental and public health requirements in light of advances in horizontal drilling and hydraulic fracturing (fracking).
Continental Aims to Triple Production, Reserves in Five Years
Continental Resources Inc. has launched a growth plan to triple production and proved reserves between now and the end of 2017, largely from its leading Bakken Shale position, but also with gains from other onshore holdings, including a discovery in the southwest corner of Oklahoma.
Bakken-Fueled Continental Aiming to Triple Output, Reserves
Continental Resources Inc. has launched a growth plan to triple production and proved reserves between now and the end of 2017, largely from its leading Bakken Shale position, but also with gains from other onshore holdings, including a discovery in the southwest corner of Oklahoma.
Quicksilver Battening Down After 2Q Loss
Debt- and dry gas-laden Quicksilver Resources Inc. posted a hefty loss for the second quarter, largely due to a nearly $1 billion asset impairment reflecting low commodity prices. Last week management talked up plans to right the balance sheet and weather the low-price period with spending cuts and other measures.