Chesapeake Energy Corp. has named a former Boots & Coots executive to lead a newly created oilfield services unit that will house the producer’s growing business and complement its massive U.S. drilling program.
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Oil, Gas Stocks Continue Slide as Dow Falls
The pummeling of oil and natural gas producer stocks, which began last week, continued Monday as the Dow Jones Industrial Average plunged 634 points on the first day of trading after Standard & Poor’s (S&P) late Friday downgraded the United States credit rating from “AAA” to “AA+.”
Alaska Is the Nation’s Strategic Petroleum Reserve, Says Governor
Hoping to lead the nation in greater exploitation of domestic energy resources, Alaska Gov. Sean Parnell and state Natural Resources Commissioner Dan Sullivan Thursday touted a plan to tap the state’s oil reserves and refill the Trans Alaska Pipeline System (TAPS), with the hope of shipping 1 million b/d of oil on TAPS within a decade.
Dallas Forming Drilling Task Force
The mayor of Dallas has directed city council to form a Gas Drilling Task Force and appointed a former council member to lead the body.
Drilling on Game Lands Approved by Pennsylvania
The Pennsylvania Game Commission (PGC) approved four deals with Marcellus Shale operators at its April meeting, including one that could lead to drilling on state lands.
CEO: More to Come in Chesapeake Portfolio Shift
Chesapeake Energy Corp.’s shift to balance its natural gas-weighted portfolio required a lot of spending last year — an estimated $4.7 billion — to acquire liquids-rich property, but the risky outlay already is proving its worth, CEO Aubrey McClendon said this week.
Weather, Futures Spur Gains at Most Points
It wasn’t a complete upturn, but the hints in the previous day’s market that a lessening of overall weakness might lead to a general rally Thursday came to fruition. Abetted by the May futures increase of 9.2 cents Wednesday and a rather slow easing of cold weather in much of the northern U.S. and Canada, a mixed market saw gains outnumbering losses.
‘World-Class’ Ethane Cracker Evaluated for Gulf Coast
A “world-class” ethane cracker and ethylene derivatives facility, fed by shale gas reserves, is being evaluated by Chevron Phillips Chemical Co. LP for siting in the Gulf Coast region.
Futures Rally on Cries That Spring Has Not Yet Sprung
Those who viewed the lackluster morning trade and forecasted a quiet lead into the weekend for natural gas futures were sorely mistaken as a fierce round of short-covering was sparked just before 2 p.m. EDT. April natural gas futures reached a high of $4.425 before closing out the regular session at $4.403, up 15.9 cents from Thursday’s close.
Oilfield Services Industry Forecast to Grow Through 2012
The growing abundance of shale gas and liquids production is leading to a “paradigm shift” in the global oilfield services industry that should lead to business growth over the next two years, especially in the U.S. land market, FBR Capital analysts said in a new report.