Chesapeake Energy Corp. has turned to another global commodity trader to help expose more of its U.S. natural gas production to international markets, inking a tentative deal with Vitol Inc. to sell up to 1 million metric tons/year (mmty) of LNG. The heads of agreement (HOA) follows one that Chesapeake signed earlier this year with…
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Lower 48 Oil and Natural Gas Permitting Rises, but Not Everywhere
Nearly 3,000 permits were issued in February to explore for U.S. oil and gas, a slight increase from January but down nearly 9% from a year ago, according to state and federal data. Evercore ISI, which tracks oil and gas permitting data, said 2,929 permits gained approval in February, up by 211 or 8% from…
MPLX Bullish on Natural Gas Growth as Permian, Marcellus Bottlenecks Targeted
MPLX LP is bumping up its capital spending by $50 million in 2023 to work toward debottlenecking pipeline constraints and expanding gathering and processing (G&P) capacity in the Permian Basin, as well as the Bakken and Marcellus shales. MPLX has set aside $800 million of growth capital for the year, with another $150 million earmarked…
Pennsylvania Natural Gas Production Continues to Dip, 4Q Drilling Below Last Year’s Pace
Pennsylvania natural gas production from horizontal wells totaled 1.88 Tcf or 20.6 Bcf/d in the third quarter, down 0.8% from the third quarter of 2021, according to data from the state’s Department of Environmental Protection (DEP). This marks the third straight quarter in which output did not rise on a year/year (y/y) basis, DEP said,…
Coterra Ready to ‘Accelerate or Decelerate’ Oil, Natural Gas Development Heading into 2023
Flexibility is key to all that Coterra Energy Inc. is planning for the Lower 48 in 2023, as inflationary headwinds drive up the price for things across the board, executives said. Coterra, formed last year with the merger of Cabot Oil & Gas Corp. and Cimarex Energy Co., focuses on producing natural gas and oil…
Range Resources CEO Says Marcellus, Utica Shales Vital to Stabilize Natural Gas Markets
Range Resources Corp. is “in the best position in the company’s history” amid a tightly supplied global natural gas market, CEO Jeff Ventura said Tuesday. Fort Worth, TX-based Range is among the country’s largest natural gas producers, with nearly one million net acres in Pennsylvania targeting the Marcellus, Utica and Upper Devonian shale formations. “As…
U.S. Ethane Production Seen Climbing 16% in 2022, Says EIA
Production of ethane, a natural gas liquid (NGL), should grow by about 9% in the United States during the second half of 2022 compared to first-half levels, according to an Energy Information Administration (EIA) forecast. “Ethane is consumed almost exclusively as a feedstock in petrochemical plants known as steam crackers to produce ethylene, a precursor…
Northern Oil Pushed Permian Position to Record Production Despite Williston Hiccups
Northern Oil and Gas Inc. posted record production and earnings during the second quarter, led by Permian Basin activities, as it pursues acquisitions in the Williston Basin and elsewhere. CEO Nicholas O’Grady told investors during a second quarter conference call the firm saw an across-the-board production increase during the quarter, attributed to mostly organic growth,…
West Virginia Researchers Eye Hydrogen-Friendly Natural Gas Turbines
Researchers at West Virginia University (WVU) are developing technology to keep natural gas turbines at large-scale power plants intact when using hydrogen to generate electricity. “In West Virginia, we have access to natural gas,” said WVU’s Xingbo Liu, mechanical and aerospace engineering professor. “We are sitting in one of three major gas fields, the Marcellus…
Natural Gas Futures Steady in Rare Quiet Session Ahead of Expiration; Cash Rising
Natural gas futures held onto the extensive gains they accumulated at the start of the holiday week, slipping only a few pennies on additional warming in the forecast. The January Nymex contract settled Tuesday at $4.055/MMBtu, off only a half-cent from Monday’s close. The February contract slipped 5.7 cents to $3.885. Spot gas prices gathered…