Rents and royalties reported on Pennsylvania income tax returns from 2006 to 2010 have increased 61% statewide, and 119% in counties with Marcellus Shale activity, according to a report by the Allegheny Institute for Public Policy (AIPP). Rent and royalty income for landowners and mineral rights owners in the state rose 34% in counties with no Marcellus activity.
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Developing domestic gas resources could boost gross domestic product by 5% a year for the next 40 years, creating more jobs and powering the economy, says a former Shell Oil Co. chief.
Raymond James & Associates Inc. on Tuesday revised upward its 2013 U.S. natural gas production forecast to average about 66.8 Bcf/d, up 1.3 Bcf/d from a previous forecast, mostly because Marcellus Shale output has not declined, while associated gas from oil drilling is only adding to the surplus.
ExxonMobil Corp. has sanctioned its massive Hebron oilfield development offshore Newfoundland and Labrador, a $14 billion project that is slated to recover more than 70 million boe, an uptick from earlier estimates.
Led by massive projects in the deepwater of the Gulf of Mexico (GOM) and Australian liquefied natural gas (LNG), Chevron Corp. is maintaining a production target of 3.3 million boe/d by the end of 2017, executives said Friday.
Led by massive projects in the deepwater of the Gulf of Mexico (GOM) and Australian liquefied natural gas (LNG), Chevron Corp. is maintaining a production target of 3.3 million boe/d by the end of 2017, executives said Friday. The gains will come even though 2Q2012 worldwide output fell 2.6% year/year to 2.62 million boe/d, Chevron Vice Chairman George Kirkland said during a quarterly earnings conference call.
Following 30 years of declining oil output in the Lower 48 states, the United States now is well on its way to becoming energy independent — a structural supply shift that promises to reach well beyond oil and natural gas stocks, analysts with Raymond James & Associates Inc. said in a note Monday.
In an effort to expand its production of olefins, Chevron Phillips Chemical Company LP plans to build a massive 1-hexene plant at its Cedar Bayou Chemical Complex in Baytown, TX.