Meanwhile

Federal officials have won permission from a district judge to intervene in a New York lawsuit that would compel a full environmental review of the impact of natural gas drilling in the Delaware River Basin before proposed regulations for Marcellus Shale development are completed.

New Jersey Gov. Chris Christie could issue a conditional veto over a bill banning hydraulic fracturing (fracking) by sending the measure back to the legislature and asking for changes.

Former Quebec Premier Lucien Bouchard, who now serves as president of the Quebec Oil and Gas Association (QOGA), appeared before a Quebec National Assembly committee to urge compensation for companies in limbo from the province’s environmental study of shale gas, but the meeting became heated after a legislator called Bouchard “unfaithful” to Quebec’s citizens.

DCP Midstream LLC plans to build a 110 MMcf/d gas processing plant and high-pressure gathering system in Weld County, CO, to augment its position in the Denver-Julesburg (DJ) Basin, the company said Tuesday.

Dejour Energy Inc. announced Monday that it plans to drill its first vertical test well into the Niobrara formation of the Mancos Shale play in May.

Pacific Gas and Electric issued a new systemwide Stage 2 high-inventory OFO for Wednesday, setting penalties of $1/Dth for positive daily imbalances exceeding a 7% tolerance. Meanwhile, Southern California Gas kept the high-linepack OFO it had declared for Tuesday, with an imbalance tolerance of 10%, in effect through Wednesday.

Pacific Gas and Electric issued a new systemwide Stage 2 high-inventory OFO for Wednesday, setting penalties of $1/Dth for positive daily imbalances exceeding a 7% tolerance. Meanwhile, Southern California Gas kept the high-linepack OFO it had declared for Tuesday, with an imbalance tolerance of 10%, in effect through Wednesday.

ExxonMobil Corp., the world’s largest publicly traded oil major, saw its quarterly profits plummet 68% from a year ago as commodity prices retreated. Meanwhile, Royal Dutch Shell plc sees “some indications” that energy demand and pricing are improving but the “outlook remains very uncertain and we are not expecting a quick recovery,” CEO Peter Voser said last week.

ExxonMobil Corp., the world’s largest publicly traded oil major, saw its quarterly profits plummet 68% from a year ago as commodity prices retreated. Meanwhile, Royal Dutch Shell plc sees “some indications” that energy demand and pricing are improving but the “outlook remains very uncertain and we are not expecting a quick recovery,” CEO Peter Voser said Thursday.