The downturn having taken its toll, two more exploration and production (E&P) companies — Memorial Production Partners LP and Bonanza Creek Energy Inc. — have announced plans to restructure and seek bankruptcy protection.
Articles from Memorial
Investors looking for an alternative to the much celebrated Appalachian Basin might turn their gaze to North Louisiana and the Cotton Valley Sands formation’s Terryville Complex, where the acreage and plans of newly public Memorial Resource Development (MRD) have analysts talking about “potentially superior” returns.
The Environmental Protection Administration (EPA) Thursday said it plans to develop a proposed rule requiring companies who make chemical substances and mixtures used in hydraulic fracturing (fracking) to report data on the chemicals.
With six weeks of discouraging news trailing behind it, Chesapeake Energy Corp. managed to get away for the three-day Memorial Day weekend with things looking a tad brighter — in some corners, perhaps. The stock price got a gentle nudge on the news that activist shareholder Carl Icahn is now one of the biggest shareholders, and some analysts now think that the stock price may have hit a bottom.
When it issued proposed rules that would allow natural gas development projects — with conditions — in affected areas of the Marcellus Shale last month, the Delaware River Basin Commission (DRBC) was flexing muscles it hasn’t used before in its 50-year history, according to Philadelphia-based law firm Blank Rome LLP.
Traders who cut away early to start the Memorial Day weekend might be surprised when they get back as June natural gas futures dropped significantly lower Friday, recording a low of $7.525 before settling at $7.640, down 4.1 cents from Thursday and 30.4 cents lower than the previous Friday’s close.
It was an easy call to predict lower prices for the low-demand Memorial Day weekend, so nobody got caught by surprise Friday when an across-the-board dive swept the market. No point fell less than 20 cents, and western declines tended to be significantly larger than that.
Due to expected high storage injections over the Memorial Dayweekend, Columbia Gas Transmission is not accepting SIT or ISSinjections, imbalance paybacks or Maximum Daily Injection Quantityoverruns today through Monday. Upstream affiliate Columbia Gulf,which has no storage facilities, said Thursday it is not acceptingany payback gas through June 30. The pipe is finishing pigging oflaterals and preparing to begin mainline pigging operations, aspokesman said, so it wants to avoid any problems with excesssupplies.