Like many, but not all, producers, Houston-based Carrizo Oil & Gas Inc. has shifted to oil because that’s where the profits are.
Articles from Minus
A record percentage of New Yorkers now support hydraulic fracturing (fracking) and opposition to the practice fell to a low point in October, according to figures from a Siena College Research Institute poll released Friday.
Natural gas bulls already have seen the writing on the wall for exploration and production (E&P) companies’ earnings reports for 1Q2012. Minus those with gas hedging programs or an already solid turn to liquids and oil basins, it’s not going to be a pretty picture.
Natural gas production is continuing to take a back seat to crude oil and natural gas liquids (NGL) production from the Eagle Ford Shale at Houston-based EOG Resources Inc.
A new poll reveals that while most Pennsylvania voters, 62-30%, believe the economic benefits of drilling for natural gas in the Marcellus Shale outweigh any environmental concerns, a majority, 64-27%, also want to see the industry taxed.
The management team at unconventional natural gas giant Encana Corp. has raised its cost outlook for both the United States and Canada and said last week the labor and supply markets are as tight as they’ve ever been. However, the company is fighting back by using cutting edge technology to drill wells in less time and at a lower cost.
Fort Worth-based Quicksilver Resources Inc. reported 2010 net income of $435.1 million ($2.45/share) compared to a net loss of $557.5 million (minus $3.30 share) for 2009. The 2009 net loss was primarily attributable to a $656 million after-tax impairment charge on oil and gas properties. For 2010 production averaged 355.2 MMcfe/d, up 9% from 2009, primarily driven by higher volumes from the Barnett Shale. The 2010 production volumes were 79% natural gas, 20% natural gas liquids (NGL) and 1% crude oil and condensate. Sales of natural gas, NGLs and crude oil totaled $856.3 million, up about 7% from 2009, mainly due to a 9% increase in production coupled with increased realized prices for NGLs and crude oil, which were offset in part by lower gas prices. The company is active in the Barnett Shale of North Texas, The greater Green River Basin in Colorado and Wyoming and the Wind River Formation in Oklahoma, as well as in northwestern Montana, Alberta coalbed methane and the Horn River Basin in British Columbia.
Two big-ticket acquisitions in the Fayetteville Shale by BHP Billiton Petroleum and XTO Energy Inc. suggest that the pace of development in the play will be accelerating, acknowledged Steve Mueller, CEO of Fayetteville veteran Southwestern Energy Co. But his company can hold its own, having locked in some of its costs and beaten down drilling times, Mueller said.
Petrohawk Energy Corp. on Tuesday posted a net loss of $79.6 million (minus 26 cents/diluted share) for 4Q2010, compared with net income of $36.5 million (12 cents) for 4Q2010. The company attributed the 4Q2010 loss to future derivative contracts, discontinued operations resulting from the write-down of Fayetteville Shale midstream assets and various noncash charges and deferred income tax adjustments.