natural gas data

Spot natural gas prices for Thursday delivery continued their rocket-like trajectory in Wednesday’s trading, with gains again widespread, ranging from as little as 17 cents in the Pacific Northwest to double-digit dollar gains in New England. At the close of futures trading, February had jumped 25.8 cents to $4.689, and March was higher by 19.2 cents to $4.550. March crude oil gained $1.76 to $96.73/bbl.

Former Halliburton Co. manager Anthony Badalamenti has been sentenced to one year of probation, 100 hours of community service and a $1,000 fine for destroying evidence related to BP plc’s Macondo well blowout in 2010. He had faced up to one year in prison after pleading guilty to one misdemeanor count (see Daily GPI,Sept. 23, 2013). Badalamenti was the director of cementing technology for Halliburton Energy Services Inc., BP’s cement contractor for the well. During a post-spill review, prosecutors said he instructed two fellow employees to delete relevant data on the cement job. In a deal with the U.S. Department of Justice, Halliburton pleaded guilty to a misdemeanor charge related to his conduct, agreeing to pay a $200,000 fine (see Daily GPI,July 29, 2013).

Spot gas prices for Wednesday delivery vaulted to record levels at some points as another incursion of a polar vortex was forecast to rake not only the East and Midwest but also make it as far south as Texas and the Southeast, dropping up to a foot of snow in some locations.

Magnum Hunter Resources Corp. has promoted Chris Benton to vice president of finance and capital markets. Cham King was also promoted to assistant vice president of investor relations. The promotions were made effective on Jan. 7. Benton previously served Magnum as its assistant vice president of finance and capital markets and managed the investor relations function and capital market activities at the company. He joined MHR in January 2013. King joined MHR in July 2012, where he previously worked as a financial analyst in the finance department.

Magnum Hunter Resources Corp. has promoted Chris Benton to vice president of finance and capital markets. Cham King was also promoted to assistant vice president of investor relations. The promotions were made effective on Jan. 7. Benton previously served Magnum as its assistant vice president of finance and capital markets and managed the investor relations function and capital market activities at the company. He joined MHR in January 2013. King joined MHR in July 2012, where he previously worked as a financial analyst in the finance department.

Chesapeake Energy Corp. has completed the sale of all of its ownership stakes in privately held Chaparral Energy Inc. for gross proceeds of $215 million. In connection with the transaction, Chesapeake CFO Nick Dell’Osso has resigned from the Chaparral board. Chesapeake announced its intention to sell its interests in the Oklahoma producer in early 2011, then estimated at 20%, as part of a wide-ranging divestment plan (see Shale Daily, Feb. 8, 2011). Chaparral, a Midcontinent-focused operator, has said it may launch an initial public offering by the end of 2014 (see Shale Daily, Oct. 18, 2013).

Natural gas for weekend and Monday delivery showed losses at most points Friday, but a few points in the East and Northeast skewed the market with multi-dollar gains as traders loaded up ahead of snowy and blustery conditions expected early in the week.

In the latest issue of its Beige Book, the Federal Reserve Board (FRB) said energy demand and production remained strong across the country, with natural gas production on the rise in three of its 12 districts, onshore and offshore oil drilling up in another three, and the Permian Basin a “bright spot” for oil production growth in 2014.

Thomas L. Mitchellis joining Devon Energy Corp. as CFO and executive vice president. Incumbent financial chief Jeff Agosta is leaving to pursue other interests but it is “not related to any issues regarding financial disclosures, accounting matters or other business issues,” the company said. Mitchell has been serving as CFO of Midstates Petroleum Co. From 2006-2011, he was CFO of Noble Corp. and for 18 years before that he worked for Apache Corp.