natural gas prices

Murphy Oil Corp. is selling off $2 billion worth of stakes in Malaysia oil and gas stakes to increase capital spending in the Eagle Ford Shale, among other things.

John K. Reinhart, 45, has been named COO for two American Energy Partners LP (AELP) affiliates, American Energy-Utica LLC and American Energy-Marcellus LLC. Reinhart most recently was Chesapeake Energy Corp.’s senior vice president, operations and technical services. Reinhart had worked for former Chesapeake CEO Aubrey McClendon, who founded privately held AELP in April 2013. He was vice president of operations for Chesapeake’s eastern division from 2009-2013. He also had worked for Schlumberger Ltd. for 11 years. Reinhart received a bachelor’s degree from West Virginia University in 1994.

In its 41 years of existence, the federal Endangered Species Act (ESA) has spurred an unending cycle of lawsuits and closed-door settlements while hamstringing the U.S. Fish and Wildlife Services (FWS) from carrying out its primary mission, according to an analysis released Monday by the oil/gas industry-backed Western Energy Alliance (WEA).

ExxonMobil Corp. on Wednesday issued its first report outlining how it assesses and manages risks associated with developing unconventional resources, including through hydraulic fracturing (fracking). Baker Hughes Inc. also has adopted its policy to disclose drilling risks.

The Marcellus Shale has for some time now been touted for its low finding and development costs, and even as natural gas volumes in the formation are expected to surpass 16 Bcf/d this month, exploration and production (E&P) companies are bent on getting more for less.

Natural gas prices are expected to be lower for the upcoming winter season than a year ago thanks to a combination of factors, including a return to normal winter temperatures, robust domestic production and adequate storage, according to the Natural Gas Supply Association (NGSA).

October bidweek pricing took on the look of an Elvis Presley concert and came out “All Shook Up” as most points nationally were generally a nickel or so on either side of unchanged. At the extremes, however, sellers on Algonquin Citygate and Tennessee Zone 6 200 L enjoyed 72-cent and 71-cent boosts, respectively, to average $3.37 and $3.44, while buyers reveled in a 22-cent drop at SoCal Border to $4.01. The NGI October National Bidweek Average came in at $3.55, up a nickel from September, and 11 cents higher than October 2013’s National Bidweek Average.

U.S. natural gas production was 2.65 Tcf in July, up 3.7% compared with 2.55 Tcf in July 2013, and total production through the first seven months of 2014 was 18.26 Tcf, up almost 5% compared to the same period last year, according to the Energy Information Administration (EIA).

IHS Vice Chairman Daniel Yergin has been awarded the first James R. Schlesinger Medal for Energy Security by Secretary of Energy Ernest Moniz, which honors an “individual’s distinguished contributions to advancing our understanding of the threats, opportunities and energy policy choices impacting the domestic and international energy security interests of the United States through analysis, policy or practice.” The medal is to be presented annually to individuals outside the Department of Energy (DOE) to complement the existing Schlesinger Award for outstanding performance of a DOE employee in advancing contributions of national importance. Moniz said that Yergin “has made unique contributions to the energy sector debate. His singular influence over the discussion of energy — and public understanding of the history and future trends of energy is unmatched.” Yergin won a Pulitzer Prize for The Prize: The Epic Quest for Oil, Money and Power, which has been translated into 19 languages. Prior to founding Cambridge Energy Research Associates, which was acquired by IHS in 2004, he taught at the Harvard Business School and the Harvard Kennedy School of government.