Newfield

Newfield Exploration Co. agreed Thursday to pay Chesapeake Energy Corp. $470 million to tack on 42,000 net acres in the Meramec reservoir, which would boost its position in Oklahoma’s liquids-rich reservoirs to 350,000-plus.

Newfield Exploration Co. agreed Thursday to pay Chesapeake Energy Corp. $470 million to tack on 42,000 net acres in the Meramec reservoir, which would boost its position in Oklahoma’s liquids-rich reservoirs to 350,000-plus.

Newfield Exploration Co. raised 2014 production guidance and capital spending, reflecting growing momentum company-wide, the company said Thursday. Second quarter production of 12.1 million boe beat the midpoint of previous guidance by about 1 million boe.

Two independent producers unveiled their capital expenditure budgets this week and gave an early update on production guidance for 2014 in basins stretching from Texas to the Rocky Mountains.

A new multi-horizon oil play it has discovered in the Anadarko Basin offers wells with estimated ultimate recoveries (EUR) of 800,000-1 million boe, said Newfield Exploration Co., which has named the Oklahoma play STACK.

An Oklahoma tax break for horizontal wells enacted in 2010 is depriving the Sooner State of revenue that could beef up its rainy day fund and should be reconsidered, the state’s secretary of finance and revenue said.

Responding to the increase in natural gas production out of the Uinta Basin, Questar Pipeline Co. will be holding a binding open season to solicit support for an expansion of takeaway capacity by extending its Jurisdictional Lateral 138 (JL138) to the Myton Yard in Myton, UT.

The Bureau of Land Management (BLM) has approved Gasco Energy Inc.’s proposal to develop nearly 1,300 natural gas wells over 15 years in Utah’s Uinta Basin, the agency said Monday.

SM Energy Co. said it has agreed with undisclosed buyers to divest a portion of its Eagle Ford Shale position.