NYMEX

Favorable regulatory actions on both sides of the U.S.-Mexican border have increased the bullishness of Sempra Energy’s senior executives looking to cash in on billions of dollars of infrastructure projects. Recent U.S. decisions on liquefied natural gas (LNG) export plans and Mexico’s recent outline for up to $600 billion of energy projects has Sempra top brass salivating.

With plans to spin off its California operations by the end of this year, Occidental Petroleum Corp. (Oxy) senior executives on Monday outlined plans to step up the company’s U.S. unconventional plays elsewhere with a focus on its 2 million acres in the Permian Basin.

The Ohio Department of Job and Family Services (ODJFS), in its latestreport that tracks economic trends in the state’s oil and gas industry, found that employment in core shale-related fields, such as pipeline construction and well drilling, increased by nearly 80% from 3Q2011 to 3Q2013.

Memorial Production Partners LP (MEMP) said it has signed an agreement to purchase oil producing assets in south central Wyoming from an undisclosed seller for $935 million.

With strong performance in both the Fayetteville and Marcellus shales, Houston-based Southwestern Energy Co. set a number of records during the first quarter.

Encana Corp. on Monday agreed to pay a $5 million fine and pleaded no contest to charges that it attempted to commit antitrust violations in connection with a 2010 oil and gas lease sale in Michigan. Chesapeake Energy Corp. indicated that it plans to continue to fight the charges. Both companies were formally charged in March by Michigan officials for allegedly collaborating in 2010 to avoid bidding against each other in a lease sale (see Daily GPI,March 6). The U.S. Department of Justice, which had been conducting a parallel investigation, has dropped its charges against both companies (see Daily GPI,May 1).

With profits steady and local economic growth picking up, Portland, OR-based NW Natural senior officials said Friday they remain bullish about the California natural gas storage market longer term. They spoke during a conference call reporting essentially flat 1Q2014 profits.

The headlines of late may be all about the boom in the onshore, but the offshore industry is doing quite well, thank you, as witnessed by the 90,000-plus engineers, scientists and investors from the world over who have taken up short-term residence in Houston at the 45th Annual Offshore Technology Conference (OTC).

Physical natural gas prices for Tuesday delivery gained ground in Monday’s trading with double-digit advances in the Northeast leading the pack higher. Those gains were able to offset declines in the Marcellus and flat trading at Midwest points. California locations also rose. At the close of futures trading June had risen 1.4 cents to $4.688 and July was higher by 1.1 cents to $4.715. June crude oil declined 28 cents to $99.48/bbl.