Offset

Increased Marcellus Shale production helped Seneca Resources Corp. offset the production it lost after selling its Gulf of Mexico assets earlier this year, and now the company is again pursuing partnerships to speed up that growth.

Increased Marcellus Shale production helped Seneca Resources offset production it lost after selling its Gulf of Mexico assets earlier this year, and now the company is pursuing partnerships to speed up that growth.

Southwestern Energy Co. has proven itself in the Fayetteville Shale and is now successfully poking holes in the Marcellus. However, it hasn’t been as adept at getting utility gas buyers to put pen to long-term supply contracts.

TransCanada Corp. reported that a one-time charge for the Mackenzie Gas Project offset its fourth quarter profits. Excluding charge, the Calgary-based company saw comparable earnings increase C$56 million from 4Q2009.

Shale gas resources — and growing output from shale oil — will offset declines in other U.S. supplies through 2035, the Energy Information Administration (EIA) reported Thursday.

Onshore natural gas plays that are able to generate profits even when gas prices are below $4/Mcf, including the Marcellus Shale, should see rig activity up by 18% in 2011 over this year, according to analysts with Raymond James & Associates Inc.

A “strong performance” in North America and overseas failed to offset declines in product and software sales for leading oilfield services provider Schlumberger Ltd., which on Friday reported 1Q2010 earnings down 28% from the year-ago period.

A “strong performance” in North America and overseas failed to offset declines in product and software sales for leading oilfield services provider Schlumberger Ltd., which on Friday reported 1Q2010 earnings down 28% from the year-ago period.

Higher average natural gas prices in 2010 will more than offset falling production for Canada’s natural gas producers, according to The Conference Board of Canada’s latest report.