Output

Tropical Storm Arlene barely pinched oil and natural gas output in the Gulf of Mexico (GOM) earlier this month, according to the Minerals Management Service (MMS). In its final report on the first storm of the season last week, MMS reported that the cumulative shut-in gas production from June 10 through midday last Tuesday was 3.428 Bcf, which is equivalent to 0.087% of the yearly production of about 3.94 Tcf.

Energen Corp. on Monday hedged an additional 5 Bcf of its 2006 natural gas production at $7.50/Mcf and 360,000 bbl of its sour oil output at $55.21/bbl, and with the additional uncertainty of price volatility removed, raised its 2006 earnings guidance to a range of $2.55-2.75/diluted share

Looking to boost its production output, Occidental Petroleum Corp. said on Thursday that it has acquired an interest in oil and gas production from ExxonMobil in the Permian Basin of West Texas for approximately $972 million.

XTO Energy Inc. said Wednesday it now expects to exceed last year’s natural gas and oil production by 24-26%, after reporting record output in the first quarter.

In an interim 1Q2005 update, BP plc said overall oil and natural gas production is expected to be about 4.09 MMboe/d, which is about the same output level as the final quarter of 2004 and slightly higher than the 4.015 MMboe/d reported for the same period a year ago.

Paramount Energy Trust (PET) purchased 104 Bcf of proved and probable gas reserves and 48 MMcf/d of northeastern Alberta natural gas production for $290 million, boosting its own supply output by 40%. The deal is expected to close in May.

Lehman Brothers estimated Monday that 2004 U.S. natural gas supply declined 3.2% over 2003, with the 4.8% decline in production partly mitigated by an increase in Canadian and liquefied natural gas (LNG) imports. The estimates are based on a survey of producers responsible for about two-thirds of U.S. volumes.

XTO Energy Inc., the fast-growing independent that began carving a niche in the Barnett Shale of North Texas three years ago, increased its natural gas-rich production forecast this year by 3% after announcing the purchase of a neighboring producer, privately held Antero Resources Corp., for $685 million.

XTO Energy Inc., the fast-growing independent that began carving a niche in the Barnett Shale of North Texas three years ago, increased its natural gas-rich production forecast this year by 3% after announcing the purchase of a neighboring producer, privately held Antero Resources Corp., for $685 million.