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North American Drilling Market ‘Uninspiring,’ Says Nabors CEO

Nabors Industries Inc., the largest onshore drilling fleet operator and the biggest supplier of pressure pumping equipment, is not optimistic about seeing gains in the U.S. oil or gas patch through the rest of this year, CEO Tony Petrello said Wednesday.

July 29, 2013

JPMorgan Exiting Physical Commodities Business

JPMorgan Chase & Co. said Friday it is planning to exit the physical commodities business, including its remaining holdings of commodities assets and its physical trading operations.

July 29, 2013

Senators Delve Into Speculators’ Control of Commodity Assets

Members of a panel testifying at a hearing of a Senate Banking, Housing and Urban Affairs subcommittee last week warned that allowing global conglomerates to own multiple pieces of the production and marketing chain for any commodity, including oil and natural gas, while simultaneously also speculating on the price of those commodities, opens the door to potential manipulation of prices.

July 29, 2013

Spot Prices in 2013 Return to ’09-’11 Levels, Says EIA

Spot prices for U.S. natural gas at most major trading points increased on average 40-60% in the first half of 2013 (1H2013) from a year earlier as demand eclipsed supply, the U.S. Energy Information Administration (EIA) reported last week.

July 29, 2013

EQT Achieves 1 Bcfe/d in Appalachian Output

Hours ahead of EQT Corp.’s second quarter conference call on Thursday, the company tied into sales its first Utica Shale well, the CEO said.

July 29, 2013

Record Production for Range in 2Q, Earns $144M

Bolstered by record production, especially in the southwest Pennsylvania portion of the Marcellus Shale, and revisions to its estimated ultimate recovery (EUR) curves, Range Resources Corp. reported net earnings of nearly $144 million for the second quarter of 2013.

July 29, 2013

Pennsylvania Supreme Court Denies PUC Appeal on Act 13

The Pennsylvania Supreme Court last Thursday quashed an appeal by the state Public Utility Commission (PUC), leaving in place an earlier court order that the commission cannot use a review process to enforce some provisions of Act 13, the state’s omnibus Marcellus Shale law.

July 29, 2013

Marcellus/Utica De-Bottlenecking on Horizon, Barclays Says

The opening of the Mariner West I ethane pipeline and new processing plants should provide some relief to current wet gas constraints in the Marcellus and Utica shales, and the plays should be largely de-bottlenecked by the end of next year, according to analysts at Barclays.

July 29, 2013

Consol JV Cracks Upper Devonian Code

Consol Energy has drilled its first Upper Devonian Shale well, in Greene County, PA, with results that bode well for the 300,000 acres it controls with commercial Upper Devonian potential.

July 29, 2013

Antitrust Investigation Targets Biggest U.S. Pressure Pumpers

Baker Hughes Inc. and Halliburton Co. said last week they have received civil investigation demands (CID) from the Department of Justice (DOJ) to provide documents and information on their pressure pumping businesses.

July 29, 2013
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