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Poll: Ohioans Back Severance Taxes, Especially if Income Taxes Cut

Poll: Ohioans Back Severance Taxes, Especially if Income Taxes Cut

A poll shows a majority of Ohio voters support new severance taxes on hydraulic fracturing (fracking) and natural gas liquids (NGL), especially if the revenue raised is used to cut state income taxes, an idea proposed by Gov. John Kasich.

December 28, 2012

Most EQT Spending, Drilling in 2013 Will Target Marcellus

EQT Corp. plans to spend $1.5 billion on capital expenditures (capex), drill more than 170 wells and invest $320 million in midstream projects in 2013, according to the company’s operational forecast released Tuesday.

December 6, 2012

Piceance Sale Makes Antero an Appalachia Pure Play

Antero Resources is selling all of its natural gas and pipeline assets in the Piceance Basin for $325 million in cash plus assumption of its Rocky Mountain firm transportation obligations in order to focus more on the Marcellus and Utica shales.

November 6, 2012

Poll Shows Record High Support for Fracking in New York

A record percentage of New Yorkers now support hydraulic fracturing (fracking) and opposition to the practice fell to a low point in October, according to figures from a Siena College Research Institute poll released Friday.

October 30, 2012

Industry Brief

Marathon Petroleum Corp. agreed to pay $598 million plus inventories estimated at $1.2 billion for BP plc’s 451,000 b/d Texas City, TX, refinery, three instrastate natural gas liquids pipelines originating at the refinery, an allocation of BP’s Colonial Pipeline Co. shipper history, four terminals, retail marketing contract assignments for about 1,200 branded sites and a 1,040 MW cogeneration facility. The agreement contains an earnout provision under which Marathon could pay up to an additional $700 million over six years, subject to certain conditions. The acquisition is expected to be funded with cash on hand and is anticipated to close early in 2013. The deal continues BP’s plan to sell assets to shore up its share price and help fund a $20 billion trust fund set up following the April 2010 Macondo well blowout in the Gulf of Mexico (GOM) (see Daily GPI, Oct. 26, 2011). Last month Plains Exploration & Production Co. said it would pay BP $5.55 billion for deepwater GOM oil and gas properties (see Daily GPI, Sept. 11).

October 9, 2012

Range Drills First Utica Well in Crawford County, PA

Range Resources Corp. has drilled the first unconventional natural gas well in Crawford County, PA, and is reportedly planning to drill more of them targeting the Utica Shale in the near future.

July 24, 2012

Texas Judge Reverses Decision on Drilling Tax Exemption

A district court judge in Texas has reversed his earlier ruling that oil and natural gas equipment used “below ground” should be exempt from state sales taxes on extraction equipment.

May 8, 2012

Judge: ‘Below-Ground’ Equipment Exempt from Texas Tax

A district court judge in Texas has ruled that oil and natural gas production equipment used “below ground” is exempt from state sales taxes on extraction equipment.

April 23, 2012

California, Northeast Strong in Overall Weak Market; Futures Slide

Both cash and futures worked their way lower in active trading Tuesday with futures traders almost of the mind that $1-plus futures prices are just around the corner. The physical market saw broad weakness east of the Continental Divide, but cooler weather on the West Coast and additional loads at Northeast points provided notable strong points and quotes finished solidly in the black. At the close of futures trading May had shed 7.6 cents to $2.031 to reach a new set of 10-year low prices and June had dropped 7.1 cents to $2.152. May crude oil tumbled $1.44 to $101.02/bbl.

April 11, 2012

Oneok Entering Crude Transport With Bakken Pipeline

Oneok Partners LP plans to invest $1.5-1.8 billion to build a 1,300-mile crude oil pipeline with capacity to transport 200,000 b/d of light sweet crude from the Bakken Shale in the Williston Basin in North Dakota to the Cushing, OK, crude oil market hub, the partnership said Monday.

April 10, 2012