Positive

Analysts for FBR Capital Markets called the Interior Department’s issuance of the first deepwater drilling permit since the explosion aboard the Deepwater Horizon rig a “positive incremental step toward normalization of the regulatory environment” in the Gulf of Mexico (GOM), but they cautioned investors against chasing stocks with GOM exposure in the near term.

Due to continuing high linepack in all segments, Westcoast has implemented a systemwide OFO setting the tolerance for positive daily imbalances at the minimum of 10% or 500 GJ.

After spending big in the nation’s gas shale patch — and taking some heat for it — Chesapeake Energy CEO Aubrey K. McClendon said Thursday it is time for the company to reap what it has sown in announcing the Oklahoma City-based producer’s plans for this year and next.

Pacific Gas and Electric issued a systemwide Stage 2 high-inventory OFO for Wednesday on its California Gas Transmission system, setting penalties of $1/Dth for exceeding a 5% tolerance on positive daily imbalances.

Newfield Exploration Co. late Monday said it has agreed to buy 50,000 net acres in the Marcellus Shale from EOG Resources Inc. in a transaction valued at $405 million.

Chevron Corp., which had eschewed domestic shale plays in favor of the deepwater, on Tuesday reversed course, agreeing to pay a total of $4.3 billion to acquire Atlas Energy Inc.’s million-acre-plus U.S. shale leasehold.

Southern California Gas said Saturday morning it was declaring a systemwide high-linepack OFO on the Intraday 1 nominations cycle for that day. The tolerance for positive daily imbalances was set at 10%. The OFO was continued through Sunday before being allowed to expire Monday.

The board of EXCO Resources Inc. has formed a special committee to consider a buyout proposal from CEO Douglas H. Miller. Evaluation of the offer — and any others that might come — is expected by analysts to take anywhere from six to 12 months.

Continued strong crude oil prices and weak prices for natural gas in 2011 will make for a positive story for natural gas liquids (NGL), perhaps excluding ethane, Copano Energy LLC CEO Bruce Northcutt told financial analysts Friday.