Post

Global gas producer BG Group plc said net profits for the second quarter were hobbled by a $1.3 billion post-tax charge against its shale assets in the United States and that it would reduce drilling activity there in response to continuing low natural gas prices.

In one of the three ongoing post-San Bruno natural gas pipeline explosion regulatory cases, Pacific Gas and Electric Co. (PG&E) fired back at one of its strongest critics: the safety staff at the California Public Utilities Commission (CPUC).

The House Natural Resources Committee has been investigating changes made to a report that suggested the post-Macondo well blowout moratorium in the Gulf of Mexico was supported by a panel of engineering experts, when in fact it wasn’t.

Anadarko Petroleum Corp. has named Al Walker, the company’s current president and COO, to the post of CEO to replace current CEO Jim Hackett, who will stay on as executive chairman. Hackett became CEO in December 2003. The change will take effect May 15 at the company’s annual meeting. Walker will stand for election to Anadarko’s board of directors at that time. “Throughout his time with the company, Al has demonstrated an exceptional ability to create value for Anadarko, resulting in some of the company’s most noteworthy accomplishments,” said Hackett. “Al has been a member of the company’s executive management team since joining Anadarko in 2005 and has been integral to the company’s major strategic and tactical decisions over that period.” Walker, 55, has more than 30 years of experience in the energy industry, with a focus on exploration and production. “We see very little change as it relates to the day-to-day operations at [Anadarko],” Wells Fargo Securities analysts said of the CEO appointment.

During the fourth quarter, Anadarko Petroleum Corp. made its first post-drilling/permitting moratorium in the deepwater Gulf of Mexico (GOM) at the Cheyenne East prospect, which CEO Jim Hackett said heralds the company’s and the industry’s return to the GOM.

During the fourth quarter, Anadarko Petroleum Corp. made its first post-drilling/permitting moratorium in the deepwater Gulf of Mexico (GOM) at the Cheyenne East prospect. CEO Jim Hackett said it heralds the company’s and the industry’s return to the GOM.

SM Energy Co. and Mitsui & Co. Ltd. unit Mitsui E&P Texas LP have closed their acquisition and development agreement (ADA), giving Mitsui E&P a 12.5% working interest in SM Energy’s nonoperated Eagle Ford Shale acreage.

November natural gas engaged in its typical post-Energy Information Administration (EIA) storage report gymnastics Thursday, but traders saw other forces at work rather than the on-target EIA storage figures.

Connecting wellheads — particularly those in shale gas fields — to gas-fired turbines and burner tips will require billions in spending on midstream infrastructure over the next 25 years, according to a new report. Adding to the projected demand for new pipe, storage and other facilities is the increasing focus on liquids-rich gas production.