November natural gas posted a new low Wednesday as traders could find no arguments in favor of higher prices and anticipated a government storage report expected to increase the long-term surplus and narrow considerably the deficit to last year’s record storage levels. At the close November had fallen 6.8 cents to $3.570 and December had given up 6.0 cents to $3.884. November crude oil bounded higher by $4.01 to $79.68/bbl.
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Enterprise: Shales, Liquids Driving Midstream Buildout
Among those midstream players scurrying to put assets on the ground is Enterprise Products Partners LP, which posted record earnings for the second quarter. During an earnings conference call COO Jim Teague enthused about growth in the Eagle Ford and Haynesville shales, as well as plans to move liquids out of the Marcellus.
August 10, 2011
Rig Technology Demand Drives National Oilwell Varco Profits
National Oilwell Varco Inc. (NOV), the largest U.S. oilfield equipment manufacturer, on Tuesday posted higher than expected quarterly profits, in part on rig technology orders, which jumped 26% in the period.
July 27, 2011
No Surprise: Domestic Gas, Oil Reserves Soaring
U.S. natural gas reserves jumped 12% and oil reserves rose 11% in 2010, the “strongest combined annual growth” posted over the five-year period, according to a study by Ernst & Young LLP of domestic exploration and production (E&P) companies.
June 16, 2011
Shale Lifts U.S. Reserves Numbers to Five-Year High
U.S. natural gas and oil reserves ended 2010 with the strongest combined annual growth in five years, according to the fourth annual benchmark study by Ernst & Young LLP.
June 16, 2011
SM Energy Inks $225M Eagle Ford Asset Sale
SM Energy Co. said it has agreed with undisclosed buyers to divest a portion of its Eagle Ford Shale position.
June 15, 2011
Weather Forecasts Boost July Toward $5; Traders Skeptical
July natural gas posted a double-digit gain as traders factored in a warmer temperature forecast and the emergence of tropical activity in the central Caribbean. At the end of the day July rose 12.0 cents to $4.827 and August gained 11.8 cents to $4.857. July crude oil tumbled $1.21 to $99.01/bbl.
June 7, 2011
Oil/Gas, Coal Prove Drag on Black Hills 1Q Results
Three of four Black Hills Corp. nonutility businesses posted red ink in the first quarter, the Rapid City, SD-based energy holding company reported Wednesday, with coal mining, energy marketing and oil/gas exploration and production (E&P) being the biggest drag. Black Hills’ multi-state utility operations contributed most of the profits for the quarter, which overall had adjusted net income of $23.3 million, or 59 cents/share, compared to $31.7 million, or 82 cents/share, for the same period last year.
May 13, 2011
Barnett, Horn River Boost Quicksilver Q1 to Record
Quicksilver Resources Inc. set a production record in the first quarter, thanks mainly to the company’s Barnett Shale and Horn River activities. However, the company posted a net loss for the quarter due to one-time items and lower natural gas prices.
May 10, 2011
Traders See Selling Opportunity in Hefty May Gain
May natural gas futures posted a stout double-digit gain Thursday ahead of an extended holiday weekend as traders reacted to a government inventory report showing storage gas to be somewhat less than anticipated. At the close May had advanced 10.2 cents to $4.412 and June gained 10.9 cents to $4.466. June crude oil continued its winning ways, posting a gain of 84 cents to $112.29/bbl.
April 25, 2011
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