Preceding

The United States continued to crush the global merger and acquisition (M&A) market between April and June, but deal values in the first half of 2013 (1H2013) represented the lowest six-month period since at least 2007, according to a survey by PLS Inc. and partner Derrick Petroleum Services.

An Oklahoma tax break for horizontal wells enacted in 2010 is depriving the Sooner State of revenue that could beef up its rainy day fund and should be reconsidered, the state’s secretary of finance and revenue said.

Those who worry that export of liquefied domestic natural gas will invite global oil price volatility into the U.S. gas market are forgetting about fungibility, Rice University energy fellow Ken Medlock said during a recent presentation.

Researchers commissioned by state government agencies have offered differing opinions over whether a housing shortage is on the horizon in eastern Ohio, where development is ramping up in the state’s portions of the Marcellus and Utica shales.

Denver-based SM Energy Co. is marketing all of its properties in the Anadarko Basin, including its Granite Wash interests. The sale of the gas-weighted assets is part of normal high-grading activities, the company said. Proceeds could be spent in the Permian Basin or in the Eagle Ford Shale, analysts speculated last week.

Dry natural gas production in the United States, boosted by stronger pipeline flows from the Marcellus Shale, led Goldman Sachs analysts last week to revise their forecasts down for prices and lift expectations for end-of-summer storage levels.

Driven primarily by the continued success of its drilling program in the Marcellus Shale, Range Resources Corp. saw its production volumes surge to a record high of 910 MMcfe/d in 2Q2013, a 27% increase over 2Q2012, the Forth Worth, TX-based company said. Production during the quarter was 79% natural gas, 15% natural gas liquids (NGL) and 6% crude oil and condensate. Oil and condensate production increased 39% compared with 2Q2012, NGL production rose 35% and natural gas production increased 24%, Range said. Total 2Q2013 production exceeded the high end of Range’s guidance of 880-890 MMcfe/d due to the timing of turning wells to production and continued positive performance of wells in the Marcellus Shale. Range’s production number came in “well ahead of both Street and our estimate of 904 MMcfe/d,” said Wells Fargo Securities analysts, who added that they are looking for an update from the company on Marcellus infrastructure and pricing.

The Environmental Protection Administration (EPA) said Thursday it plans to develop a proposed rule requiring companies who make chemical substances and mixtures used in hydraulic fracturing (fracking) to report data on the chemicals.

Magnum Hunter Resources Corp. is planning to build production through the rest of this year from its substantial asset base in the Appalachian Basin after being knocked back early this year from a lack of pipeline capacity for natural gas liquids (NGL), CEO Gary Evans said last week.