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.
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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 Thursday.
Century Midstream LLC, whose focus primarily will be to develop and expand emerging liquids plays across North America, was launched Wednesday by private equity energy firm First Reserve Corp. and a team of seasoned midstream veterans.
Plains All American Pipeline LP is constructing a 95-mile extension of its Oklahoma crude oil pipeline to service increasing production from the Granite Wash, Hogshooter and Cleveland Sands producing areas in western Oklahoma and the Texas panhandle. The new Western Oklahoma pipeline will provide up to 75,000 b/d of takeaway capacity from Reydon, OK, in Roger Mills County to PAA’s Orion station in Major County, OK. At the Orion station, crude oil will flow on PAA’s existing pipeline system to the PAA terminal in Cushing, OK. The new Western Oklahoma pipeline is supported by long-term producer commitments and is expected to be in service by the end of the first quarter of 2014, the company said.
Energy industry efforts to reduce the amount of water used in hydraulic fracturing (fracking) through recycling and other means have to be stepped up if unconventional resources are to grow as projected, according to Ceres, which runs an influential institutional investor coalition.
Planning for the proposed Bluegrass Pipeline, which would carry mixed natural gas liquids (NGL) from the Northeast to the Gulf Coast, is still in early stages, but the project has piqued the curiosity of analysts who follow Bluegrass partner Boardwalk Pipeline Partners LP.
Crude oil production from the Eagle Ford Shale of South Texas was up by 74% in February compared with a year ago, reaching an all-time high of 471,258 b/d from the nine fields that comprise the majority of the play, according preliminary data from the Railroad Commission of Texas (RRC).
Continental Resources Inc. announced Wednesday that its proved reserves have nearly doubled, driven primarily by strong production growth in North Dakota and Montana’s portions of the Bakken Shale, and part from a legacy play in south-central Oklahoma.
Any action to restrict greenhouse gas (GHG) emissions will primarily come at the regulatory level rather than in Congress this year, said an official with the Independent Petroleum Association of America (IPAA). The would be the best route for President Obama, who begaun his second term in office last week and indicated one focus would be on climate change.
Any action to restrict greenhouse gas (GHG) emissions will primarily come at the regulatory level rather than in Congress this year, said an official with the Independent Petroleum Association of America (IPAA). The would likely be the best route for President Obama, who started his second term Monday, to make effective climate changes.