Salazar Accuses GOP of Engaging in ‘Fairy Tale’ Energy Policies

Interior Secretary Ken Salazar Tuesday attacked Republicans for moving forward with “fairy tale” energy policies that are based primarily on campaign and political rhetoric.

April 25, 2012

Baker Hughes: ‘Rapidly Changing Market Conditions’ Slam Operations

Oilfield services provider Baker Hughes Inc. said Wednesday “rapidly changing market conditions,” primarily in the pressure pumping business in North America as drillers move rigs out of natural gas fields, likely will impact profits in the first quarter.

March 22, 2012

Northeast Cash Bounds Higher in Otherwise Flat Market

Cash prices traded close to unchanged Thursday with most quotes a penny or two higher or lower. However, Northeast prices shot higher primarily on supportive weather conditions.

March 2, 2012

Boardwalk Building Out in Eagle Ford

As it goes with producers, so it goes with the midstream: liquids-rich gas is the most desirable to have and to handle, and Boardwalk Pipeline Partners LP’s Boardwalk Field Services LLC is expanding its systems accordingly.

February 7, 2012

Industry Briefs

Led by increases of 9% (0.37 Bcf/d) in the Federal Offshore Gulf of Mexico and 1.9% (0.37 Bcf/d) in other states, natural gas production in the Lower 48 states increased 1.4% (0.96 Bcf/d) in October compared with the previous month, according to the Energy Information Administration (EIA). The increases were partially explained by wells coming back online that had been shut-in due to Tropical Storm Lee and drilling activity in the Marcellus Shale play, according to EIA’s Monthly Natural Gas Production Report. Offshore production, which has also have suffered from the moratorium on drilling there that followed the blowout of BP plc’s Macondo well (see see NGI, April 26, 2010), remains well below year-ago levels. Gross production from the Federal Offshore Gulf of Mexico was 4.49 Bcf/d in October, a nearly 25% decline from 5.95 Bcf/d in the year-ago period, according to EIA. Overall, U.S. production climbed 1.3% (1.05 Bcf/d) in October from September to 80.10 Bcf/d and were up 6.4% (4.85 Bcf/d) from the year-ago period, according to EIA. Wyoming posted a gain of 2.9% (0.19 Bcf/d); Alaska climbed 1.0% (0.09 Bcf/d); Texas was up 0.5% (0.12 Bcf/d); and Oklahoma remained unchanged at 5.37%. At the same time, Louisiana experienced a 0.7% decline (minus 0.06 Bcf/d) and New Mexico posted a decline of 0.8% (0.03 Bcf/d).

January 2, 2012

Mississippi Eyes Offshore Seismic, Leasing Activities

The Mississippi Development Authority (MDA) has published draft rules and regulations that seek to open the state’s offshore to seismic testing and leasing primarily south of the barrier islands, which is about nine to 10 miles from its shoreline.

December 22, 2011

Industry Briefs

Western Gas Partners LP. agreed to acquire the Red Desert Complex and related assets, primarily located in the greater Green River Basin of southwestern Wyoming from parent Anadarko Petroleum Corp. for $483 million. Included in the purchase is Anadarko’s 100% ownership interest in Mountain Gas Resources LLC (MGR), which owns the Red Desert Complex, a 22% interest in Rendezvous Gas Services LLC and related facilities. Red Desert represents most of MGR’s cash flow (90%) and includes the Patrick Draw processing plant with a capacity of 125 MMcf/d, the Red Desert processing plant with a capacity of 48 MMcf/d, 1,295 miles of gathering lines and related facilities. Rendezvous owns a 338-mile mainline gathering system serving the Jonah and Pinedale Anticline fields in southwestern Wyoming, which delivers gas to WES’s Granger Complex and other locations. Red Desert and Rendezvous together are expected to generate more than 98% of MGR’s operating cash flows. The acquisition is scheduled to close in January.

December 19, 2011

Western Gas Buys More Anadarko Midstream Properties

Western Gas Partners LP (WES) on Thursday agreed to acquire the Red Desert Complex and related assets, primarily located in the greater Green River Basin of southwestern Wyoming, from parent Anadarko Petroleum Corp. for $483 million.

December 16, 2011

Linn Energy Picking Up Granite Wash Assets

Linn Energy LLC has agreed to acquire Midcontinent oil and gas properties primarily in the Granite Wash of Texas and Oklahoma from Plains Exploration & Production Co. (PXP) for $600 million.

November 8, 2011

Study: Oil, Gas Shares Held Mostly by Middle Class

The outstanding shares of U.S.-based oil and natural gas companies are primarily held by the middle class rather than the officers and board members of the companies, according to a new study by a Washington, DC-based economic advisory firm.

October 31, 2011