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.
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BreitBurn Energy Partners LP has completed the acquisition of producing natural gas and oil properties primarily in Wyoming from Cabot Oil and Gas Corp. for $283 million. Reserves acquired are 95% natural gas with estimated proved reserves of 230 Bcfe, including 136 Bcfe of estimated proved developed producing reserves. Net expected production averages more than 30 MMcfe/d for 2012. There are about 620 producing wells in 16 fields and more than 90 proven, undeveloped drilling locations and more than 600 additional potential drilling locations. The estimated reserve life index is 21 years on estimated proved reserves and 12 years on estimated proved developed reserves. Lifting costs are about 83 cents/Mcfe. BreitBurn acquired: in Wyoming, 238,000 gross acres (111,500 net); in Colorado 15,000 gross acres (13,000 net); and in Utah, 2,000 gross acres (500 net). The acquisition was funded with borrowings under its credit facility. BreitBurn entered into gas hedges for 2011 through 2015 on 30.5 million MMBtu of production at a weighted average price of $5.11/MMBtu.
Sempra Eyes Future Latin American, LNG Investments
While the new CEO reiterated Tuesday that San Diego-based Sempra Energy’s focus would remain fixed primarily on utility operations, the energy holding company will continue to look for other opportunities in what was called “contracted energy infrastructure” investments.
SM Energy Raises Spending; Analysts Note Efficiency
SM Energy Co. raised its guidance for 2011 and introduced plans for 2012 that surpass what analysts were expecting as company executives emphasized a sharpened focus on the Eagle Ford Shale in South Texas.
Marcellus Activity Keeps Rising
The Pennsylvania Department of Environmental Protection (DEP) issued 262 permits for Marcellus Shale drilling and operators reported drilling 154 wells into the formation in June, according to information released Monday.
National Fuel Gas Expects Marcellus Ramp-Up in FY2012
National Fuel Gas (NFG) continues to bet more chips on the Marcellus Shale.
Winter-Like Weather Helps Keep All Points Rising
Prices were higher in all of the cash market Wednesday, driven primarily by stubborn wintry weather across Canada and much of the northern U.S. — even though the seasons officially transitioned into spring last Sunday — and secondarily by the previous day’s advance of 9.3 cents by April futures. And as a producer had suggested Tuesday, storage buying for price arbitrage opportunities (and maybe by some traders who just wanted to get a jump on the traditional injection season) likely helped boost demand further.
A Remade Rosetta Is Banking on the Eagle Ford
A liquids-focused unconventional oil and gas makeover at Houston-based Rosetta Resources Inc. is showing the company in a much improved light as it continues to ramp up its activities in the Eagle Ford Shale of South Texas, CEO Randy Limbacher told financial analysts Monday.
Rex to Expand Marcellus Shale Drilling in 2011
Rex Energy is reporting a 104% annual increase in natural gas production for 2010, primarily on increased gas sales from its Sarsen Plant in Butler County, PA. The State College, PA-based company produced 8,462 Mcf/d of natural gas and 70 b/d of natural gas liquids in 2010 from its properties in the Marcellus Shale in Pennsylvania, as well as from the Illinois basin, and the Niobrara Shale in Wyoming and Colorado.
Rex to Expand Marcellus Shale Drilling in 2011
Rex Energy is reporting a 104% annual increase in natural gas production for 2010, primarily on increased gas sales from its Sarsen Plant in Butler County, PA.