Penn Virginia Corp. (PVA) is opening its Eagle Ford Shale oil window wider with the acquisition of 40,600 gross acres (19,000 net) in Gonzales and Lavaca counties, TX, for $401 million from Magnum Hunter Resources Corp. (MHR), which has set its sights, in part, on the Pearsall Shale.
Articles from Profitability
ExxonMobil Corp.’s quest to remain the biggest operator in the Ardmore Basin’s Woodford Shale remains on track after the super major agreed to pay $147.5 million to buy the bulk of BNK Petroleum Inc.’s leasehold in the Tishomingo Field.
A continued overcapacity in land pressure pumping services, as well as no relief in natural gas pricing, will impact Halliburton Co.’s North American business again this year, CEO Dave Lesar said Friday.
Halliburton Co. CEO Dave Lesar made clear Wednesday that the slowdown in the U.S. and Canadian drilling market is only “transitory,” and the company will sit it out before cutting prices to capture new business.
How much more oomph can new drilling technology bring to the U.S. unconventional revolution? The United States likely will add 11 Bcf/d of natural gas to its reserves this year at total finding, development and completion costs under $3.00/Mcf, while a review of 45,000 unconventional oil wells is finding “tremendous” growth in oil reserves, preliminary IHS Inc. data indicate.
Marcellus Shale reserves may spark life into a shuttered, 110-year-old oil refinery complex south of Philadelphia that once supported nearly 500 jobs, according to IHS Inc. researchers.
Onsite power with low emissions and maintenance is an increasing necessity for operators in burgeoning oil and gas shale plays, and a couple of Southern California-based manufacturers are seeking markets for their distributed generation devices (see Shale Daily, Dec. 28, 2011).
Fitch Ratings on Friday joined a growing list of energy pundits in predicting no letup in North American natural gas production in 2012, low prices or not.
Trading exchange profitability continued to grow during the third quarter as IntercontinentaExchange (ICE) and CME Group posted 16% and 20% net income increases, respectively, over their third quarter 2008 results.