Pulling

Mirroring the performance of the industry as a whole, XTO Energy Inc. said Wednesday it is pulling larger amounts of gas out of the ground even as it trims the number of rigs it has in operation.

The U.S. exploration and production (E&P) industry this year shows few signs of pulling out of its drilling decline, but the rapid and steep drop in natural gas and oil prices appears to be “near or at a trough,” Standard & Poor’s (S&P) said last week.

The U.S. exploration and production (E&P) industry this year shows few signs of pulling out of its drilling decline, but the rapid and steep drop in natural gas and oil prices appears to be “near or at a trough,” Standard & Poor’s (S&P) said Monday in an industry outlook.

Pulling energy professional resources provider Skipping Stone out from under the Commerce Energy umbrella, Skipping Stone President Greg Lander and founder Peter Weigand have partnered to acquire the company for an undisclosed sum. Founded by Weigand in 1996, Skipping Stone will continue to focus on the energy industry. The partners are expanding the company’s existing consulting service offerings to add interim management and contract resources, as well as executive search services. “We are pleased with the transaction and believe it results in Skipping Stone being better positioned to serve its clients by returning to its original focus of providing clients with seasoned energy industry veterans to help develop and evaluate strategic alternatives, pursue opportunities and solve problems,” said Lander. The purchase included all of the assets, intellectual property, client contracts and the operational and consulting personnel. Included in the assets is Capacity Center, www.capacitycenter.com, a wholly owned subsidiary that provides interstate gas pipeline capacity release transactions and other capacity and operational information to physical and financial trading companies and the Federal Energy Regulatory Commission. Skipping Stone’s headquarters are in Boston with additional locations in Chicago, Houston, Tampa and Orange County, CA. The company has more than 200 clients worldwide in the natural gas, electricity, renewable energy, software and clean energy technology markets.

Equitable Resources Inc. denied reports that it was pulling out of the Northeast Passage pipeline project, but rather said it merely has altered its game plan to get its Appalachian natural gas to market.

Pogo Producing Co. announced two transactions last week that have it pulling one foot out of the Gulf of Mexico and planting it in the Permian and Anadarko basins.

Consultants at Wakefield, MA-based Energy Security Analysis Inc. (ESAI) said Tuesday that continuing weakness in the crude oil market should put downward pressure on natural gas prices, but fears of a cold snap and recent winter market history are expected to provide strong support at around $6.50/MMBtu.

Consultants at Wakefield, MA-based Energy Security Analysis Inc. (ESAI) said Tuesday that continuing weakness in the crude oil market should put downward pressure on natural gas prices, but fears of a cold snap and recent winter market history are expected to provide strong support at around $6.50/MMBtu.

Pulling itself back up from its low $4.60 level late last week, October natural gas futures rebounded slightly following the long holiday weekend. The contract traded as high as $4.83 earlier in the session, but settled at $4.79, up 11.5 cents from Friday.