Pioneer Natural Resources Co. has signed an agreement with Sinochem Petroleum USA LLC, a U.S. subsidiary of China’s Sinochem Group, to sell 40% of its interest in 207,000 net acres leased by the Pioneer in the horizontal Wolfcamp Shale in the southern portion of the Spraberry Trend Area Field for $1.7 billion.
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Xcel Energy’s combination Colorado utility filed quarterly rate changes with state regulators that could result in monthly retail natural gas utility bills dropping by up to 8% compared to the first quarter this year. The rate for residential natural gas customers would drop 6.9% from 52.06 cents/therm in1Q2012 to 45.17 cents/therm in 1Q2013; for small businesses, rates would drop 8% from 52.28 cents/therm to 44.82 cents/therm. The Denver-based utility is asking the Colorado Public Utilities Commission for the changes to be effective Jan. 1.
MarkWest Energy Partners is getting ready for “explosive growth” in the Northeast “in 2013 and beyond,” CEO Frank Semple said Thursday. Next year, natural gas liquids (NGL) processing in the Marcellus and Utica shales combined should increase to 4.8 Bcf/d from 2.7 Bcf/d to serve producer customers.
Marathon Oil Corp.’s third quarter profits jumped 11% year/year on strong revenue growth and increased production, especially from the Eagle Ford Shale.
Houston’s Diamond Offshore Drilling Inc., one of the top offshore rig contractors in the world, last week reported better-than-expected quarterly earnings from lower operating costs. Competitor Noble Corp. issued a mixed report, but CEO David Williams said the fundamentals for the offshore industry remain strong.
Chesapeake Energy Corp. is scheduled to report quarterly earnings late Tuesday, followed by a 9 a.m. ET conference call the following day that may draw a legion eager to hear from CEO Aubrey McClendon about what is taking place at undoubtedly the most tumultuous period in the corporation’s history.
Penn Virginia Resource Partners LP (PVR) is buying Chief Gathering LLC for $1 billion. Chief Gathering serves northeastern Pennsylvania Marcellus Shale producers and is a sister company to producer Chief Oil & Gas LLC.
ExxonMobil subsidiary XTO Energy Inc. was the big spender in the Bureau of Land Management’s (BLM) quarterly oil and gas lease sale in Salt Lake City Tuesday, bidding $38.8 million for four parcels covering 3,982 acres in the Uinta Basin in Carbon County, UT. The BLM received bonus bids totaling $49.4 million for 8,271 acres in 11 of the 13 offered parcels. The other major bidder was Bill Barrett Corp., which won two parcels covering 1,773 acres, also in Carbon County, with bonus bids totaling nearly $10 million. The producer submitted the highest total bid per acre: $12,100 on parcel No. 20 containing 811 acres.