Raised

The management team at unconventional natural gas giant Encana Corp. has raised its cost outlook for both the United States and Canada and said last week the labor and supply markets are as tight as they’ve ever been. However, the company is fighting back by using cutting edge technology to drill wells in less time and at a lower cost.

Information from a state regulatory commission staff audit released by a local congresswoman last week raised more questions about the thoroughness of Pacific Gas and Electric Co.’s (PG&E) maintenance repair and replacement work on its natural gas transmission pipeline system, and specifically Line 132, which suffered a tragic segment rupture in San Bruno, CA, last year.

Information from a state regulatory commission staff audit released on Monday by a local congresswoman raised more questions about the thoroughness of Pacific Gas and Electric Co.’s (PG&E) maintenance repair and replacement work historically on its natural gas transmission pipeline system, and specifically the Line 132 that had a segment rupture in a neighborhood of San Bruno, CA, last September.

Revenue raised through a proposed impact fee that would cost Marcellus Shale drillers a minimum $10,000 per well annually is needed to help close a project $4.2 billion budget gap in Pennsylvania, according to state Senate President Pro Tempore Joe Scarnati (R-Jefferson).

Newfield Exploration Co. recently raised its 2011 capital budget to $1.9 billion from $1.7 billion set at the beginning of the year. The increase largely relates to leasing in “an undisclosed resource play,” said CEO Lee Boothby during a conference call with financial analysts.

Big Oil profits are generating big benefits for public pension funds, the American Petroleum Institute (API) said last week.

Florida Gas Transmission raised the tolerance for negative daily imbalances from 20% to 25% in extending an Overage Alert Day for market-area customers through at least Thursday.

Revenue raised through a proposed impact fee that would cost Marcellus Shale drillers a minimum $10,000 per well annually is needed to help close a project $4.2 billion budget gap in Pennsylvania, according to state Senate President Pro Tempore Joe Scarnati (R-Jefferson).

With the onshore oil rig count “on fire,” Raymond James & Associates Inc. on Monday raised its U.S. onshore rig forecast for 2011 by 3% and initiated a 2012 forecast that is 9% higher year/year (y/y).