Raising

Two members of the Ohio General Assembly announced Tuesday that they are drafting a bill that calls for raising the state’s severance tax on natural gas drilling and would create a fund for localities where drilling takes place.

Magnum Hunter Resources Corp. is raising its production guidance for this year and next year based upon better-than-expected well results, according to the Houston-based company. Magnum Hunter is currently producing 12,500 boe/d, compared to its 10,000 boe/d guidance for the year. The company expects to close out 2012 producing 14,500 boe/d, up from its previous projection of 13,000 boe/d. Magnum Hunter operates in the Marcellus, Eagle Ford and Bakken shales. “We are very fortunate to have three resource plays within our portfolio that are now ‘hitting on all cylinders’ and providing an increase in our overall production levels well above expectations,” said CEO Gary C. Evans. “This is especially rewarding when our management team has been able to achieve these milestones while also staying within our original capital budget plan.”

The aftermath of a year’s worth of major natural gas pipeline safety incidents and heightened regulatory/legislative concerns are raising points of caution and reflection from regulators and a credit ratings agency.

Raising concerns of infrastructure and costs regarding the state’s 33% renewable portfolio standard (RPS) goal for 2020, Edison International CEO Ted Craver said last Monday his company’s utility is focusing on building new transmission and resolving the current uncertainty surrounding the state’s fleet of 20 coastal natural gas-fired generation plants. Craver made the comments in a first quarter earnings conference call with financial analysts.

Raising concerns of infrastructure and costs regarding the state’s 33% renewable portfolio standard (RPS) goal for 2020, Edison International CEO Ted Craver said Monday his company’s utility is focusing on building new transmission and resolving the current uncertainty surrounding the state’s fleet of 20 coastal natural gas-fired generation plants. Craver made the comments in a first quarter earnings conference call with financial analysts.

Joint ventures (JV) have given Chinese and Korean companies a toehold in U.S. shale gas plays while hardly raising an eyebrow among those who might oppose an outright corporate takeover of a U.S. energy company by such a foreign interest. However, it’s only a matter of time before such a deal happens, Deloitte LLP consultants said.

Joint ventures (JV) have given Chinese and Korean companies a toehold in U.S. shale gas plays while hardly raising an eyebrow among those who might oppose an outright corporate takeover of a U.S. energy company by such a foreign interest. However, it’s only a matter of time before such a deal happens, Deloitte LLP consultants said.

Former natural gas industry executive Sheffield Nelson has filed a ballot initiative in Arkansas to raise the state’s severance tax on natural gas production to 7% from the current 5% of market value.

Privately held Kinder Morgan Inc. will go public Friday (Feb. 11), raising as much as $2.3 billion by selling 80 million shares of common stock, the company said Thursday. In connection with the initial public offering (IPO), parent Kinder Morgan Holdco LLC will be renamed Kinder Morgan Inc. and converted from a Delaware limited liability company to a Delaware corporation.