With solid second quarter results in the books, Encana Corp. is taking a look at its entire North American portfolio and has begun putting a “new emphasis on our portfolio of emerging liquids plays,” CEO Doug Suttles told investors on Wednesday.
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Supporters of President Obama are twice as likely to want stringent regulation on hydraulic fracturing (fracking) than Mitt Romney backers, according to a Bloomberg National Poll released Thursday.
Continuing its strategy of increasing its acreage in the liquids-rich Bakken Shale and Three Forks Formation, a QEP Resources Inc. subsidiary has entered into two deals with multiple sellers to acquire “significant crude oil development properties” in the Williston Basin for an aggregate purchase price of close to $1.38 billion.
Archie W. Dunham, 73, the former chairman of ConocoPhillips, was tapped Thursday as Chesapeake Energy Corp.’s independent nonexecutive chairman. Dunham, who also was CEO of predecessor Conoco Inc., has had “no previous relationship” with the company, the board said.
Pipeline flows recorded by Bentek Energy LLC show that Louisiana’s Haynesville Shale region has surpassed the Fort Worth Basin/Barnett Shale region of North Texas in natural gas output. The two shale plays themselves are neck and neck in output. Signs are that the Barnett will soon bow to the Haynesville, the new Lower 48 shale play king.
The cash market relied on a continuance of moderate cooling load in the South — and not much else — in realizing small gains at most points Tuesday. The overall advance defied the previous day’s 13.7-cent drop by July futures and the fact that north of the southern third of the U.S. weather-based demand is almost nonexistent.
Driven by its ownership of Kinder Morgan Energy Partners LP (KMP), Kinder Morgan Inc. (KMI) reported record second quarter earnings Wednesday, up 11% over a year ago. Meanwhile, KMP reported an earnings jump of 16% in the quarter.
After starting the day at a session low of $5.780, the May natural gas futures contract on its farewell tour jumped to between $5.85-5.89 by mid-afternoon before attempting to test the $6 psychological mark at the session’s close. Reaching a high on the day of $5.970 with 100,449 contracts changing hands, the May contract expired at $5.935, up 6.1 cents on the day.
Continuing its march toward realizing its $3.4 billion asset divestment plan for 2003, El Paso Corp. on Thursday sold various Mid-Continent and northern Louisiana midstream assets to Regency Gas Services LLC, an affiliate of Charlesbank Capital Partners LLC. Subject to closing conditions, El Paso valued the transaction at $120 million. The deal is expected to close by the end of the second quarter 2003.
Continuing its march towards realizing its $3.4 billion asset divestment plan for 2003, El Paso Corp. on Thursday sold various Mid-Continent and Northern Louisiana midstream assets to Regency Gas Services LLC, an affiliate of Charlesbank Capital Partners LLC. Subject to closing conditions, El Paso valued the transaction at $120 million. The deal is expected to close by the end of the second quarter 2003.