Rebounded

Following a turbulent period in the Gulf of Mexico after the Macondo well blowout in April 2010, offshore drilling companies have rebounded and are outperforming the top land service providers, according to IHS Inc.

Comstock Resources Inc. announced Monday that it plans to spend about $420 million on exploration and development activities in 2013, with a drilling program focused on its oil-weighted holdings in South and West Texas — in the Eagle Ford Shale and Wolfbone and Wolfcamp formations in the Permian Basin, respectively.

The U.S. energy outlook is “fundamentally changed” because of the revolution in unconventional natural gas and oil production, generating strong job creation, economic growth and government revenues, IHS Inc. said Tuesday.

Pointing to international investment house failures that rebounded to their U.S. affiliates and ultimately the American taxpayer, Chairman Gary Gensler of the Commodity Futures Trading Commission (CFTC) said those foreign-based affiliates should come under the same market reforms being installed in the United States.

Friday’s trading found cash prices overall flat with Thursday, but points throughout the Rockies and as far south as the Permian Basin rebounded from an outage reported east of Bakersfield, CA. Midcontinent points rose, but Gulf Coast locations weakened. At the close of futures trading June had fallen 6.1 cents to $2.279 and July had slipped 5.9 cents to $2.371. June crude tumbled $4.05 to $98.49 following a weak employment report and hints of hedge fund liquidation.

Marcellus Shale drilling rebounded in October, according to recently released figures.

Marcellus Shale drilling rebounded in October, according to recently released figures.

Futures rebounded from Thursday’s decline on Friday as observers noted buying interest from the end-user community, and saw a bearish price pattern from last year that is not likely to repeat. At the close September had risen 4.8 cents to $3.940 and October was up 4.2 cents to $3.941. September crude oil eased 12 cents to $82.26/bbl.

Quicksilver Resources Inc. set another production record in the second quarter and rebounded from a 1Q2011 net loss with net income of $109 million (61 cents/share) in 2Q2011. Production in the Barnett Shale, which has been a primary driver of the company’s recent growth, is expected to ramp up through at least the end of the year.