Reduction

Shale patch heavyweight Chesapeake Energy Corp. has reached its debt reduction goal, built an internal oilfield services unit to counter cost inflation and grew first quarter production 20% as it increasingly emphasized higher-value oil and natural gas liquids (NGL), CEO Aubrey McClendon enthused during an earnings conference call Tuesday. But Wall Street was not impressed.

Chesapeake Energy Corp. has reached its debt reduction goal, built an internal oilfield services unit to counter cost inflation and grew first quarter production 20% as it increasingly emphasized higher-value oil and natural gas liquids (NGL), CEO Aubrey McClendon enthused during an earnings conference call Tuesday. But Wall Street was not impressed.

The Energy Information Administration (EIA) plans to completely cut out or scale back a number of its energy analysis programs due to a 14% reduction in its budget for the current fiscal year.

The Energy Information Administration (EIA) plans to cut out completely or scale back a number of its energy analysis programs due to a 14% reduction in its budget for the current fiscal year.

Chesapeake Energy Corp. said Monday it plans to sell all of its Fayetteville Shale assets, as well as its equity investments in Frac Tech Holdings LLC and privately held Chaparral Energy Inc. Pre-tax proceeds could exceed $5 billion, the Oklahoma City-based company said.

Houston-based Goodrich Petroleum Corp. said Monday its preliminary 2011 capital expenditure budget is $225 million, a $30 million reduction from 2010 spending; however, production is expected to grow.

The Delaware River Basin Commission (DRBC) on Thursday proposed rules that would allow natural gas development projects — with conditions — in affected areas of the Marcellus Shale.

WA-based Avista Utilities’s natural gas and electric customers in Idaho on Monday will get a surprise of a small rate increase prompted by the reduction by the Idaho Public Utilities Commission (PUC) of two rate credits consumers have been receiving.

Natural Gas Pipeline Company of America (NGPL) has submitted a proposed settlement that would give shippers an 8% reduction in firm transportation rates in exchange for resolving Section 5 allegations of over-recovery of cost of service.