Reflect

Sen Ron Wyden (D-OR), chairman of the Senate Energy and Natural Resources Committee, Tuesday called on the Department of Energy (DOE) to update its application process for exports of liquefied natural gas (LNG) to reflect the country’s shale revolution, and to ensure that the United States obtains the “greatest benefit” from this national asset.

Changing the name of the Railroad Commission of Texas (RRC) to more accurately reflect its duties as lead regulator over the state’s oil and natural gas industry and to provide more oversight over the elected members proved more difficult than some had thought, and the legislation died Tuesday in a state House committee.

During the first quarter, Quicksilver Resources Inc. lost more money than Wall Street was expecting as the company continued to “hammer on the cost side” of its business, deferring elective spending in the energy patch and cutting back on staff.

Chesapeake Energy Corp. has been downgraded again by Fitch Ratings, and on Monday two proxy services recommended against reelecting two directors at the annual meeting in June.

Houston-based NorTex Gas Storage Co. has changed its name to NorTex Midstream Partners LLC to reflect its new midstream energy market focus and asset acquisition strategy. “NorTex is in an active acquisition mode, committed to securing a full range of midstream assets and creating an unrivaled set of commercial solutions,” said CEO Robert Foss. NorTex owns and operates Worsham-Steed Gas Storage and Hill-Lake Gas Storage, high-deliverability, multi-cycle facilities serving the greater Dallas-Fort Worth market. These assets are in the Barnett Shale region and have multiple interconnections with several major pipelines serving energy markets from the Permian Basin at Waha to East Texas at Carthage, TX.

Even though northern shale drilling remains in its infancy, the British Columbia cradle of the emerging natural gas source is catching up fast to the traditional mainstay of Canadian supplies.

SemGroup Corp. on Monday soundly rejected a $1.24 billion takeover bid by Plains All American Pipeline LP, calling the offer “opportunistic” and failing to reflect the company’s “bright prospects.”

June natural gas futures continued to drop Friday as traders now see the market at a level more prone to reflect value but still poised to move lower in the near term. At the close June had weakened 2.6 cents to $4.235 and July had dropped 3.4 cents to $4.297. June crude oil continued its descent, losing $2.62 to $97.18/bbl.

Credit Suisse on Monday cut its U.S. natural gas 2010 price forecast by 35 cents to $4.75/Mcf from $5.10 to reflect the recent gains in onshore drilling, which could lead to a year/year (y/y) increase in domestic output.