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Despite taking a significant hit in its 2Q2012 profits related to its 25% interest in the Rockies Express Pipeline (REX), which is now on the sales block, San Diego-based Sempra Energy executives view REX as a “significant” asset long term because of its potential role in moving natural gas bidirectionally from the developing parts of the Utica and Marcellus shales.

Physical natural gas prices Friday were mostly flat, although a few Northeast points showed constraint-related gains. Prices at most points eased, and without the gains posted on Northeast pipes, the overall market was down on average by about 2 cents. Texas points were mixed and the West Coast was generally weaker. Futures fared much worse. At the close of trading August was down 16.9 cents to $2.776 and September was off 16.4 cents to $2.786. August crude oil imploded $2.77 to $84.45/bbl.

The U.S. Environmental Protection Agency’s (EPA) interpretation of the Clean Air Act (CAA) in a series of greenhouse gas (GHG)-related rules was “unambiguously correct,” according to a three-judge panel of the United States Court of Appeals for the District of Columbia Circuit, which last week denied petitions against the EPA’s timing and tailoring rules.

The city of Corpus Christi, TX, is appealing to the Texas Commission on Environmental Quality (TCEQ) to grant it the right to decide whether to sell water to oil and gas producers for hydraulic fracturing and other purposes in the Eagle Ford Shale of South Texas. One company has approached the city to buy water for industrial purposes, according to Corpus Christi Water Director Gus Gonzalez, as reported by the city’s Caller-Times newspaper. If the TCEQ agrees, the city would be allowed to divert surface water from the Choke Canyon reservoir for mining activities. “If [city] council approves any contract water sales, then all revenues generated will be deposited to the water fund and used to either reduce rates or fund future water supplies,” according to a city document related to the matter.

The U.S. Environmental Protection Agency’s (EPA) interpretation of the Clean Air Act (CAA) in a series of greenhouse gas (GHG)-related rules was “unambiguously correct,” according to a three-judge panel of the United States Court of Appeals for the District of Columbia Circuit, which on Tuesday denied petitions against the EPA’s timing and tailoring rules.

Following the abrupt departure of Forest Oil Corp. (FST) CEO H. Craig Clark, one analyst that follows the company suggested that his quick exit was related to the company’s failure to strike a joint venture (JV) in the Eagle Ford Shale of South Texas.

Kinder Morgan Energy Partners LP’s (KMP) Crude/Condensate pipeline (KMCC) has entered service, carrying crude oil and condensate from the Eagle Ford Shale of South Texas to the Houston Ship Channel.

Gov. Bev Perdue issued an executive order on Monday calling on various state agencies to organize a work group to study hydraulic fracturing (fracking) and then make recommendations for the best ways to regulate the practice.

The Pennsylvania Public Utility Commission (PUC) is skeptical of information pipeline operators have submitted to comply with a new state registry, the chairman of the agency told a Pittsburgh audience Friday.