Reported

Over the objections of Republicans, Democrats on the Senate Appropriations Committee Thursday reported out a bill that would expand the budgets for the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC) in fiscal year (FY) 2013 to regulate the multi-trillion-dollar derivatives market.

Pacific Gas and Electric Co. (PG&E) on Tuesday voluntarily reported to California regulators 180 instances in which parts of its natural gas transmission pipeline system were in violation of requirements related to cathodic protection to help prevent pipe deterioration and leaks.

Vermont Gov. Peter Shumlin signed a bill that calls for a ban on hydraulic fracturing (fracking) on Wednesday, a largely symbolic gesture but one that makes the Green Mountain State the first in the nation to outlaw the practice.

Despite strict rules governing wastewater disposal wells, enacted after a dozen small earthquakes were possibly caused by the injections, the Ohio Department of Natural Resources (ODNR) is on pace to receive a record number of permit applications this year for new injection wells.

Continuing high natural gas production levels driving prices to the sub-$2 level raise concerns of an eventual production bust that could result in higher prices for producers, according to a market report Thursday by FERC’s Office of Enforcement (OE).

Halliburton Co., the biggest oilfield services operator in North America, on Wednesday upended Wall Street’s expectations and reported strong first quarter results, despite challenging conditions in North America as producers moved operations from natural gas basins to oil targets.

The top geologists in Colorado and Oklahoma, two states with significant shale resources, say researchers with the U.S. Geological Survey (USGS) were hasty in suggesting that injection wells used to dispose of wastewater from oil and gas drilling are responsible for an increase in earthquakes in the Midcontinent region.

The Eagle Ford Shale will drive a 15% increase in onshore gas production from the Texas Gulf Coast by November, offsetting declines elsewhere in Texas, according to Bentek Energy LLC. The firm said it expects Texas to be “increasingly long gas in the near term as Eagle Ford production growth continues to outpace demand,” putting downward pressure on regional prices. According to Bentek’s Texas Observer, the state’s supply is up by 1 Bcf/d, or 5%, from a year ago, with the increase driven by growth in onshore production. Demand is up only 0.6 Bcf/d over the same period, according to Bentek. “Due to the combination of Marcellus [Shale] pushback and milder winter weather, net Texas outflows have declined nearly 0.4 Bcf/d since this time last year. As a result, Texas is currently 0.8 Bcf/d longer supply than year-to-date 2011,” Bentek said.

Dry natural gas production in the United States rose 11.6% in January from a year earlier to 2,047 Bcf gross, the Energy Information Administration (EIA) reported last week.