The cash market overall gained on average about 3 cents Wednesday with Northeast points reporting stout gains, and increases at Midwest locations not far behind. The approval of a major pipeline project anticipated to expand deliveries into New York City by 4Q2013 ripped through the basis market and differentials narrowed considerably. Futures advanced and by the close June had advanced 3.0 cents to $2.737 and July had gained 2.0 cents to $2.796. July crude oil plunged below $90 and settled at $89.90, down $1.95/bbl.
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Chesapeake CEO Under More Fire; Largest Shareholder Steps In
Chesapeake Energy Corp. CEO Aubrey McClendon, reporting on a disappointing 1Q, said Wednesday the company is cutting its natural gas drilling count to 12 by the third quarter, down from 100 in January 2011 and switching to a liquids focus. He apologized for the “distractions” of recent days as another storm broke over his personal investments that so far have cost him the chairmanship.
May 3, 2012
Drilling Gets a Boost from Governor in California, Oxy CEO Says
While reporting a big increase in 4Q2011 and full-year profits, Occidental Petroleum Corp. (Oxy) CEO Stephen Chazen on Wednesday said the permitting process for drilling in California had been streamlined, and he credited Gov. Jerry Brown for the turnaround.
January 27, 2012
Range Boasts Record Production Without Barnett
Following a trend among the major players in the Marcellus Shale, Range Resources Corp. is reporting record production rates after averaging 625 MMcfe/d across its portfolio in the fourth quarter.
January 18, 2012
GOM Producer McMoRan Swings to Profit
McMoRan Exploration Co. surprised analysts Tuesday after reporting that it swung to a profit in the final three months of 2011, propelled by increased natural gas-weighted output and lower operating expenses.
January 18, 2012
SM Energy Disputes Termination of Marcellus Deal
SM Energy Co. intends “to pursue any and all legal remedies” arising from Endeavour International Corp.’s decision to terminate agreements to buy a 42,000-acre leasehold and associated pipeline assets in McKean and Potter counties in northern Pennsylvania, the Denver-based company said.
December 19, 2011
Rex to Bring Utica Well Online in January
Rex Energy Corp. is reporting results from its first Utica Shale test well that exceed initial results from a Chesapeake Energy Corp. well drilled nearby earlier this year.
November 3, 2011
Chevron Profits Double, Production Falls
Lifted by high commodity prices and refinery margins, Chevron Corp. topped Wall Street expectations in the third quarter, reporting Friday that profits nearly doubled from a year earlier to $7.8 billion ($3.92/share) from $3.8 billion ($1.87). A consensus forecast by analysts had expected earnings to average $3.48/share in the latest period.
October 31, 2011
Chevron Doubles Quarterly Profits, Production Falls
Lifted by high commodity prices and refinery margins, Chevron Corp. topped Wall Street expectations in the third quarter, reporting that profits nearly doubled from a year earlier to $7.8 billion ($3.92/share) from $3.8 billion ($1.87). A consensus forecast by analysts had expected earnings to average $3.48/share in the latest period.
October 31, 2011
Chesapeake Calls First Utica Wells ‘Strong’
Chesapeake Energy Corp. is reporting “strong initial production” from its first Utica Shale wells.
October 3, 2011
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