Reports

The Canadian government is launching two separate studies on the science of hydraulic fracturing (fracking) and its potential impact on the environment.

Range Resources Corp.’s stock price on Wednesday jumped almost 20% in early trading after reports surfaced that Royal Dutch Shell plc or another major oil company might make a bid for the company.

Rex Energy Corp. said results from its first test well into the Upper Devonian/Burkett Shale just north of Pittsburgh are encouraging enough to justify additional wells into the formation directly above the Marcellus Shale in the coming year.

June’s flood in and around the Bakken Shale play in North Dakota has been a setback for all the producers in the area, but it may not be as devastating as earlier reports indicated, MDU Resources Group Inc. senior executives said Tuesday during a second quarter earnings conference call.

June’s flood in and around the Bakken Shale play in North Dakota has been a setback for all the producers in the area, but it may not be as devastating as earlier reports indicated (see Daily GPI, June 28), MDU Resources Group Inc. senior executives said Tuesday during a second quarter earnings conference call.

The August natural gas contract put in another uninspired performance Tuesday as weather reports citing continued hot weather seem to be losing their market-moving punch. August fell 1.6 cents to $4.370 and September eased 2.4 cents to $4.331. September crude oil rose 39 cents to $99.59/bbl.

Only a few quarterly earnings reports from the exploration and production (E&P) sector to date have been unveiled, but more clarity about Gulf of Mexico (GOM) activity and the strength of natural gas drilling onshore is sure to come this week when the largest U.S. majors and some of the biggest independent E&Ps unveil their profit numbers.

August natural gas made it four in a row and continued to march higher Wednesday, prompted by reports showing extended heat over the eastern two-thirds of the country. At the closing bell August had risen 7.0 cents to $4.403 and September had tacked on 7.5 cents to $4.387. August crude oil rose 62 cents to $98.05/bbl.

SM Energy Co. said it has agreed with undisclosed buyers to divest a portion of its Eagle Ford Shale position.