Reserves

U.S. oil and natural gas reserves grew in 2014 by an average of 11% year/year, but that was before commodity prices took a big tumble, according to Fitch Ratings.

Mexico’s Petroleos Mexicanos (Pemex) and private equity (PE) giant First Reserve are partnering in a $1 billion venture to build energy infrastructure across the country.

Shares of Denver-based SM Energy Co. took off Tuesday after the company reported production growth that beat guidance and Wall Street expectations.

U.S. proved reserves of crude oil and lease condensate exceeded the 36 billion bbl threshold for the first time since 1975, while North Dakota surpassed the federal Gulf of Mexico (GOM) and is now second only to Texas, according to the U.S. Energy Information Administration (EIA).

U.S. natural gas proved reserves increased nearly 10% and reached a record 354 Tcf in 2013, according to the U.S. Energy Information Administration (EIA). Meanwhile, North Dakota’s crude oil and lease condensate proved reserves surpassed those of the federal Gulf of Mexico (GOM), ranking it second only to Texas among U.S. states.

Texas remains the most attractive place in the world for oil and natural gas investment, with Alberta holding the No. 2 position, the Fraser Institute reported Thursday.

Panhandle Oil & Gas Inc. said its total proved reserves had increased 36% at the end of the third quarter, thanks in part to its acquisition of producing properties and drilling locations in the Eagle Ford Shale last June.

In ongoing energy reform, Mexico state-owned oil company Petroleos Mexicanos (Pemex) will hold on to the majority of its currently producing oil fields, but in the months ahead, bids will be taken from parties that want to participate in the development of reserves in four packages outlined by Pemex.

GE Energy Financial Services (GEFS) and Casillas Petroleum Corp. have partnered to purchase oil and gas reserves in southwest Kansas from Denver-based Cimarex Energy Co., they said Tuesday.