Responded

Hess Corp., which is facing a shareholder revolt for a perceived lack of focus and crony-heavy board, on Monday said it would become a pure-play exploration and production (E&P) company. The plan involves fully exiting the downstream business, selling Bakken Shale midstream, and bringing aboard six new independent directors.

Chimera Energy Corp., which had seen its stock price increase substantially this summer based on its claims of a deal with Mexico’s state-owned petroleum company, has since lost both its CEO and almost all of its stock value in the wake of concerns about the accuracy of many of the company’s statements.

FERC on Friday approved Transcontinental Gas Pipe Line’s (Transco) Northeast Supply Link project to provide additional firm transportation service from the Marcellus shale play to meet growing demand for natural gas in Pennsylvania, New Jersey and New York City.

Colorado Gov. John Hickenlooper responded Thursday to criticism from local elected officials in his state who are upset over his government taking the city of Longmont, CO, to court over its oil and natural gas drilling rules. Legal action was what Hickenlooper called a “last resort” in a letter he sent to various local officials considering similar local drilling rules.

Emergency crews from three northeastern Pennsylvania counties responded Thursday afternoon to an apparent flash fire at the Lathrop compressor station in Springville Township. The 12,000-square-foot facility, operated by Williams Partners LP, houses seven compressors.

Dominion East Ohio crews responded to a series of fires Monday morning in the northern Ohio village of Fairport Harbor, which is northeast of Cleveland. No injuries had been reported as of late Monday morning. Officials were blaming the fires on built-up pressure in natural gas lines.

The U.S. Coast Guard responded Wednesday to a rig fire in Bayou Perot, about 20 miles south of New Orleans in inland waters. Three people were reported injured on the rig, which was working on an inactive natural gas well.

Feeding off of the new 12-month low recorded in front-month natural gas futures on Friday, the cash market responded on Monday by falling at a vast majority of points across the nation. While most cash averages declined by less than a dime, a couple of gains in the nickel to dime range were sprinkled across the country, especially in the East.

July natural gas futures rose in volatile trading Friday as markets responded to an employment report showing fewer job losses than had been anticipated and traders expressed interest in the more distant portion of the price curve. July natural gas futures rose 5.8 cents to $3.868 and August gained 7.2 cents to $4.042. July crude oil fell 37 cents to $68.44/bbl, and the Dow Jones Industrial Average gained 12 points to 8,763.