Return

While lower profits in its merchant generation business and a decrease in weather-related energy sales hampered Dominion Resources Inc.’s full-year and 4Q2011 earnings, the Richmond, VA-based company said it has made “significant progress” in developing infrastructure projects to serve the robust shale gas production from the Marcellus and surrounding plays.

Schlumberger Ltd. expects the drilling rig count in the U.S. Gulf of Mexico (GOM) to return to pre-Macondo levels later this year, CEO Paal Kibsgaard said Friday. However, North America’s onshore rig count is forecast to be flat, with more oil-directed rigs compensating for fewer rigs primarily drilling for gas.

Schlumberger Ltd. expects the drilling rig count in the U.S. Gulf of Mexico (GOM) to return to pre-Macondo levels later this year, CEO Paal Kibsgaard said Friday. However, North America’s onshore rig count is forecast to be flat, with more oil-directed rigs compensating for fewer rigs primarily drilling for gas.

Despite a return of spring-like weather bringing cool to mild temperatures to the South, wintry conditions occasionally abetted by snowfalls proved sufficient to rally a majority of points Tuesday, although flat performances were common and most of the gains were in single digits.

Believing natural gas and oil prices will stay at their current levels “for a while,” Talisman Energy Inc. could shift money from the Marcellus and Montney shales to the Eagle Ford Shale next year as its focuses on liquid-rich plays, CEO John Manzoni said Wednesday.

A large majority of trading locations were softer Tuesday as more seasonable fall temperatures return to most areas. Even the Midwest, where a cold front will be delivering considerably chillier conditions and snow in some sections at midweek, participated in the overall downturn.

When they return from summer recess on Monday (Sept. 19), Pennsylvania lawmakers will take up a tax or fee on natural gas developers, pipeline safety measures and a model ordinance for local governments, but they probably won’t discuss forced pooling, legislative leaders told an audience in Philadelphia last week.

Although there was only a fairly small return of heat in the Northeast Monday and some areas there were already due to start seeing high temperatures slacken again a few degrees Tuesday, Northeast citygates recorded most of the largest upticks of up to about 35 cents. One source suggested that Monday’s moderate temperature upticks may have spurred a little extra buying by Northeast traders to resolve unexpected Monday imbalances.

New Jersey officials have told the Delaware River Basin Commission (DRBC) that the state might withhold its dues to the organization if it doesn’t enact rules governing hydraulic fracturing (fracking) within the Delaware River Basin by its next meeting in September.