With a recently signed joint venture agreement targeting the Wolfcamp Shale in hand, Pioneer Natural Resources Co. this year plans to step up horizontal drilling there. In the Eagle Ford, longer laterals and more white sand proppant instead of ceramic are on the agenda.
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For Apache Corp., whose drilling operations ramped up in 1955 in the Cushing field of Oklahoma, home is now the sweetest place to be, CEO Steve Farris said Thursday.
Japan’s Mitsubishi Corp. is investing $2.9 billion to acquire a 40% stake in Encana Corp.’s Cutbank Ridge leasehold in British Columbia, the companies said Friday. The deal is set to close this month.
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.
Countering recent reports that drilling activity in the Bakken Shale play in North Dakota was being cut back, an analyst with Standard & Poor’s Ratings Services (S&P) told NGI’s Shale Daily Monday that drilling and production was still “full steam ahead,” although margins may compress some next year.
The third quarter production of Cabot Oil & Gas Corp. has not been affected by “recent operational challenges and the logistics of moving gas in northeast Pennsylvania,” the company said Friday.
ExxonMobil Corp.’s profits in the first three months of 2011 eclipsed its peers on higher natural gas production and solid chemical returns, harkening back to the industry’s boom days before the late 2008 global economic collapse. Chevron Corp., BP plc, ConocoPhillips and Royal Dutch Shell plc were among several big producers also reporting profitable results.
When the Pennsylvania General Assembly returns to its regular session next week it will once again face a proposal to institute a severance tax on natural gas production.
Chevron Corp. has its hand in nearly every natural gas and oil producing basin on- and offshore around the world. But for the long term, natural gas development will be the driver, and U.S. shale plays offer “opportunities” to sustain organic growth, the company’s exploration and production (E&P) chief said last Monday.