Revenue

The head of the Interior Department’s (DOI) Bureau of Ocean Energy Management (BOEM) told a Senate panel that the Obama administration is opposed to three of the 26 energy bills that are being considered for inclusion in a broader, comprehensive energy bill.

Seventy Seven Energy Inc. (SSE), which spun off from Chesapeake Energy Corp. last year, has shifted some planned 2015 capital expenses to 2016, reduced product and material costs and cut jobs to deal with challenges ahead.

A study released by the Duke University Energy Initiative found that oil and gas production is generating significant revenue for local governments in eight states with active shale development, providing them with adequate funds to handle the increased costs associated with industry development.

A nonpartisan policy research group in Pennsylvania is doubling down on its assertion that the state would be better served by a severance tax on oil and gas, adding that Pennsylvania is getting “shortchanged” compared other states like Texas and West Virginia, which both have severance taxes.

U.S. Rep. Allyson Schwartz of Jenkintown, PA, who has declared her candidacy for the gubernatorial race in 2014, said she would enact a 5% severance tax on natural gas if elected, adding that over a decade such a tax could generate $13.2 billion in revenue for the state.

With industry, a U.S. senator and North Dakota state officials all focused on robust permitting applications for oil and natural gas development in the Bakken Shale, a new collaboration of federal agencies, the Bakken Federal Executives Group, is the latest attempt to streamline federal processes that are criticized for being too slow.

Texas lawmakers have sent a bill to Gov. Rick Perry that would provide $225 million in general revenue funds to help repair and maintain county roads damaged by oil and gas production activity, mainly in the Permian Basin and Eagle Ford Shale regions.

Houston-based Carrizo Oil & Gas Inc. turned in first quarter results that included record production and revenue driven by record oil results.

The Bakken Shale, Hess Corp.’s “principal engine of growth.” averaged 65,000 boe/d in the first three months of this year, an increase of 55% from a year ago, the CEO told investors on Wednesday.