Revisions

Bolstered by record production, especially in the southwest Pennsylvania portion of the Marcellus Shale, and revisions to its estimated ultimate recovery (EUR) curves, Range Resources Corp. reported net earnings of nearly $144 million for the second quarter of 2013.

No. 3 oilfield services provider Baker Hughes Inc. on Friday reported a 30% drop in first quarter profits, stung by weak North American drilling, its biggest market. Schlumberger Ltd., the world’s largest oilfield services operator, also reported a drop in quarterly profits on declines in North America, and management said the outlook for the United States and Canada this year remains uncertain.

The Alaska Oil and Gas Conservation Commission (AOGCC) is weighing stricter regulations for hydraulic fracturing (fracking) that, among other things, would require expanded notification of landowners before fracking begins and disclosure of chemicals used in frack fluids.

A “stunning” increase in Texas oil and gas industry employment, which was revealed by revisions to recent workforce statistics, was driven by gains in the number of jobs supporting oil and gas exploration and production, said the economist who compiles the Texas Petro Index (TPI), a barometer of the industry’s health in the Lone Star State.

Determining whether Lower 48 state natural gas onshore production is falling is proving to be a difficult task because of the variable winter, but the aggregate amount of production curtailments from well freeze-offs “point to peak supply losses of as much as 1.8 Bcf/d,” according to Barclays Capital.

The Railroad Commission of Texas (RRC) on Tuesday approved RRC staff-recommended revisions to proposed changes to commission rules governing casing, cementing, drilling and completion of wells; cathodic protection wells; and seismic holes and core holes. Changes were initially proposed in September in response to action by the Texas Legislature. The revised proposal for changes takes into account responses received by commission staff during a public comment period. The current 45-day public comment period will end at noon April 1. A public hearing is scheduled for 1:30 CST Feb. 21 at the RRC’s Austin office.

A consortium of private equity investors is readying a $7.15 billion leveraged buyout of El Paso Corp.’s exploration and production (E&P) business, which includes an array of liquids-rich U.S. unconventional property that extends across Texas, Louisiana, the Raton Basin and the Rocky Mountains.

After spending big in the nation’s gas shale patch — and taking some heat for it — Chesapeake Energy CEO Aubrey K. McClendon said Thursday it is time for the company to reap what it has sown in announcing the Oklahoma City-based producer’s plans for this year and next.

Despite at least two revisions in some previous reports that made Thursday morning’s news of a 184 Bcf draw for the week ending Dec. 17 feel more like a 193 Bcf draw to the market, natural gas futures traders remained largely unimpressed. Trading a shortened session Thursday ahead of the long Christmas holiday weekend, the January contract recorded a $4.052 to $4.174 range before closing at $4.083, down 6.9 cents from Wednesday’s finish, but 1.7 cents higher than the previous week’s close.