Chesapeake Energy Corp., the mega-operator that Aubrey McClendon built shale-by-shale, is being repurposed brick-by-brick as the company transitions from risky exploration to steady production.
Articles from Rights
Forced back into action following the Thursday Independence Day Holiday, physical gas traders in quiet trading Friday for weekend and Monday delivery managed to push most price point averages higher by a few cents, except for in the Northeast and California. Coming off dollar-plus losses on Wednesday, a number of Marcellus Shale-related points reversed course Friday to gain 80 cents or more. California was the only area in the red, with multiple points dropping a nickel to 15 cents.
Physical natural gas prices on average gained a penny in trading for Tuesday deliveries, but California prices soared as next-day power made huge weather-driven gains. Northeast locations were also strong, but many market hubs were flat to within a couple of pennies higher or lower.
The Macondo well blowout spilled much less oil than the U.S. government estimates of 4.9 million bbl, according to a reservoir engineering expert hired by operator BP plc.
Cyber attacks on the oil and gas industry ranging from espionage by foreign intelligence services to attempts to interrupt a company’s physical operations are posing “an increasingly challenging problem for U.S. national security and economic competitiveness,” according to a new study by the Council on Foreign Relations (CFR).
Given current commodity prices, natural gas wells drilled in the Marcellus Shale — wet or dry — compete favorably with marginal Bakken Shale oil wells, but that’s the only gas play in the U.S. onshore that today can compete with Bakken oil well economics, according to an analysis by Barclays Capital.
The number of natural gas vehicles (NGV) worldwide will nearly double between now and 2020, according to a report released last week by Navigant Research. NGVs on the roadway will increase steadily from 18.2 million now to 34.9 million by 2020, Navigant said.
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, the Bakken Federal Executives Group is the latest attempt to streamline federal processes that are criticized for being too slow.
Physical natural gas prices Wednesday for Thursday delivery fell an average of 8 cents nationally as double-digit, power-driven declines in the East and Northeast prompted declines in next-day gas that at some points exceeded $1.00. On the West Coast, however, prices made small advances as the independent system operator predicted high next-day power loads. At the close of trading the expiring July contract had added 6.0 cents to $3.707 and August rose 6.7 cents to $3.737. August crude oil gained 18 cents to $95.50/bbl.