Sales

Gas producers know they have to spend money to make money, and Louisiana shale patch players are hoping their state’s lawmakers remember that maxim if a repeal of Louisiana’s horizontal well severance tax investment incentive comes up for their consideration.

A deal is on the table and could be completed in the coming weeks to bring in a partner to develop the Eagle Ford Shale, an Anadarko Petroleum Corp. executive said Thursday.

Citizens for Pennsylvania’s Future (PennFuture) and 40 other state organizations have sent a letter to Gov.-elect Tom Corbett asking him to maintain the moratorium signed last year by Gov. Ed Rendell that prevents new leases for deep natural gas drilling in the state’s forests.

Magnum Hunter Resources Corp. said Friday it plans to fund construction of a 200 MMcf/d capacity cryogenic natural gas processing plant to serve shale gas producers in the West Virginia portion of the Marcellus Shale.

Like its peer Petrohawk Energy Corp. (see related story), SM Energy Co. is focusing more on the Eagle Ford. Plans for its Haynesville holdings are evolving.

A Barnett Shale landowner is suing units of Chesapeake Energy Corp. alleging underpayment of royalties via a scheme involving gas sales to an affiliate at less than full value. The lawsuit seeks class action status.

Canadian natural gas exporters are firmly on track — downhill — toward a second straight year of decline in annual sales, according to trade records kept by the National Energy Board (NEB).

Canadian natural gas exporters are firmly on track — downhill — toward a second straight year of decline in annual sales, according to trade records kept by the National Energy Board (NEB).

A “strong performance” in North America and overseas failed to offset declines in product and software sales for leading oilfield services provider Schlumberger Ltd., which on Friday reported 1Q2010 earnings down 28% from the year-ago period.