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Chesapeake Energy Corp. (CHK) is the second largest natural gas producer and one of the largest leaseholders in the United States but its various financial deals have damaged the net asset value (NAV) of its portfolio, according to ITG Investment Research.

The first four in a series of 10 short films on energy from the director and producer of “Haynesville: A Nation’s Hunt for an Energy Future” (see Shale Daily, Nov. 23, 2010) debuted at the Aspen Ideas Festival in Colorado this week.

Cash market prices overall fell an average of 28 cents Thursday, but much of the decline resulted from short-term weather-driven changes affecting Northeast markets. Declines averaged closer to 14 cents if the multi-dollar free-fall experienced by Northeast markets is not considered, but losses were widespread nonetheless.

Regulators with the West Virginia Department of Environmental Protection (DEP) said permit applications for oil and natural gas drilling in the Marcellus Shale are taking about four months to process — about three months longer than they should take compared with past permitting.

Calpine Corp. has signed short-term resource adequacy (RA) power supply contracts with California’s three major electric utilities to ensure that the natural gas-fired Sutter Energy Center isn’t shut down — at least for now.

Despite 10-year low natural gas prices dampening the short-term economics, more gas pipeline and storage infrastructure ultimately is needed in the Pacific Northwest, according to Gregg Kantor, CEO of Portland, OR-based NW Natural Corp. Kantor made the remarks in reporting decreased profits on a conference call with financial analysts Tuesday.

Unconventional shale gas in the United States has proved to be a boon to the domestic economy, but if it’s only a “bridge” to a low carbon future, efforts have to be stepped up to “prepare a landing at the other end” — and that won’t be easy, energy economists said in a new report.

BP plc won’t be able to collect from Halliburton Co. any of the cleanup costs and economic losses that resulted from the Macondo well blowout in 2010 in the deepwater Gulf of Mexico (GOM), a district judge in New Orleans has ruled. U.S. District Judge Carl Barbier, who is to oversee a Macondo trial beginning later this month, in January made a similar ruling for Transocean Ltd. BP filed a lawsuit last year to recover from Halliburton, Transocean Ltd. and Cameron International some of the estimated $40 billion in costs and losses that followed the well explosion (see NGI, April 25, 2011) The case is In re: Oil Spill by the Oil Rig “Deepwater Horizon” in the Gulf of Mexico, on April 20, 2010, U.S. District Court, Eastern District of Louisiana, No. 10-md-02179. Halliburton was the well cementing contractor, Transocean owned the Deepwater Horizon drilling rig and Cameron manufactured the blowout preventer for the Macondo well. Cameron and BP settled their lawsuit in December (see NGI, Dec. 19, 2011). On Feb. 27 the litigants are scheduled to meet in New Orleans where Barbier is to preside over the initial BP spill trial.

January natural gas advanced Thursday as traders anticipating a further increase in gas storage had to scramble to cover short positions when the government announced an inventory decline. January gained 9.8 cents to $3.648, and February posted a gain of 9.7 cents to $3.675. January crude oil slipped 16 cents to $100.20/bbl.