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Cash market prices on average fell 4 cents Tuesday as a handful of points showing gains of a few pennies had no chance of offsetting a broad and pervasive decline.

Pennsylvania Gov. Tom Corbett is looking for a new secretary to lead the Department of Environmental Protection (DEP), but in a strange twist the outgoing secretary, Michael Krancer, is reportedly on a short list of names to replace a state Supreme Court justice who resigned Monday after being convicted on corruption charges.

Living up to preliminary estimates earlier in the year calling for a 50-year high (see Shale Daily, Jan. 25), Colorado oil/natural gas officials released statistics showing oil production was up 22% last year, soaring past the 40 million bbl mark for the first time in a half-century at 47.9 million bbl.

Private equity (PE) investments, which more than doubled in the U.S. oil and natural gas sector from 2002 to 2012, are showing no signs of drying up, according to PwC.

Natural gas pricing Tuesday was widely varied with the overall market showing an average loss of a dime. Once the high-flying New England pipelines such as Algonquin, Tennessee and Iroquois are factored out, however, the market actually showed a gain of 13 cents.

The United States will become the top producer of oil globally within five years, a net exporter of natural gas by 2020 and an oil exporter by close to 2030, all thanks to its massive unconventional resources, the International Energy Agency (IEA) said Monday in its annual flagship publication, the World Energy Outlook (WEO).

With its natural gas and power unit showing red ink in the face of historically low wholesale gas and electricity prices, Sempra Energy is in the process of exiting the merchant power sector where it has been selling off nonrenewable assets, CEO Debra Reed said Tuesday during a quarterly earnings conference call with financial analysts.

TransAlta Corp. and MidAmerican Energy Holdings Co. are partnering to develop natural gas-fueled power generation projects in Canada.

Caliber Midstream Partners LP, a joint venture (JV) formed by Triangle Petroleum Corp. and First Reserve Corp.’s Energy Infrastructure Fund (FREIF), will focus on midstream and infrastructure opportunities in the Williston Basin of North Dakota and Montana, Triangle said Monday.