Stable

A standout performance in the Permian Basin increased oil production 23% year/year in the first three months of this year, but it’s not the only racehorse in the stable, Devon Energy Corp.’s top executive said Wednesday. Encouraging results from the emerging Mississippian Lime, for example, may provide the “next leg of growth.”

Liquids-rich onshore plays from a stable of better-known assets, including the San Juan Basin, and an emerging portfolio of unconventionals will “almost double” domestic liquids production this year, Encana Corp. U.S. chief Jeff Wojahn said Tuesday.

Natural gas prices will stay stable in a low range for the next five years across North America, and Canadian producers will suffer the most, the Calgary capital of the western industry heard last week.

Natural gas prices will stay stable in a low range for the next five years across North America, and Canadian producers will suffer the most, the Calgary capital of the western industry heard Wednesday.

Moody’s Investor Service on Wednesday said it was changing its outlook for Rockies Express Pipeline LLC (REX) from “stable” to “negative,” citing concerns over a possible decline in the natural gas pipeline company’s earnings in late 2014 and its long-term competitiveness.

For 2013, Southwestern Energy Co. is dialing down spending by $100 million but expects to increase net natural gas and oil production by 11-13% from this year. Drilling is increasing on the eastern side of the Fayetteville Shale, and new pipeline infrastructure is taking more gas to market from the Marcellus Shale, the company said.

Houston-based ZaZa Energy has completed drilling and casing its Eaglebine Stingray A-1H well in Walker County, TX, and said evaluation results are “very encouraging,” with estimates of 21 Bcf of gas and 29 million bbl of oil per section in place. ZaZa said it expects to begin hydraulic fracturing operations on Nov. 12, with initial production planned for late November.

Standard & Poor’s Ratings Services (S&P) on Tuesday gave the Sabine Pass facility to export liquefied natural gas (LNG) a strong credit rating and stable outlook, citing its ties to investment-grade companies.

TransCanada Corp. received the last of three key permits needed for its 485-mile Gulf Coast Project, an oil pipeline from Cushing, OK, to Nederland, TX, that would help alleviate constraints at Cushing where oil from the burgeoning Bakken Shale has been piling.