Thirds

Nearly two-thirds of energy executives believe the United States can attain energy independence by 2030, eliminating the U.S. dependency for foreign oil, according to the results of the 11th annual Energy Industry Outlook Survey conducted by the KPMG Global Energy Institute.

A Canadian-based exploration/production (E&P) company founded five years ago put a chill on its bullish joint venture aimed at drilling on some of its extensive Monterey Shale acreage in California just as federal leasing policy in the state has been called into question for slowing development.

Utica Shale operators are discovering that with some patience and seasoning, estimated ultimate recoveries (EUR) for liquids reserves appear to move higher.

Citing continued downward pressure on natural gas prices, Houston-based Cabot Oil & Gas Corp. on Wednesday reported a 40% increase in production but decreased earnings in the second quarter from a year ago. Both natural gas and liquids production continued to soar, up 37% and 96%, respectively, CEO Dan Dinges said during a conference call with financial analysts.

Millennium Pipeline Co. LLC and sponsors of its proposed natural gas compressor station project in Minisink, NY, which would boost the company’s firm deliveries of Marcellus Shale gas to about 675,000 Dth/d to serve the Northeast and New England markets, continue to await FERC’s final decision on the application, originally filed almost a year ago.

Chesapeake Energy Corp. shareholders jettisoned two board members up for reelection and approved three shareholder-initiated resolutions at the company’s annual meeting in Oklahoma City, signaling a turning point for the operator’s corporate governance and likely for the future of CEO Aubrey McClendon.

Railroad Commission of Texas (RRC) Commissioner David Porter said Wednesday the state must work to mitigate the impact of numerous gas flares across the state as Texas develops its oil and gas reserves from shale plays.

Continuing cold weather near the East Coast and in Eastern Canada contrasted with milder forecasts for the western two-thirds of the nation to produce mixed price movement Tuesday. A modest majority of locations softened. The restoration of industrial demand following a holiday weekend appeared to have little market impact.

December futures continued their relentless retreat Wednesday as traders calculated that spot futures may have almost 18 cents more room to the downside and weather forecasts moderated again. At the close December had dropped 6.0 cents to $3.344 and January had shed 5.9 cents to $3.483. December crude oil vaulted $3.22 to $102.59/bbl.