Thirds

Hot conditions occupying most of the eastern two-thirds of the United States were unable to keep the overall rally that had begun the week from fading Tuesday. Prior-day futures weakness contributed to the bearish mood, and the return of industrial load from its normal weekend decline obviously was ineffective in propping up the cash market.

Chesapeake Energy Corp. said Friday it would pay $315 million to buy land driller Bronco Drilling Co. Inc. to advance its goal to own two-thirds of the rigs it operates in its unconventional drilling program.

More than two-thirds of the offshore oil and natural gas leases in the Gulf of Mexico (GOM) and more than half of the onshore leases on federal lands remain idle, according to a report requested by President Obama and released last Tuesday by the Interior Department. The oil and natural gas industry immediately shot back, saying that if anyone was to blame for idle leases it was the federal government because of the sluggish permitting process.

More than two-thirds of the offshore oil and natural gas leases in the Gulf of Mexico (GOM) and more than half of the onshore leases on federal lands remain idle, according to a report requested by President Obama and released Tuesday by the Interior Department.

Newfield Exploration Co. said it will spend about $1.7 billion this year on exploration and production activity, with two-thirds directed to oil plays and the rest focused on liquids-rich natural gas. The amount is equivalent to the company’s estimate of 2011 cash flow from operations.

Newfield Exploration Co. said it will spend about $1.7 billion this year on exploration and production activity, with two-thirds directed to oil plays and the rest focused on liquids-rich natural gas. The amount is equivalent to the company’s estimate of 2011 cash flow from operations.

The eastern two-thirds of the United States will continue to be dominated by colder-than-normal temperatures through April, while the West can look forward to warmer weather, according to the latest seasonal forecast from Andover, MA-based WSI Corp.

The eastern two-thirds of the United States will continue to be dominated by colder-than-normal temperatures through April, while the West can look forward to warmer weather, according to the latest seasonal forecast from Andover, MA-based WSI Corp.

Canadian natural gas exports to the United States fell by 13% in the first two-thirds of the current international contract year ending Oct. 31. In combination with a 43% drop in border prices, the decline cut export revenues in half, according to the National Energy Board (NEB).