The horizontal natural gas drilling boom drove a long production growth period, but that boom topped out in September 2011, and overall monthly production has remained basically flat since then, analysts at Stephen Smith Energy Associates said in their most recent Monthly Energy Outlook. And while the number of horizontal gas rigs has fallen about 70% from its peak, several effects have worked to maintain the 18-month production plateau, they said.
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NatGas Production to Remain Near Current Level This Year, Analyst Says
The horizontal natural gas drilling boom drove a long production growth period, but that boom topped out in September 2011, and overall monthly production has remained basically flat since then, analysts at Stephen Smith Energy Associates said in their most recent Monthly Energy Outlook. And while the number of horizontal gas rigs has fallen about 70% from its peak, several effects have worked to maintain the 18-month production plateau, they said.
Apache Tops Output Records, U.S. NatGas Volumes Rise
Apache Corp. topped its overall production record for the fourth consecutive year, the company’s management team said Thursday. Average daily production in 2012 increased to 779,000 boe/d, up 5.4% year/year. Despite the impact of substantially lower Canadian natural gas prices, revenues for the year hit a record $16.9 billion.
Northeast Quotes Peak at $13 in Overall Mixed Pricing
Transco Zone 6’s New York pool topped out at $13 and averaged nearly $12 Friday amid mixed price movement in most regions as traders kept in mind that the Sunday-through-Tuesday flows covered by their deals would be accompanied by the advent of frigid weather in much of the East. Several other Northeast points had peak quotes of $10 or more.
Chevron Profits Double, Production Falls
Lifted by high commodity prices and refinery margins, Chevron Corp. topped Wall Street expectations in the third quarter, reporting Friday that profits nearly doubled from a year earlier to $7.8 billion ($3.92/share) from $3.8 billion ($1.87). A consensus forecast by analysts had expected earnings to average $3.48/share in the latest period.
Chevron Doubles Quarterly Profits, Production Falls
Lifted by high commodity prices and refinery margins, Chevron Corp. topped Wall Street expectations in the third quarter, reporting that profits nearly doubled from a year earlier to $7.8 billion ($3.92/share) from $3.8 billion ($1.87). A consensus forecast by analysts had expected earnings to average $3.48/share in the latest period.
Haynesville Rig Count Down, But It’s Still a Prolific Play
It’s well documented by now that due to low natural gas prices a number of producers and oilfield service companies have been switching drilling efforts and asset buildup from the primarily dry gas Haynesville to “wetter” [that is, richer in crude oil and natural gas liquids (NGL)] plays such as the Eagle Ford and Marcellus. But quite a few in the industry see Haynesville as remaining a strong shale resource and eventually strengthening. It may take a few years, but many expect gas prices to eventually begin making up for ground lost to the soaring crude market.
KKR Continues Shale Rampage with RPM Energy Partnership
RPM Energy LLC and Kohlberg Kravis Roberts & Co. (KKR) have formed RPM Energy Partners LP to target joint venture opportunities with exploration and production companies in unconventional plays. They offer RPM’s expertise and KKR’s deep pockets.
Northeast Spikes Lead All-Points Advance
Soaring Northeast gains that topped $4 in Transco’s two Zone 6 pools were way out in front of an across-the-board run of higher prices Friday. The weekend blizzard stretching from the Mid-Atlantic into the lower Northeast, along with forecasts of sub-freezing lows in the Midwest, Rockies, Canada and even parts of the South, were chiefly responsible for the firmness.
Northeast Spikes Lead All-Points Advance
Soaring Northeast gains that topped $4 in Transco’s two Zone 6 pools were way out in front of an across-the-board run of higher prices Friday. The weekend blizzard stretching from the Mid-Atlantic into the lower Northeast, along with forecasts of sub-freezing lows in the Midwest, Rockies, Canada and even parts of the South, were chiefly responsible for the firmness.