Track

Total natural gas supply is on track to grow at a slower rate over the next two decades than had been previously anticipated, the Energy Information Administration (EIA) said last Thursday in its Annual Energy Outlook for 2004 (AEO2004). And that’s after liquefied natural gas (LNG), unconventional gas and Alaska gas have been factored in.

Range Resources said that based on drilling results through Sept. 30, the company is on track to meet its production and reserve growth targets for 2003. Third quarter production averaged 159.2 MMcfe/d, a slight increase over second quarter and 5.2% higher than in 3Q2002. With newly drilled wells steadily coming online, production has continued to increase and currently exceeds 162 MMcfe/d. The company also announced that its bank group recently approved an increase in the funds available under its credit facility. The borrowing base was increased by $10 million to $180 million. The company currently has over $75 million available under the facility. On Sept. 30, Range had $280 million of total debt, down from $368 million at the end of 2002. At the end of the third quarter, its debt-to-capital ratio had fallen to 50% from 64% at year-end 2002. “Fourth quarter production is off to a good start, and over 30 wells are currently drilling, completing or awaiting pipeline connection,” said Range President John Pinkerton. “We are also pleased that our bank group is recognizing our progress and is providing additional flexibility under the credit facility. With our stronger financial position, we remain focused on our strategy of drill bit growth coupled with complementary acquisitions.”

Those advocating a fast track for approval of infrastructure projects should get their message through to energy bill conferees, FERC Chairman Pat Wood said last Tuesday, noting that energy legislation only “comes around one time in about 10 years.”

Those advocating a fast track for approval of infrastructure projects should get their message through to energy bill conferees, FERC Chairman Pat Wood said Tuesday, noting that energy legislation only “comes around one time in about 10 years.”

On track to grow its natural gas reserves 25% this year, XTO Energy Inc.’s CEO on Wednesday said the company will continue its strategy to uncover quality natural gas assets in key legacy basins of North America.

On track to grow its natural gas reserves 25% this year, XTO Energy Inc.’s CEO on Wednesday said the company will continue its strategy to uncover quality natural gas assets in key legacy basins of North America.

Oil and gas drilling in North America appears to be on the upswing, according to oil and gas industry service companies that keep track of offshore and onshore statistics. Offshore drilling in the Gulf of Mexico was up in July more than 5% over a year ago, according to GlobalSantaFe Corp.; Baker Hughes. Inc. found that the number of rigs actively exploring domestically has increased since the beginning of the month; and the Canadian service sector reports a summer drilling boom is more than making up for a slow spring.

A made-in-Canada sales agency, led by a team with a blue-chip track record, has stepped forward with a vow to restore competition and choice to natural gas marketing by going back to basics of directly connecting producers and buyers.

A made-in-Canada sales agency, led by a team with a blue-chip track record, has stepped forward with a vow to restore competition and choice to natural gas marketing by going back to basics of directly connecting producers and buyers.