Trip

Chesapeake Energy Corp., which has been on a tumultuous trip both financially and management-wise over the past year, recorded a profit in 4Q2012, albeit lower than a year ago, but price-related revisions — nearly all related to onshore natural gas assets in the Barnett and Haynesville shales — led to losses for the year.

A relatively short trip from the Haynesville Shale and about as old as the Eagle Ford, the Tuscaloosa Marine Shale (TMS) — which stretches from Texas through Louisiana and into Mississippi — could now be considered the “penny stock” of the shale plays. Those who get in early will get in cheaply, but they’ll have to stomach some risk as the play is not yet a sure thing like its more mature peers.

A relatively short trip from the Haynesville Shale and about as old as the Eagle Ford, the Tuscaloosa Marine Shale (TMS) — which stretches from Texas through Louisiana and into Mississippi — could right now be considered the “penny stock” of the shale plays. Those who get in early will get in cheaply, but they’ll have to stomach some risk as the play is not yet a sure thing like its more mature peers.

Following their brief trip below $4 late last week, March natural gas futures rebounded on Monday to record a high of $4.159 before closing at $4.097, up 9.1 cents from Friday’s finish. With many in the industry currently believing gas with a three at the front of the price might be too low, Monday’s rebound was likely sparked by price level expectations as opposed to any turnaround in fundamentals.

The Independence Hub production platform has set sail from Corpus Christi, TX, for a five-day trip to the deepwater Gulf of Mexico (GOM), where it will be installed in about 8,000 feet of water — the deepest offshore platform to date. The hub is expected to ramp up in the second half of 2007, with the capacity to increase natural gas production from the GOM by 1 Bcf/d (see Daily GPI, Oct. 23, 2006).

Aboriginal politics, formerly a lethal snare in northern Canada, will not be allowed to trip up the Mackenzie Gas Project, a ruling by the National Energy Board has confirmed.

The Industrial Energy Consumers of America (IECA) told members of Congress last Thursday that ethical questions have been raised by CFTC Chairman James E. Newsome’s decision to resign from the agency in order to become the new president of the New York Mercantile Exchange (Nymex), which is regulated by the Commodity Futures Trading Commission (CFTC).

The Industrial Energy Consumers of America (IECA) told members of Congress Thursday that ethical questions have been raised by CFTC Chairman James E. Newsome’s decision to resign from the agency in order to become the new president of the New York Mercantile Exchange (Nymex), which is regulated by the CFTC.

On a cross-border trip to expand Texas’ energy business and attend the 5th Texas Energy Trade Mission, Gov. Rick Perry on Thursday told the American Chamber of Commerce and the Mexican Foreign Trade Council that the state’s businesses stand ready to help meet its southern neighbor’s rising energy needs.