Value

The combined value of all Ohio oil and natural gas production in 2014 was more than $3.1 billion, up nearly 132% from the prior year, according to an annual mineral industries report released late Friday by the Ohio Department of Natural Resources’ (ODNR) Division of Geological Survey.

Ryder Systems Inc., a transportation, logistics and supply chain management company that has made a large commitment to natural gas and other alternative transportation technologies, has an initiative to penetrate U.S. shale plays, CEO Robert Sanchez said during a second quarter earnings conference call.

Maryland’s Department of Environment (MDE) and Department of Natural Resources have released a draft report describing best practices for drilling and production that should be required if horizontal drilling and hydraulic fracturing of natural gas wells is permitted in the state’s portion of the Marcellus Shale, which is confined to its two westernmost counties.

Freeport-McMoRan Copper & Gold Inc. has completed its takeover of Plains Exploration & Production Co., with a total value of $16.2 billion, including $9.7 billion in debt. The transaction, completed Friday, included a payment of about $3.3 billion in cash ($25/Plains share), 91 million shares of Freeport common stock ($2.9 billion) and a special cash dividend of $3.00/share (see Daily GPI, May 21). The acquisition of related affiliate McMoRan Exploration Co. for close to $3 billion is expected to close on Monday (June 3), subject to shareholder approval. Former Plains Chairman and CEO Jim Flores was named co-vice chairman and CEO/president of subsidiary Freeport-McMoRan Oil & Gas LLC. Flores also is to be part of newly formed office of the chairman with Chairman Jim Bob Moffett and Vice Chairman Richard C. Adkerson, who also is CEO/president. Flores had served as chairman/CEO of Plains since its inception in 2002; he became president in 2004. Former Plains directors Alan Buckwalter and Thomas A. Fry also have joined the board. Buckwalter is the retired chair of JPMorgan Chase Bank, South Region, and Fry retired as president of the National Ocean Industries Association after serving from 2000 to 2010; he also previously directed the Department of Interior’s Bureau of Land Management.

Calling them a common sense approach that will complement state efforts, U.S. Interior Secretary Sally Jewell and Bureau of Land Management (BLM) officials Thursday unveiled revised draft rules for hydraulic fracturing (fracking) on all federal and Indian lands. The draft rules will now go through a 30-day public comment period.

Despite disappointing earnings at Consol Energy Inc. during the first quarter, the company reported 10.7 Bcfe of production in the Marcellus Shale, a 60% increase that signaled that the play is becoming increasingly important for the coal and natural gas producer.

Mexico’s Petroleos Mexicanos’ (Pemex) exploration and production (E&P) unit has awarded contracts with a total value of more than $350 million to Empeiria Acquisition Corp. and subsidiary Integrated Drilling Equipment Co. Holdings (IDE) to build four 3000HP AC modular platform rigs, Houston-based Empeiria said Monday.

ConocoPhillips, the largest U.S. independent by market value, plans to sell stakes in an Australian project and in the Canada oilsands to direct more funds to U.S. onshore plays, CEO Ryan Lance said Thursday.

ConocoPhillips, the largest U.S. independent by market value, plans to sell stakes in an Australian project and in the Canada oilsands to direct more funds to U.S. onshore plays, CEO Ryan Lance said Thursday.