Wednesday

Citing “intense pressure” from industry and its allies in Congress, a New Jersey congressman said Wednesday that the Interior Department appears to be making its proposed rules governing hydraulic fracturing (fracking) of oil and gas wells on public lands weaker, not stronger.

Citing drilling and acquisitions it made last year in the Wattenberg field north of Denver, PDC Energy Inc. on Wednesday reported a 19% jump in production in the first quarter, compared with the same period last year, and record output of more than 10,000 b/d of liquids.

In a letter to the Office of Management and Budget (OMB), Commodity Futures Trading Commissioner Bart Chilton Wednesday proposed that the agency be allowed to impose a targeted fee on transactions in the derivatives markets.

John H. Williams, 94, a founding leader of natural gas midstream and pipeline giant Williams, died Wednesday at his home in Linville, NC. He had worked for Williams Brothers founders Dave and Miller beginning in 1938, and 11 years later he, his brother Charlie and cousin David bought the company. John Williams served as president and CEO until 1971 and as chairman and CEO from 1971 to 1979. One of his signature achievements was the 1966 purchase of Great Lakes Pipe Line, which at the time was substantially larger than his company. In his tenure as CEO, Williams’ market value increased from $25,000 in 1949 to $406.5 million in 1978. From 1964 to 1974, the average combined return to investors ranked No. 1 among Fortune 500 companies. John Williams is survived by his wife, Joanne, and three sons. “This is a huge loss to many of us personally and certainly for our great company,” said Williams CEO Alan Armstrong. “He has been an inspiration to all who have been lucky enough to know him.”

Chesapeake Energy Corp., which has dropped rigs and deferred most of its dry natural gas drilling for the year, said Wednesday that stronger-than-anticipated output from the Marcellus Shale should lift output higher in 2013 than it was two years ago.

Tulsa-based midstream operator SemGroup on Wednesday agreed to a $300 million cash price for Chesapeake Energy Corp.’s interests in subsidiary Mid-America Midstream Gas Services LLC, that comes with a 20-year gathering and processing contract for 540,000 net acres in the Mississippian Lime play.

San Bruno, CA, the suburb south of San Francisco that endured a devastating natural gas pipeline rupture and explosion almost three years ago, on Wednesday filed a motion with California state regulators calling for postponement or changes in an upcoming two-day utility safety symposium. And the regulators on Thursday said they will postpone the event.

The Pennsylvania Supreme Court reaffirmed the state’s 131-year history of mineral rights law on Wednesday, unanimously ruling in favor of a Susquehanna County couple that had filed suit over the rights to the Marcellus Shale gas under their property.

Cash natural gas prices retreated 11 cents on average Thursday as traders elected to factor in mild temperatures across the country and incorporate Wednesday’s screen weakness ahead of the release of government inventory data.