Wise

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.

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.

Hess Corp. said Wednesday it plans to spend $6.8 billion on capital expenditures (capex) in 2013, with the largest share — $2.7 billion, or 40% of the exploration and production (E&P) budget of $6.7 billion — devoted to unconventional resources.

U.S. shale plays are on the right track, regulation-wise, even regarding hydraulic fracturing (fracking), according to oil and natural gas professionals surveyed recently by Deloitte LLP.

“America’s Natural Gas Highway” took a big leap forward infrastructure-wise on Thursday with the announcement of a proposed first phase of development in 70 liquefied natural gas (LNG) fuel locations that would open in 33 states by the end of this year.

“America’s Natural Gas Highway” took a big leap forward infrastructure-wise last Thursday with the announcement of a proposed first phase of development in 70 liquefied natural gas (LNG) fuel locations that would open in 33 states by the end of this year.

Former Quebec Premier Lucien Bouchard, who now serves as president of the Quebec Oil and Gas Association (QOGA), said the organization welcomed the provincial government’s response to a report on hydraulic fracturing (hydrofracking) in the Utica Shale play.

Fundamental differences between global crude markets and the domestic natural gas market are unlikely to return to the historic 7:1 ratio price-wise until U.S. shale gas reserves are depleted, gas demand infrastructure is enhanced or more domestic liquefied natural gas (LNG) export capacity is added, energy analysts with Raymond James & Associates Inc. said Monday.

Maverick Oil and Gas Inc., a junior independent based in Dallas, is selling its interests in some Barnett Shale properties in Wise County, TX, to an undisclosed buyer for $22.5 million. About $20 million of the proceeds will be used to repay outstanding debt. Maverick now will look for assets with near-term cash flow to support the company’s operations and to complement its long-term resource play in the Fayetteville Shale of Woodruff County, AR, according to CEO James A. Watt. Maverick has about 125,000 acres in the Fayetteville Shale.