The economics of most U.S. natural gas plays, wet or dry, now are below breakeven levels after suffering as a result of the decline in commodity prices, according to a Barclays Capital analysis. Surprisingly to some perhaps, the Marcellus Shale was not the lowest-cost basin overall.
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Texas Local Control Bills Rankle Muni League
Bills recently introduced in the Texas legislature intended to thwart local municipality interference with oil and gas drilling have raised the ire of the Texas Municipal League (TML), but an industry trade association said the proposed changes would strengthen the relationship between the state and cities in oil/gas regulation.
Big Seven NatGas, Oil Production to Slow in March-April, EIA Says
Production from the nation’s seven most prolific shale and tight oil plays will slow coming out of the winter months, with natural gas production expected to increase less than 0.5% between March and April, and oil production remaining almost unchanged, according to the Energy Information Administration (EIA).
Texas Lawmakers Hear Cry For Crude Exports
Not exporting U.S. crude oil is leaving billions of dollars on the table to be scooped up by Saudi Arabia and Russia, oil and gas interests said at a Texas House joint committee hearing Monday where lawmakers considered resolutions urging Washington to set U.S. oil free and hasten export approvals for liquefied natural gas (LNG).
Lucas, Victory Enter Collaboration, Funding Agreements
One month after announcing their intention to merge, Houston-based Lucas Energy Inc. said it has entered into separate collaboration and funding agreements with Austin, TX-based Victory Energy Corp.
Texas Eastern Expansion Would Tag Marcellus, Utica, Eagle Ford
Spectra Energy Partners LP’s Texas Eastern Transmission LP has filed a certificate application at FERC for its 650,000 Dth/d Gulf Markets Expansion Project, which would provide capacity to move gas from the Marcellus/Utica shales in Appalachia and the Eagle Ford Shale in Texas to the Gulf Coast through the addition of bi-directional capability.
Sanchez Focusing on Catarina Project in Eagle Ford
After reporting record production and revenue in 2014, with oil production doubled and natural gas output up nearly five-fold, Houston-based Sanchez Energy Corp. said it plans to focus on drilling in a project area in the Eagle Ford Shale in 2015.
Seventy Seven Targeting Geographic Expansion in ‘Challenging’ Year
Seventy Seven Energy Inc. (SSE), which spun off from Chesapeake Energy Corp. last year, has shifted some planned 2015 capital expenses to 2016, reduced product and material costs and cut jobs to deal with challenges ahead.
Anadarko Dialing Back, Awaiting Price Improvement
Anadarko Petroleum Corp. is cutting capital spending by one-third, dropping rigs and deferring well completions in response to low oil prices, CEO Al Walker said Tuesday.
EVEP Cuts Barnett Rigs, Still Shopping For Ohio Midstream Buyer
EV Energy Partners LP (EVEP) said it plans to reduce the number of rigs it has deployed in the Barnett Shale from three to one during the first quarter of 2015, and defer drilling in the Austin Chalk formation in Central and East Texas as it continues to shop for a buyer of its 21% stake in Utica East Ohio (UEO) midstream.