E&P

Startling exceptions to gloom pervading first-half 2015 corporate statements confirm that a sweet spot — where rich resources compensate for poor prices — is emerging in Western Canada’s endowment of natural gas steeped in liquid byproducts.

EV Energy Partners LP (EVEP) saw its production decline during the second quarter with bad weather in Texas and Appalachian Basin maintenance shut-ins, but the company is keeping a sharp eye on its estimate of $9 billion in assets on, or soon to be on, the market.

Anticipating and advocating the proposed Obama administration methane emissions rules, Environmental Defense Fund (EDF) representatives on Monday mounted their soapbox again to beat the drum for tough new requirements that will support the administration’s stated goal of reducing the emissions 40-45% by 2025.

Financially troubled Samson Resources Corp. has made a restructuring pact that will cut debt and bring at least $450 million of new capital into the company as it prepares for a Chapter 11 filing, the Tulsa-based producer said late Friday.

Spending by U.S. producers is estimated to be down around 60% from 2014 — twice as much as some analysts have estimated, Raymond James & Associates Inc. said Monday. North American producers also have less protection from sustained low commodity prices than they did a year ago because of less hedging, according to Barclays Capital.

The pullback in the U.S. onshore has choked demand for all types of services, with proppant volumes declining sharply since the start of the year. Proppant providers are continuing to cut costs and are working with their customers to hold on to market share for the eventual upturn. As to when the market will strengthen, however, it’s anybody’s guess.

Permian pure-play operator Parsley Energy Inc. said it plans to keep running four rigs through the rest of the year and notched up its production guidance, as it also launches a transition to pad drilling and begins to appraise the development potential of a prospect in the Southern Delaware Basin.

The UK government Thursday announced plans to “fast-track” applications to develop shale natural gas resources while ensuring that locals “have a strong say over the development of shale exploration in their area.” The move comes after a local government recently scotched test well plans of Cuadrilla Resources Ltd.

Ohio Secretary of State Jon Husted on Thursday invalidated petitions in three counties across the state that sought to ban oil and gas development, saying they were an attempt to circumvent state law in a way that the courts have already found to be a violation of the Ohio Constitution.