E&P

Texas preliminary May crude oil production averaged 2.14 million b/d, up from the 1.68 million b/d average of May 2013. Preliminary crude oil production for May was 66.24 million bbl, up from 52.22 million bbl reported during May 2013.

Steadily improving completion techniques, declining costs in the Marcellus Shale and progress in the Utica Shale last quarter found Consol Energy Inc. achieving record production of 51.9 Bcfe, up from the 38.6 Bcfe it produced at the same time last year.

Anadarko Petroleum Corp.’s U.S. onshore sales volumes averaged 667,000 boe/d during the second quarter, an increase of more than 117,000 boe/d from a year ago, primarily driven by the Wattenberg Field in Colorado, the Eagle Ford Shale and the Permian Basin’s Delaware formation.

Newfield Exploration Co. said its year-over-year (y/y) oil production rose more than 30% during the second quarter of 2014, led by gains in the Anadarko Basin but also due in part to success with wells targeting that Uinta Basin participating in its super extended laterals (SXL) program.

PDC Energy Inc. has agreed to sell its half-interest in a Marcellus Shale joint venture (JV) to privately owned Mountaineer Keystone Energy LLC for $250 million, leaving behind a dry gas program mostly neglected in favor of boosting its liquids production in other fields.

Rex Energy Corp. on Monday increased its full-year guidance by 2 MMcfe/d, citing better than expected production results and greater certainty in its completion and sales schedule in Pennsylvania and Ohio.

BP plc on Tuesday reported a 65% increase year/year in profits in 2Q2014 on clear signs of recovery in the Gulf of Mexico (GOM). However, Group CEO Bob Dudley warned that Russian investments are growing more risky on escalating economic sanctions.

Seneca Resources Corp., the exploration and production (E&P) subsidiary of National Fuel Gas Co. (NFG), said it plans to shift the focus of its Marcellus Shale operations from Lycoming County, PA, to three other counties in the western part of the state.

With unconfirmed reports of a hold being placed on requests to export crude oil condensates by the U.S. Commerce Department, U.S. Sen. Lisa Murkowski (R-AK) on Tuesday continued her call for the agency to loosen restrictions on condensate exports.