E&P

Over the last five months, the number of horizontal drilling rigs targeting oil in the Permian Basin of West Texas and southeastern New Mexico has climbed by more than five dozen, according to the U.S. Energy Information Administration (EIA), marking a steep ramp-up in activity.

A private equity fund sponsored by oil industry stalwart T. Boone Pickens has committed $75 million to a joint venture that would provide natural gas produced at the wellhead to power onsite drilling services.

Crude oil from the Bakken Shale isn’t significantly more dangerous than crude from other plays to transport by rail and poses a lower transport risk than other flammable liquids, but it may contain higher amounts of dissolved flammable gases compared to heavier crudes, according to a report commissioned by the American Fuel & Petrochemical Manufacturers (AFPM).

Oil and natural gas operators in the robust North Dakota production fields are facing a lot of new regulatory requirements potentially from both state and federal government, beginning June 1 with a new state requirement for gas capture plans with each new drilling permit application, as underscored Tuesday by the state’s chief oil/gas official.

The Ohio House of Representatives late Wednesday afternoon voted 55-35 in favor of a bill that would levy a 2.5% severance tax on oil and natural gas produced from horizontal wells.

The first three months of 2014, in which Rice Energy Inc. completed a $594.5 million initial public offering (IPO), also brought the Canonsburg, PA-based company good news out of the Marcellus and Utica shales.

During the first quarter Penn Virginia Corp. (PVA) set a quarterly oil production record, thanks to a 15% increase in output from its Eagle Ford Shale operations as it continues to grow and delineate its South Texas acreage.

EV Energy Partners LP (EVEP) continued struggling with the cold weather of North Texas in the first quarter, which curtailed production from legacy operations in the Barnett Shale that account for more than 50% of the partnership’s overall volumes.

Encana Corp. made the move from natural gas-heavy to liquids-rich generator in the first quarter as new well designs and a sharper focus highlighted the strength of its onshore portfolio.