Utica Shale

Amid one of the coldest winters in 35 years and basis blowouts in recent weeks that recently drove the price of natural gas to unprecedented numbers, midstream companies are focused not just on new infrastructure, but more storage, and above all, more market outlets for producers, executives said Wednesday.

Marathon Petroleum Corp. (MPC) announced Wednesday it would invest more in its midstream and retail segments over the next three years to take advantage of growing North American crude oil markets.

An affiliate of Aubrey McClendon’s American Energy Partners LP has up to $500 million in private equity (PE) commitments to pursue working stakes in “various onshore basins,” the producer said Wednesday.

Hess Corp. announced Wednesday that it plans to sell about 74,000 acres in the Utica Shale, classified as dry natural gas acreage, to an undisclosed buyer for $924 million.

Eagle Ford Shale activities will continue to power growth at Houston-based Carrizo Oil & Gas Inc. this year, management told analysts Tuesday, while the company remains “very encouraged” by its first well results in the Utica Shale in Ohio. One analyst suggested that Niobrara assets could be jettisoned with proceeds redeployed to South Texas.

Consol Energy Inc. said Friday that its natural gas production increased by 10% last year when compared to 2012, coming in at the low-end of its guidance. The company said its Marcellus Shale segment is expected to account for roughly half of forecasted production in 2014, or 87% more than last year.

Hess Corp. plans to spend $5.8 billion on capital expenditures (capex) in 2014, and will devote nearly half of that amount to developing its assets in the Bakken and Utica shales, with emphasis on the Bakken.

Pennsylvania Gov. Tom Corbett on Tuesday rolled out a new energy plan aimed at business and industry leaders across the country that highlights the state’s competitive advantages and touts its oil and gas production as a beacon for national energy independence.

Consol Energy Inc. said Tuesday that its 2014 capital budget would remain flat compared to last year, announcing plans to once again invest $1.3-1.5 billion on its operations.