Shale News

Report: 'Shale effect' saving manufacturers more money than expected

It's no secret that the shale energy boom is having an impact on the manufacturing sector, but according to a report released Thursday by PwC US, that impact may be bigger than expected.

As a result of the surge in shale gas production, the firm increased its forecast on cost savings and long-term employment gains in domestic manufacturing. According to the report, PwC estimates the "shale effect" could bring an annual cost savings of $22.3 billion by 2030, assuming a high natural gas recovery and low price scenario.

US Energy names new President and Chief Operating Officer

(Riverton, Wyo.) – U.S. Energy Corp. announced Monday the appointment of a Denver oilman as the new President and Chief Operating Officer of the company. The announcement said David Veltri would assume his new role on January 1, 2015.

In a news release, the company also announced an $8.2 million budget for oil and gas expenditures in the new year while also announcing that they had reduced the company’s debt by 25 percent, from $8 million to $6million.

XTO acquires new regional headquarters

Royal Dutch Shell affiliate SWEPI LP has sold its former Appalachian basin headquarters to XTO Energy Inc. for about $3.7 million.

The acquisition allows XTO to consolidate its regional headquarters into a single building at Thorn Hill Industrial Park – its currently housed in two there, said XTO spokeswoman Suann Guthrie.

According to Shell, its former headquarters has about 30,400 square feet sitting on 12.3 acres.

XTO is to move into its new digs by the end of Q1 2015, Guthrie said.

Source: Pittsburgh Business Times

Summit Midstream plans Utica Shale natural gas pipeline system

Dallas-based Summit Midstream Partners reached an agreement with XTO Energy Inc. to develop a Utica Shale natural gas gathering system servicing XTO’s natural gas production from Belmont and Monroe counties in southeastern Ohio.

The system will be owned and developed by a new indirect subsidiary of Summit Investments, Summit Midstream Utica, LLC.

Jeff Ventura is new board chairman at Range Resources

From Range Resources on Monday:

FORT WORTH, TX -- (Marketwired) -- 12/15/14 -- RANGE RESOURCES CORPORATION (NYSE: RRC) announced today that its Board of Directors has appointed Jeff Ventura Chairman of the Board of Directors effective January 1, 2015.

Mr. Ventura will replace John Pinkerton, who has served as the Company's Chairman since 2008. Mr. Ventura will continue to serve as the Company's President and Chief Executive Officer.

Approved plant in Corpus Christi will create new jobs for local economy

Last Friday, the U.S. Environmental Protection Agency (EPA) gave a final approval for construction to begin on a new condensate splitter plant Corpus Christi, Texas.

The EPA issued a final greenhouse gas (GHG) Prevention of Significant Deterioration (PSD) construction permit to Magellan Processing, L.P. The company plans to build the new plant at the company’s existing terminal in Nueces County.

Oklahoma oil and gas drilling

Monday, Dec. 1

Completions

Tulsa: Wachob Oil and Gas, LLC; Harjo No. 4 Well; SW/4 NW/4 SW/4 NW/4 of 03-17N-12E; 9 BOPD; TD 1,720’.

Rogers: Sunray Operating Co.; South Curls No. 8 Well; N/2 S/2 SW/4 NE/4 of 03-24N-17E; 3 BOPD; TD 1,035’.

Rogers: Sunray Operating Co.; South Curls No. 11 Well; N/2 SE/4 SW/4 NE/4 of 03-24N-17E; 3 BOPD; TD 1,035’.

Creek: Wachob Oil and Gas, LLC; Beaver No. 1 Well; NE/4 SW/4 NW/4 NE/4 of 04-17N-12E; 9 BOPD; TD 1,615’.

Range Resources' Utica Shale well hits a sweet spot

Range Resources Corp. believes it has come up big with its exploratory Utica Shale well in Washington County.

The company reported Monday that the well, the Claysville Sportsman's Club No. 1, posted a record initial flow rate of 59 million cubic feet per day, an average based on a 24-hour test.

Range officials said they believe the rate is a record for any well drilled in any shale layer in the Appalachian basin. Officials also said they believe the test confirms the company's interpretation of the underlying geology of its southwestern Pennsylvania acreage.

Dominion East Ohio Expects Increased Regional Shale Production To Provide Ample Winter Gas Supplies At Moderate Prices

CLEVELAND, Dec. 15, 2014 /PRNewswire/ -- Dominion East Ohio expects increased production from the Marcellus and Utica shale formations in Ohio and nearby states to provide ample supplies of natural gas at moderate prices this winter.

"Once again, customers can set their thermostats with confidence this winter," said Jeff Murphy, General Manager – Commercial Operations.

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