Texas firms announce venture
Two Texas-based energy companies will look into reworking some leases in Oklahoma as part of a recently announced joint venture. Paradigm Oil and Gas Inc. and Energy Revenue America Inc. signed the agreement to take advantage of each other's expertise in the oil and natural gas industry. The companies will target the Woodbine formation in East Texas initially, but also are interested in acquiring available leases in Oklahoma.
Company completes record wells
Newfield Exploration Co. is actively drilling on its 125,000 net acre position in Oklahoma's Cana Woodford Shale play, the Texas-based company said this week. Newfield, which is operating six rigs in the play, has completed 30 wells to date. It recently completed three consecutive record wells. The most recent included an 8,000-foot lateral. Newfield said well performance in the play continues to meet or exceed expectations.
OU to host energy symposium
Energy industry leaders from throughout the country will meet at the University of Oklahoma on March 5 to participate in an energy symposium designed to help develop a long-term energy strategy for the country. Adam Sieminski, chief administrator of the U.S. Energy Information Administration, will keynote the event that will include executives from producers, midstream companies and utilities as well as researchers and a military leader. Sponsored by the Price College of Business Energy Institute, the event will be at the OU Memorial Union's Meacham Auditorium. The conference is free to attend, but registration is required. The registration deadline is Friday. To register, visit price.ou.edu/energysymposium.
Plan allows access to Alaska
ANCHORAGE, Alaska — Interior Secretary Ken Salazar has signed a management plan that allows access to oil and gas resources on nearly half of the 23-million-acre National Petroleum Reserve-Alaska. The petroleum reserve is an area about the size of Indiana on Alaska's North Slope. The plan lays out a roughly 50-50 split of land between conservation and petroleum development. Salazar said the plan makes access provisions for a pipeline that could carry petroleum from drill sites in the Chukchi and Beaufort seas to the trans-Alaska pipeline.
Court dismisses spill charges
SAO PAULO — A Brazilian federal court has dismissed criminal charges filed last year against Chevron Corp. driller Transocean Ltd. and several of its executives in connection with a 2011 oil spill off Rio de Janeiro's coast. The two companies and 17 of their executives had been charged with “crimes against the environment” and faced up to 31 years in prison if convicted. Judge Marcelo Luzio sent the charges back to prosecutors, who have five days to appeal his ruling. The companies still face two civil lawsuits seeking $20 billion in damages for the spill, in which about 155,000 gallons of crude oil leaked from a well in November 2011.
THE WILLIAMS COS. INC.
TULSA — The Williams Cos. Inc. on Wednesday reported net income of $149 million, or 23 cents a share, for the fourth quarter, up from a net loss of $444 million, or 74 cents a share, for the same period of 2011. Officials attributed the increase to the absence of a large noncash impairment charge from discontinued operations in 2011. “This past year was one of significant growth and change at Williams,” CEO Alan Armstrong said. “We spun off WPX Energy at the end of 2011 and followed that up by seizing on a significant number of strategic growth opportunities. Our focus now is executing on our portfolio of great growth projects across of our operating areas — from the Marcellus and Utica Shale and Canada to the deepwater Gulf of Mexico.”
WILLIAMS PARTNERS LP
TULSA — Williams Partners LP's fourth-quarter earnings dropped to $291 million, or 42 cents a unit, the partnership reported Wednesday. Williams Partners earned $412 million, or $1.05 a unit, in the same period of 2011. Officials said the drop in income was due to a significant decline in natural gas liquids margins due to lower prices. CEO Alan Armstrong said Williams Partners' midstream growth mitigated its commodity exposure. “We continue to rapidly grow our fee-based business,” Armstrong said. “We are directing the vast majority of the $12 billion of our 2012-2014 growth capital to projects that serve to reduce the effect of NGL prices on our earnings.”
From Staff and Wire Reports