Energy briefs for June 7, 2013

Business theme Plugging In briefs for June 7, 2013
Oklahoman Modified: June 6, 2013 at 10:14 pm •  Published: June 7, 2013
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PLUGGING IN

PostRock oil production up

PostRock Energy Corp. said Thursday its net oil production in April and May averaged 590 barrels per day, up 38 percent from the first quarter and up more than 90 percent from the second quarter of 2012. “Our ongoing oil development and cost improvement projects continue to add value for our shareholders,” President and CEO Terry W. Carter said.

WPX Energy adding Colorado rigs

WPX Energy is adding two drilling rigs in western Colorado's Piceance Basin for the rest of the year, the company announced Wednesday. The increase from five rigs to seven is expected to add production of 1.9 billion cubic feet of natural gas equivalent this year, allowing WPX to approach the upper end of its guidance for 2013. “Now's the right time for us to accelerate our natural gas production and the Piceance is the right place to start,” CEO Ralph A. Hill said. “Natural gas prices are stronger, and this helps lay the groundwork for our 2014 development.

New Source extends portfolio

New Source Energy Partners LP announced this week it has acquired additional oil and natural gas properties from New Source Energy Corp. for about $7 million. CEO Kristian Kos said the deal extends New Source's core portfolio while increasing its proved reserves and prospective acreage. The deal adds nine gross wells completed in 2013 and eight proved undeveloped drilling locations to New Source's inventory, with proved reserves of 1.1 million barrels of oil equivalent. “We have now achieved our targeted guidance on production and maintenance capital spending six months ahead of the forecast we issued in our IPO filing,” Kos said. “We are pleased with our performance to date and remain focused on growing further for our unit holders.”

Company triples its dividend

Helmerich and Payne Inc. has more than tripled its dividend to 50 cents a share for the third quarter, the company announced Wednesday. The prior quarter's dividend was 15 cents a share. “We are pleased to be in position to deliver a meaningful level of yield to our shareholders while retaining a strong ability to continue to pursue growth opportunities,” CEO Hans Helmerich said. The dividend is payable Aug. 30.

CenterPoint adds to its CNG fleet

CenterPoint Energy will add 35 natural gas vehicles to its fleet across six states, including Oklahoma, the Houston-based energy delivery company announced Thursday. The company also expects to provide natural gas service to at least 17 new CNG fueling stations in its service territory. “Vehicles powered by affordable, clean, safe and domestic natural gas can create American jobs, save businesses and consumers money, protect the environment, and bring us energy independence for the decades ahead,” said Joe McGoldrick, division president of CenterPoint's gas operations. “Natural gas can compete with other vehicle fuels, but we need to expand our infrastructure and nurture the growing natural gas vehicle market.”

Pipeline capacity expanded

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