Pioneer Natural Resources Co., the top energy stock in the S&P 500 last year, is tripling drilling in shale fields as international energy explorers five times its size recoil from losses on the U.S. oil renaissance.
Natural gas production from the Barnett Shale formation in Texas, the second-largest U.S. gas resource, peaked in 2012 and will fall by more than half in the next 17 years, according to a University of Texas study.
When the U.S. Environmental Protection Agency declared that a group of Texas homes near a gas-drilling operation didn’t have dangerous levels of methane in their water, it relied on tests conducted by the driller itself.
Range Resources Corp. , the natural- gas producer that is one of the biggest landholders in the Marcellus Shale field in Pennsylvania, said it will sell 52,000 acres in the Barnett Shale in Texas for $900 million.
Quicksilver Resources Inc., the target of a failed management-led takeover attempt, fell 4.8 percent after announcing plans to form a master-limited partnership to hold some of its Barnett Shale natural-gas assets.