Barnett Shale News
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Inergy Midstream LP, the pipeline partnership that began trading publicly 18 months ago, agreed to buy Crestwood Midstream Partners LP for $1.61 billion in stock and cash, adding natural gas processing capabilities as it seeks to capitalize on rising U.S. output of the fuel.
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The number of gas rigs in the U.S. declined by 12 this week to 354, according to Baker Hughes Inc.
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Exelon Corp., owner of utilities that supply power to Chicago and Philadelphia, may invest as much as $3 billion during the next five years in natural gas exploration, solar farms and other projects as it seeks businesses to boost growth.
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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.
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Quicksilver Resources Inc. rose the most in two weeks after the company agreed to sell a 25 percent stake in Barnett Shale assets to Tokyo Gas Co. for $485 million, more than its market value.
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Chesapeake Energy Corp. will shift a “couple hundred” jobs out of Fort Worth, Texas, as drilling in the Barnett shale formation slows.
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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.
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The Standard & Poor’s GSCI Spot Index of 24 raw materials advanced 1.1 percent to close at 658.85 at 4:04 p.m. in New York, led by natural gas and base metals.
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Exxon Mobil Corp., the largest U.S. natural-gas producer since last year’s purchase of XTO Energy Inc., is evaluating more acquisitions with an eye toward expanding its gas holdings.
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