From Noble Energy today:
Key highlights for the second quarter of 2014 include:
VOLUMES AND PRICES
Second quarter 2014 sales volumes averaged 290 MBoe/d, an increase of 14 percent compared to the second quarter of 2013, after adjusting for divested assets. Total liquid sales were up 18 percent. U.S. sales volumes comprised 57 percent of the total and the remaining 43 percent came from International operations. U.S. volumes increased 25 percent, after adjusting for divested assets, driven by the continued horizontal development of the
Global crude oil and condensate prices averaged
Second quarter 2014 total production costs, including lease operating expense (LOE), production and ad valorem taxes, and transportation and gathering averaged
Included in the adjustments to net income for the second quarter of 2014 were gains associated with non-core property sales, impairments to reflect the updated estimate of abandonment cost on non-producing properties and a non-cash commodity derivative loss. The effective tax rate on adjusted earnings for the quarter was 22 percent and the deferred portion of taxes on adjusted earnings was 63 percent.
Underlying well performance of the base program remains strong for both standard and extended length laterals, consistent with associated type curves. Downspacing and new completion techniques were also evaluated in the quarter. The Loeffler pad, the Company's initial downspacing test, continued to track above the type curve for the area. On the recently finished
Based on encouraging production performance in Majorsville, type curves for wells with standard completion designs were raised by 10 percent to a projected recovery of 10 Bcfe for a 7,000 foot lateral length well. The WFN6 pad in the Majorsville area came online in the quarter and had a 30-day rate of over 65 MMcfe/d from eight wells averaging over 6,100 lateral feet. Over the last 60 days of production the pad has tracked 50 percent above type curves for that area. Two of the wells were completed using enhanced completion techniques and experienced production rates 15 to 30 percent above standard completions on the same pad.
Joint Venture partner, CONSOL Energy, drilled 24 wells and brought online 23 wells from a number of pads. In addition, 6 recompletions were performed in the Greenhill area of
Chesapeake Energy Corp,the Oklahoma-based firm is the No. 1 driller in Ohio.
Rig Count Interactive Map by Baker Hughes, an energy services company.
Shale Sheet Fracking, a Youngstown Vindicator blog.
The Ohio Environmental Council, a statewide eco-group based in Columbus.
Earthjustice, a national eco-group.
People's Oil and Gas Collaborative-Ohio, a grass-roots group in Northeast Ohio.
Concerned Citizens of Medina County, a grass-roots group.
No Frack Ohio, a Columbus-based grass-roots group.
Fracking: Gas Drilling's Environmental Threat by ProPublica, an online journalism site.
Pipeline, blog from Pittsburgh Post-Gazette on Marcellus shale drilling.
Allegheny Front, environmental public radio for Western Pennsylvania.