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Kinder Morgan Inc. (KMI) is monitoring some of its reservoirs in the Permian Basin after crude oil production volumes dipped a bit during the second quarter, management said.
Sharply lower natural gas prices in 2012 from 2011, used under required 12-month average price tests, resulted in significant negative revisions for many domestic gas- and liquids-weighted producers, rendering some current projects uneconomic and pushing a boat load of proved undeveloped reserves (PUD) out of the five-year development window, according to an analysis by Fitch Ratings.
Texas is witnessing a surge in earthquakes from drilling in a development that could shift the oil and gas industry.
Natural gas powers the majority of electricity in Texas, especially during winter. Some power companies say the state’s gas system is not ready for another deep freeze.
Energy experts say Texas’ grid remains vulnerable, largely because newly written regulations allowed for companies to avoid weatherization improvements.