Energy Business Review: Baker Hughes Reveals Rig Count Needs

Recon Technology (NASDAQ:RCON) shares shoot over the moon following word that it signed a $3 million (or more) contract to provide China National Petroleum with Emerson PCS & SIS systems in its South Yolotan Gas Field Project in Turkmenistan.

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Goodrich Petroleum (NYSE:GDP) reports that its Encana-Anderson 17H-1 well in the Tuscaloosa Marine Shale is complete. The new asset boasts a 72-hour production rate of 1,082 barrels of energy equivalent per day. The firm is also cooperating with Encana (NYSE:ECA) for approximately a 25 percent working interest in another Tuscaloosa well.

Shares of Anadarko Petroleum (NYSE:APC) fall sharply and then rebound, after the company announces that an exploration well drilled at its Spartacus prospect in the Gulf of Mexico has been found to be dry. This was but a small setback for the firm, amidst a number of major discoveries in the Gulf, a region in which it forecasts huge potential, and where it intends to drill 6 to 8 exploration and appraisal wells in 2012.

Peabody Energy (NYSE:BTU) shares move higher as it announces that workers at its Wambo and Wilpinjong Mines in New South Wales have okayed new labor contracts that cover more than two-thirds of the firm’s thermal coal exports from Australia.

The United States’ oil-directed rig count will have to increase by a factor of two, to more than 2,500, says Baker Hughes (NYSE:BHI) CFO Peter Ragauss, if estimates of a 2 million barrel per day rise in domestic oil production are accurate. Further, Ragauss remarks that ‘a rapid shift to oil production would ultimately favor BHI because of its technology’.

Kinder Morgan Partners (NYSE:KMP) signs fewer shipment contracts than expected, and thus shrinks the magnitude of its planned $4.1 billion Trans Mountain pipeline expansion in Canada. The contracts indicate a capacity of 510,000 barrels per day, but that’s around 150,000 fewer than had been previously announced, as some few shippers were unable to obtain their boards’ approvals.

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