Chesapeake will pay a $1.9 million civil penalty to resolve a lawsuit over natural gas-related damage to streams and wetlands in five Pennsylvania counties, according to Penn Live. The proposed consent decree was filed last week in U.S. Middle District Court at the same time a suit the federal government and state brought against Chesapeake
Read More...Chesapeake Energy emerged from Chapter 11 bankruptcy proceedings in leaner shape and with a new strategic focus to turn its attention to natural gas, according to Forbes. The company’s exit from bankruptcy comes amid renewed optimism about the future prospects for natural gas, both in terms of price and usage around the world. Chesapeake CEO Doug
Read More...Chesapeake Energy will emerge from Chapter 11 bankruptcy next week having dumped $7 billion of old debt (out of $8.9 billion) and taking on $2.5 billion in new debt financing (see Court Approves Chesapeake Bankruptcy Plan to Dump $7B of Debt). Yesterday the company issued an announcement to say it is raising $1 billion of
Read More...Over the objections of a junior creditor group, a judge for the U.S. Bankruptcy Court in Houston said yesterday he will approve Chesapeake Energy’s bankruptcy plan to jettison $7 billion (out of $8.9 billion) worth of debt. Chesapeake will exit bankruptcy within the next 30 days and will continue to retain and drill on its
Read More...Last week Pennsylvania issued 25 new shale well drilling permits in both northeast and southwest PA, although most of the permits for SWPA. Ohio issued 4 new shale well permits, all of them to the same company (Encino Energy) and the same well pad (in Harrison County). West Virginia issued 6 new shale well permits,
Read More...Williams has received a past-due payment of $112 million from Chesapeake Energy Corp., following a court-approved resolution between the companies as part of Chesapeake’s bankruptcy proceedings, according to Natural Gas Intelligence. The Tulsa-based pipeline giant reached a global resolution last month to continue treating and moving Chesapeake’s natural gas in the Lower 48. It received the
Read More...Last week Pennsylvania issued 12 new shale well drilling permits with a mix of permits issued in both the southwest (wet gas) and northeast (dry gas) regions of the state. Ohio issued 7 new permits, all of them except one in the same county (Jefferson). West Virginia was a goose egg–no new permits issued last
Read More...Tapstone Energy successfully bid for and absorbed Cheapeake’s Oklahoma assets during a bankruptcy auction earlier this month, according to Natural Gas Intelligence. The recent sale includes more than 700,000 net acres covering producing formations in west and northwest Oklahoma. It adds to Tapstone’s foothold in the Anadarko Basin in Oklahoma, Texas and Kansas. The recently-sold
Read More...Pipeline giant Williams has cut a deal outside of bankruptcy court with Chesapeake Energy. The deal means Williams will continue to gather Chesapeake’s production in the Marcellus, Eagle Ford, and Midcontinent shale regions. Chessy has also committed to buying up to 150 million cubic feet per day (MMcf/d) of capacity on Williams’ new Transco Regional
Read More...Last week Pennsylvania issued 16 new shale well drilling permits, and West Virginia issued 7 new shale well permits. Ohio issued no new shale permits last week.This post appeared first on Marcellus Drilling News.
Read More...Eastern OH counties Aubrey McClendon, then-CEO of Chesapeake Energy, was the first major shale driller to recognize the promise of the Utica Shale play in Ohio (see Chesapeake Energy CEO Aubrey McClendon Talks to Jim Cramer About the Utica Shale in Eastern Ohio). He once famously said the Utica is “the biggest thing to hit
Read More...click for larger version On Sunday, June 28, Chesapeake Energy, with major operations in the northeast Pennsylvania Marcellus, filed for bankruptcy (see Chesapeake Files for Bankruptcy – Debtors to Take Ownership). As part of the filing, the company asked the bankruptcy court to allow it to break existing, legal, enforceable contracts with several pipeline companies,
Read More...Chesapeake Energy wants to terminate a $300 million pipeline contract in its Chapter 11 bankruptcy proceedings, Kallanish Energy reports. That request has been opposed by pipeline giant Texas-based Energy Transfer. Now the Federal Energy Regulatory Commission is supporting Energy Transfer and is getting involved in the ongoing legal fight, Reuters reported. FERC has argued in
Read More...On Sunday a week ago (June 28) Chesapeake Energy filed for bankruptcy (see Chesapeake Files for Bankruptcy – Debtors to Take Ownership). As part of the filing, the company asked the bankruptcy court to allow it to break existing, legal, enforceable contracts with pipeline companies (see Chesapeake Asks Court to Break Pipeline Contracts, Including M-U).
Read More...We’ll try not to sound arrogant, but once again *only* MDN nailed it–which is why you subscribe, right? Yesterday we brought you the news that Chesapeake Energy has finally filed for bankruptcy (see Chesapeake Files for Bankruptcy – Debtors to Take Ownership). In our opening paragraph, we told pipeline companies according to the language we
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