Earlier this week we brought you a post exploring whether or not PTT Global Chemical will, in the end, actually build a $10 billion ethane cracker plant in Belmont County, Ohio (see Is PTT Going to Build a Cracker in Belmont County, OH…or Not?). Yesterday gave us one more strong signal for the “yes they
Read More...Last week Ohio finally broke the drought of not issuing permits for new shale wells in the Buckeye State. Finally! Last week Pennsylvania issued 13 new permits for wells on three well pads. Ohio issued 4 new permits for wells on two well pads. And West Virginia issued 1 new permit.This post appeared first on
Read More...Shell cracker as of March 2020 Once again big money is being funneled to Big Green groups by secretive sources to finance a lawsuit attacking American infrastructure. The latest attack by Big Green, including a PA-based “environmental” group, seeks to overturn a recently-updated rule by the U.S. EPA governing air emissions from ethane cracker facilities.
Read More...Last year MDN shared with you the rumor that Exxon Mobil was sniffing around Pennsylvania, investigating the prospect of building a multi-billion dollar ethane cracker like the Shell cracker being built near Pittsburgh. Those rumors went on for a while and even included evaluation of the Philadelphia area, not just Pittsburgh. Last week Exxon said
Read More...Richard Weber, CEO of PennEnergy Yesterday the U.S. Dept. of Energy hosted a virtual 2020 Natural Gas Summit in Washington, D.C. DOE Secretary Dan Brouillette and Director of the White House National Economic Council Larry Kudlow were the two hosts and speaker/moderators. However, at least two prominent Marcellus/Utica driller CEOs participated, including Richard Weber from
Read More...Assets co-owned by Rex and Sumitomo in 2010 (click for larger version) In 2010 gigantic Japanese trading house Sumitomo Corp. bought a 30% stake (joint venture) in Rex Energy’s Marcellus drilling operation in Bulter County, PA for $150.7 million. Sumitomo wrote down much of the value for that purchase in 2015. In 2018 Rex went
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...We don’t often see news about a Marcellus producer called Alta Resources. Alta was one of the first drillers we wrote about just after launching the MDN website back in 2009 (see Texas Billionaire George Mitchell is Betting on the Marcellus in PA). George Mitchell, widely recognized as the father of shale energy, was a
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...Yesterday MDN brought you the news that CNX Resources is buying out the balance of what they don’t own in their pipeline subsidiary CNX Midstream (see CNX’s Competitive Advantage: Owning Its Own Pipelines). Our take on the news is that by owning their own pipeline network CNX has a distinct competitive advantage. We heard 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
Read More...On Sunday Chesapeake Energy filed for bankruptcy (see Chesapeake Files for Bankruptcy – Debtors to Take Ownership). Yesterday the New York Stock Exchange, on which Chesapeake shares (CHK) trade, halted trading and immediately began proceedings to delist the stock.This post appeared first on Marcellus Drilling News.
Read More...Last December Chevron announced it was writing down over $10 billion worth of its U.S. onshore shale assets, with $6.5 billion of that number coming from its Marcellus/Utica assets. Also in December, the company posted for sale ALL of their M-U assets (see Chevron Confirms M-U Assets for Sale, Asks Vendors to Avoid Media). Just
Read More...We’ve been on bankruptcy watch for Chesapeake Energy for some time now. We told you yesterday that the company faced a $17 million debt payment deadline yesterday, and faces a $134 million bond interest payment on July 1 (see Doug Lawler Drilled Chesapeake’s Grave – Not Aubrey McClendon). If the company is going to declare
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