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
Read More...The door has been closed on “Dimock” (in Susquehanna County, PA) for years. Dimock, you may recall, was made famous by Josh Fox’s so-called documentaries Gasland and Gasland 2, aired endlessly on HBO. His allegations about fracking malfeasance by Cabot Oil & Gas were completely debunked in a real documentary called FrackNation. After a long
Read More...click for larger version Antero Resources, one of the biggest (and best) Marcellus/Utica pure play drillers concentrating most of their drilling in West Virginia, issued a press release yesterday to announce the company has sold an overriding royalty interest (ORRI) in all of their wells for $402 million. The company will use the money to
Read More...One of our favorite M-U reporters, Paul Gough of the Pittsburgh Business Times, went in search of news about Appalachian shale drilling and its future. He found some rays of light. Gough talked with several of our favorite M-U people–CNX CEO Nick DeIuliis, Deep Well Services CEO Mark Marmo, and Range Resources COO Dennis Degner.
Read More...On Wednesday the Pennsylvania Supreme Court heard oral arguments in a case challenging whether or not the state Attorney General’s office has the right to use a consumer protection law to prosecute companies like Chesapeake Energy and Anadarko over royalty payment shenanigans. The law the AG’s office wants to use has never been used that
Read More...EQT announced yesterday it has closed on a deal to sell “certain non-strategic assets” to Diversified Gas & Oil (DGO) for $125 million, plus another potential $20 million later on. MDN first told you about this deal on May 13 (see Diversified Buys 900 EQT Wells (67 Shale Wells) for $125M). This is the first
Read More...In 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 their Marcellus/Utica assets (see Chevron Writes Down $5B+ in Marc/Utica Assets, Looks to Sell All). In addition, the company announced it is putting all of its M-U assets up
Read More...A Reuters article warns that U.S. shale gas investors are “bracing” for write-downs by major drillers, particularly in the Marcellus/Utica region. The article chronicles the write-downs we already know about (EQT, CNX, Shell and Chevron) and speculates that others (like Antero and Cabot) may make announcements in the coming days. And then, in a bit
Read More...Gulfport Energy, one of the biggest drillers in the Ohio Utica Shale (210,000 acres), concentrates its drilling in the Ohio Utica and the Oklahoma SCOOP plays. A few weeks ago the company announced they are shopping some of their non-operated assets in the Ohio Utica (see Gulfport 3Q – Looking to Sell Non-Operated Utica Assets).
Read More...A leftist anti-fossil group calling itself Protect PT, in Penn Township (Westmoreland County), PA, backed with big money from Big Green groups, continues to sue in an effort to block shale drilling in the township. And they keep losing their lawsuits. Protect PT has launched multiple challenges to a local Penn Township ordinance which allows Apex
Read More...click for larger version An interesting reaction by investors to CNX Resources’ third quarter update. The company reported production of 128 billion cubic feet equivalent (Bcfe) in 3Q19, an increase of 8% from the 119 Bcfe in 3Q18. They also reported spending $336 million on drilling in 3Q19, compared to $297 million in 3Q18–up 13%.
Read More...Landowners in Carroll and Columbiana counties (Ohio) have filed a class action lawsuit against Encino Energy claiming the company underpaid oil and natural gas royalties. Last November Encino Acquisition Partners (i.e. Encino Energy) completed its purchase of all of Chesapeake Energy’s Ohio Utica Shale assets for $2 billion (see Stop Press: Chesapeake Sells ALL of
Read More...In September 2018 MDN brought you the news that Southwestern Energy had, for the first time anywhere, sold natural gas to a customer (utility company New Jersey Resources) that has been certified as “responsible gas.” The certification comes from Independent Energy Standards Corporation (IES) and they call it their TrustWell™ Responsible Gas Program certification (see
Read More...Last Friday, Oct. 18, was the 100th day since Toby and Derek Rice took over the leadership at EQT, the country’s largest natural gas-producing company. The Rice boys won a proxy fight in July to elect a new board (and themselves) to lead the company (see Rice Bros. Win Proxy War to Control EQT –
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