As a result of continued low natural gas prices, oil and gas companies have had to recalculate and reduce the value of their assets to reflect the down market, according to ShaleOhio. Last month, Chevron Corp. recorded a $10 billion impairment last month and more than half of it was attributed to assets in the
Read More...Montage Resources will cut capital spending by 44% this year in the Appalachian Basin, according to Kallanish Energy. The company plans on spending between $190 million and $210 million on capital spending. That estimate is down from the $357.5 million it recorded spending in the midpoint of 2019’s capital spending guidance. Montage Resources will be
Read More...U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) for the week ended Feb. 7, increased by 7.46 million barrels (Mmbbl) from the previous week, the Energy Information Administration reported Wednesday. At 442.47 Mmbbl, U.S. crude oil inventories are roughly 2% below the five-year average for early February, Kallanish Energy reports. U.S.
Read More...A partner in the proposed Kitimat LNG project on the British Columbia coast said it will record a $720 million after-tax writedown on its investments in Western Canada, Kallanish Energy learns. Australia-based Woodside Petroleum said the charge against 2019 earnings reflects uncertainty in timing of when it will be able to develop its natural gas fields
Read More...On Monday, CNX Resources Corporation announced total proved reserves of 8.43 Tcfe, as of December 31, 2019, seeing a 7% increase compared to the year before, according to PR Newswire. As a result of continued development within the Marcellus and Utica Shale plays, CNX organically added 1,648 Bcfe of proved reserves. Furthermore, the company replaced over
Read More...Judge Thomas Harris of Ashtabula common pleas court ordered Richard Morrow, who owns RWC Properties and Circle M Oilfield Transportation, to pay $200,000 for polluting the environment by illegally burning and mishandling oil field waste, according to Farm and Dairy. In 2017, the Ohio Environmental Protection Agency reported seeing Morrow burning waste in large storage
Read More...New York Governor Andrew M. Cuomo recently announced intentions to incorporate legislation in the Fiscal Year 2021 Executive Budget permanently banning fracking within the state, according to Buffalo Rising. Cuomo backed his stance by stating that the currently-in-place temporary ban has not only been prudent, it has also proven there are cleaner and more sustainable
Read More...More than 200 companies in North America have filed for bankruptcy from 2015 through November 2018, and the list continues to grow, according to OilPrice.com. Combined, the 208 companies that have gone bankrupt accumulated $121.7 billion in debt, according to a new report from law firm Haynes and Boone. Since the last update from Haynes and Boone
Read More...Natural gas has become a preferred fuel for electricity generation due to its abundance, cost and environmental impact, according to Daily Mail WV. More than 25 new gas-fired electric generation facilities have been built in and around the Mid-Atlantic region in the past five years and several more are under construction. However, none have been
Read More...Oil supermajor ExxonMobil said Monday it’s secured more than 1.7 million acres for exploration offshore Egypt from an undisclosed buyer, Kallanish Energy reports. “These awards strengthen our exploration portfolio in the Eastern Mediterranean,” said Mike Cousins, senior vice president of Exploration and New Ventures at ExxonMobil. The acquisition includes acreage in the 1.2-million-acre North Marakia
Read More...Marcellus and Utica shale gas producers had a record year in 2019, as Ohio, Pennsylvania and West Virginia accounted for one-third of U.S. natural gas production, according to WSKG. However, a slowdown is being predicted for 2020. As Marcellus and Utica shale drillers produced 30 billion cubic feet of natural gas in 2019, they drove
Read More...A rule aimed at reducing methane emissions from Pennsylvania’s existing oil and gas operations recently passed the Pennsylvania Environmental Quality Board by a vote of 18-1, according to Trib Live. The rule was originally announced by the state Department of Environmental Protection in December 2018. Its aim is to reduce methane leaks from oil and
Read More...A ban on fracking would hit Ohio’s and Pennsylvania’s economies hard, according to a study released by the U.S. Chamber of Commerce. Researchers predict an outright ban on fracking would mean Pennsylvania would lose roughly 609,000 jobs and $261 billion in gross domestic product by 2025. Simultaneously, the average consumer would see his cost of
Read More...What is fracking? Fracking is a slang term for hydraulic fracturing. Fracturing is a process by which highly pressurized fluid is pumped thousands of feet into the ground to fracture rock formations. The goal is to release the natural gas that’s locked inside the rock. Is it safe? What most concerns people about fracturing is
Read More...The 5th District Court of Appeals upheld the ruling of a Stark County judge who dismissed the state’s lawsuit against Rover Pipeline earlier this year, according to The Daily Record. In regards to the Ohio Attorney General’s Office suit against the pipeline, which alleging environmental violations in more than a dozen counties, Common Pleas Judge
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