Dominion Resources, the third-largest public utility in the U.S., held its annual shareholder’s meeting in Pittsburgh on Tuesday where president & CEO Thomas Farrell announced plans to expand natural gas pipeline and processing projects in every state where there is Marcellus and Utica Shale. Ten company-endorsed candidates were voted on and approved for the board [...]
Yesterday, the largest outside shareholder of Chesapeake Energy stock (with 13.6 percent)—Southeastern Asset Management—sent a letter to CEO Aubrey McClendon and the board of directors with a loud and clear message: “We urge the board to be open to any offers to acquire the whole company.” Ouch. Not exactly a ringing endorsement. The letter also [...]
Driller Magnum Hunter Resources has struck it “Magnum rich” in Tyler County, WV. A well recently drilled and fracked by Magnum yielded more than 7 million cubic feet of gas in a single day earlier this year. Not only that, it also yielded 651 barrels per day of natural gas liquids.
Pipeline giant MarkWest has just gobbled up another, albeit much smaller, competitor. MarkWest announced yesterday it is purchasing Keystone Midstream for $512 million. Keystone is owned by Stonehenge Energy Resources and Rex Energy with operations primarily in Butler County, PA. As part of the deal, MarkWest will gain contracts and a partnership with Rex Energy [...]
MarkWest has been in the news a lot lately, signing a raft of new agreements and even buying out a competitor. Last Friday, MarkWest announced they had signed an agreement (terms not disclosed) to expand MarkWest’s processing capacity in the Marcellus Shale to handle more Chesapeake production. The areas covered by the agreement include northern [...]
Analysts are predicting that Chesapeake Energy and its stock price is poised for a bounce-back, if CEO Aubrey McClendon follows through on promises to sell certain company assets and reduce the company’s debt load. So says an article from Bloomberg BusinessWeek on Friday:
The sharks continue to circle around Chesapeake Energy. Yesterday, the company confirmed via a brief press announcement (below) that the Securities and Exchange Commission (SEC) has launched an informal investigation into the company and its founder/CEO Aubrey McClendan. The Chesapeake announcement:
MarkWest announced today two major new agreements to provide expanded natural gas processing and pipeline capacity for Chesapeake Energy and Antero Resouces in the Marcellus Shale. The deal with Chesapeake covers Brooke, Ohio and Marshall counties in WV, and Washington County, PA. The deal with Antero covers Doddridge and Harrison counties in WV. The new [...]
Yesterday was not a good day for Chesapeake Energy and its CEO Aubrey McClendon. By the end of the day, Chesapeake’s stock had slide to its lowest since September 2009, down 15 percent at $16.72 (see chart below). Why the drop? A number of reasons, but mostly because of a new revelation, “the other shoe [...]
Williams Partners and Cabot Oil & Gas are working on a new 120-mile natural gas pipeline, dubbed the Constitution Pipeline, that will stretch from Susquehanna County, PA through Broome County, NY, and on through Chenango County, Delaware County, and terminate in Schoharie County, connecting to the Iroquois Gas Transmission pipeline and the Tennessee Gas pipeline [...]
EXCO Resources released their first quarter operational update on Tuesday. In the Marcellus Shale, EXCO is currently operating three drilling rigs with plans to drill 49 wells this year in the Marcellus. Most of EXCO’s drilling happens in Lycoming County, PA (Williamsport area). The relevant portion of the EXCO update concerning the Marcellus:
It looks like it’s time to put away the champagne bottle and glasses that New Yorkers had brought out to toast a deal in Tioga County, NY that would use LPG (waterless) fracking and perhaps herald an early end to more than four years of a horizontal drilling moratorium. In March, MDN reported on a [...]
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