Chesapeake Energy announced yesterday that the program they’ve had in place with CEO Aubrey McClendon that grants him 2.5 percent ownership and participation in every well drilled by the company (called the Founder Well Participation Program) will end in 2015 at the latest, and possibly sooner. The company also seemed to backpedal a bit from [...]
Lest you think MDN is a bit off the reservation when it comes to criticisms of the federal Environmental Protection Agency (EPA), you might want to read about EPA Region 6 administrator Al Armendariz in an expose by Forbes magazine. Region 6 oversees Texas and surrounding states. Armendariz, a former professor at Southern Methodist University [...]
As part of Range Resource’s first quarter financial and operational update they released a PowerPoint presentation. With a theme of “inflection point,” Range lays out the case for why they believe double-digit growth is ahead for the company in the coming years. As MDN reviewed the slide deck, we found a number of slides we [...]
Range Resources released their first quarter results yesterday. As is usually the case, the press release they issued (below, in its entirety) is dense with facts and figures and financial terms. Who wants to read all of it?! (That’s why you read MDN!) Yet there is important information contained in it. MDN will “bottom line” [...]
Utica Shale drilling is coming in June to Trumbull County, Ohio. CNX Gas, a wholly-owned subsidiary of CONSOL Energy, just received a permit to drill its first well in the county.
An update of the ongoing story about Chesapeake Energy and the disclosure that CEO Aubrey McClendon’s has borrowed over $1 billion to help cover drilling costs. Chesapeake’s stock has taken a hit, down 25 percent this month, heading for what may be its worst monthly performance since the global financial crisis in 2008 when the [...]
Thus far MDN has refrained from commenting on the presidential campaign. It will be no surprise to MDN readers that we think Obama has an abysmal record on energy, particularly when it comes to shale gas drilling. It seems the Romney campaign shares that view. The Obama administration’s energy record is a recurring theme of [...]
The latest (and third) round of water testing done by the federal Environmental Protection Agency (EPA) of water wells around Dimock, PA shows (surprise!) no chemical contamination from hydraulic fracturing. All of the 16 water wells show no fracking fluids. One of the wells shows a high level of arsenic, a chemical not used by [...]
Anadarko provided an update on its Utica Shale drilling program yesterday, saying that although it’s still very early, the “strong initial results are encouraging.” To date Anadarko has drilled and is producing from three wells in the Utica Shale. Anadarko has 390,000 leased acres in the Utica, most of it in eastern Ohio. In addition [...]
Chesapeake Energy seems to be in hurry-up-and-drill mode on land in Beaver County, PA in order to secure the land before the lease expires next week. They started drilling without first receiving a permit and are ignoring a stop-work order from the local township. Chesapeake claims the local ordinance states they only have to apply [...]
Take a few days off, and the news comes fast and furious. Big, complex stories are not what blog sites like MDN are usually geared for, but we have a big, complex story to deal with: Chesapeake Energy. In case you’ve missed it in the business pages, a new “controversy” has erupted over Chesapeake’s financial [...]
EXCO Resources was fined $160,000 last week by the federal Environmental Protection Agency for an incident that occurred at an injection well last year in western Pennsylvania.
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