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 company’s stock ultimately slide 38 percent in a single month.
Energy analysts are at best nervous about the current situation:
Anti-drilling group PennFuture yesterday released their spin on Pennsylvania’s new Marcellus drilling law called Act 13. Calling it a “Plain Language Guide,” PennFuture takes aim at trying to dismantle the new law by first undermining people’s opinion of the law, and second by threatening to use their considerable $2 million per year war chest to throw at litigation against the new law. A summary of the main points in their new guide is embedded below. A full copy is available at their website by filling out a form (clever marketing to get your personal details for future fundraising appeals).
Here’s the PennFuture press release announcing the Plain Language Guide:
Once upon a time, the Sierra Club supported natural gas as one of the best clean alternative forms of energy. But politics got in the way of common sense and now the Sierra Club trash talks natural gas a “dirty fossil fuel”. Such are the vagaries of the energy debate. The Sierra Club’s latest natural gas objection is to building a liquefied natural gas (LNG) export facility in Louisiana, a facility just approved by the Federal Energy Regulatory Commission (FERC). The Sierra Club filed an official objection (embedded below) with the Department of Energy calling on them to extend their studies of fracking before allowing the facility to be built.
The Independent Oil & Gas Association of New York (IOGA of NY) has just released a new fact sheet of quotes from various studies, organizations and prominent individuals in an ongoing attempt to “educate those who will listen and to correct many of the exaggerations and misconceptions about the business of energy development.” A copy of the fact sheet is embedded below.
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 Mitt Romney on the campaign trail, as it was yesterday when he was in Pennsylvania at Consol Energy: