Another post from energy analyst Richard Zeits on the Seeking Alpha website—this time about the tremendous amount of natural gas Cabot Oil & Gas is mining in Susquehanna County, PA. Zeits says the gas Cabot is finding and selling “may be material to the U.S. supply.” You read that right. One “little” oil and gas driller’s efforts in rural Susquehanna County, PA may well end up influencing the entire U.S. energy picture.
Full of charts and maps and oodles of great information, here’s a small portion of Zeits’ analysis, a prediction for how long Cabot will be drilling in Susquehanna County, and how many wells they’ll end up drilling there:
Gastar loves Marshall County, WV. Why? They not only find just natural gas when they drill in Marshall, they also find “wet gas” or natural gas liquids too. Gastar plans to drill another 19 new wells in Marshall this year.
However, there is a cloud with Gastar’s silver lining: Lack of pipelines will mean Gastar needs to slow their drilling later this year. Here’s a quick update on Gastar’s Marshall County plans for 2013:
Wonders never cease. The Associated Press has actually written an article about the true costs of what “just a few more weeks of delay” in New York State really means to the state’s landowners—how it’s crushing them. The article looks at three struggling landowners—people who need New York to get off the dime and allow drilling to move forward. It begins this way:
A push poll (with loaded questions) commissioned by anti-fracking group Chesapeake Climate Action Network found (surprise!) 78% of Marylanders want to study fracking to death before they allow it in the state.
Does anyone really think this was a legitimate poll? Not when you see the question they asked…
In last week’s fourth quarter earnings call, Chesapeake Energy senior management once again singled out Columbiana and Carroll counties for special recognition and to express their ongoing commitment to the Ohio Utica Shale.
Aqua America is one of the largest U.S.-based, publicly-traded water utilities with almost 3 million residents in Pennsylvania, Ohio, North Carolina, Illinois, Texas, New Jersey, Indiana, Virginia, Florida and Georgia. They also have a joint venture with Penn Virginia Resource Partners called PVR Water Services which provides water to Marcellus drillers in Pennsylvania. So far business is good.
A short section of Aqua America’s annual financial and operations report updates us on PVR Water Services:
Stone Energy released fourth quarter and full year 2012 financials and an operations update yesterday. The company reported net income for 2012 totaled $149.4 million, or $3.03 per share, on revenue of $951.5 million compared with 2011 net income of $194.3 million, or $3.97 per share, on revenue of $869.9 million. CEO David Welch noted the company increased production and reserves for the third consecutive year. Welch said production and reserves are up mostly because of the Marcellus Shale.
Select portions of the Stone press release/update dealing with the Marcellus:
MDN does not usually report on people moves (perhaps we should do it more often). However, we thought this one was noteworthy, so we’re bringing it to you. Oleg Tolmachev has just become Vice President of Drilling and Completions for Eclipse Resources. Eclipse is a driller in the Marcellus and Utica Shale. What makes this announcement noteworthy is that previously Mr. Tolmachev held a senior position with Chesapeake Energy in the Utica Shale, and before that with EnCana in the Barnett and Haynesville Shales. Eclipse has landed an important new team member as they continue to expand in the Marcellus and Utica.