Halcon Resources Files for “Pre-Packaged” Bankruptcy

Halcon ResourcesOn Monday MDN brought you the news that Halcon Resources, a Utica Shale driller that “guessed wrong” by leasing 140,000 Utica Shale acres in the northern part of the play (in Ohio) and currently doesn’t drill on any of that acreage, had gotten buy-in from most of the people to whom it owes $1.8 billion to turn that debt into ownership in the company (see Halcon Gets Majority Buy-in for “Pre-Packaged” Bankruptcy). What we didn’t know is that Halcon actually has $3.12 billion in debt–far more than they previously (publicly) acknowledged. We know that because yesterday Halcon filed their pre-packaged bankruptcy plan in Delaware federal bankruptcy court. The filing (copy below) lists $3.12 billion in debt and $2.85 billion in assets. Although the plan calls for existing shareholders to be issued new stock in the company, the reality is that those who were previously debtholders (not owners) will become the new owners, while existing shareholders’ new stock will be worth toilet paper…
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PA Court Rejects Radicalized Kids’ Global Warming Lawsuit

rejected.jpgLast August MDN told you about a lawsuit brought by a group of left coast radicalized children who want to force the federal government to become communist and “force action” on mythical climate change (see Group of Kids Sues U.S. Govt to Force Action on “Climate Change”). In January of this year, we brought you an update, telling you that radicalized, fringe Catholic groups had joined the cause with the ignorant children (see Climate Change Lawsuit by Radicalized Children Gets Interesting). What we didn’t know is that at the same time manipulating adults on the Left Coast were (ab)using children to file their lawsuit, the same thing was happening in Pennsylvania. A group of minors, being manipulated by radical adults, filed their own version of the same lawsuit. In PA the lawsuit asked the court to use the state’s so-called Environmental Rights Amendment to force the Executive Branch (i.e. the governor) to develop a plan to protect these poor, defenseless children against mythological man-made global warming. That is, it was a lawsuit to stop all drilling for oil and natural gas–flying under the guise of protecting PA citizens from “climate change.” On Tuesday, the Commonwealth Court of Pennsylvania rejected this nonsensical lawsuit, tossing it out (full copy of the decision below). Now the radicalized children, still being manipulated by radicalized adults, are appealing the case to the PA Supreme Court…
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FERC Agrees to Consider Hearing on Need for PennEast Pipe in NJ

think about itWe’re not sure how important (or not) this news is, but it’s certainly worth reporting. Yesterday the Federal Energy Regulatory Commission (FERC) announced it will “consider” a motion for an evidentiary hearing on PennEast Pipeline’s application about whether or not the pipeline is needed in New Jersey. Last month radicals at the Eastern Environmental Law Clinic (EELC) on behalf of enviro-Nazis at the New Jersey Conservation Foundation (NJ Conservation) and Stony Brook – Millstone Watershed Association (SBMWA), filed a motion requesting FERC conduct a hearing to assess whether there evidence of public need in New Jersey for the proposed PennEast Pipeline. Yesterday FERC said they’ll consider a hearing–FERC has not (yet) said it would actually conduct such a hearing. Here’s the news as sent to us from the radicals…
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Chevron Appalachia Names Nigel Hearne’s Replacement

Stacey Olson
Stacey Olson

In January, MDN was first to break the news that the head of Chevron Appalacia, Nigel Hearne, was leaving to run Chevron’s Australian operation (see Exclusive: Chevron Appalachia Head Nigel Hearne Going to Australia). It was one of the few times we get to break big news. At the time, we asked the question, “Who will replace Hearne in Pittsburgh?” It took a while, but we now have the answer. Stacey Olson, a senior vice president working at Chevron since 1989 (and someone who has served in a number of overseas postings), will take up the helm of Chevron Appalachia…
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Both Conventional & Shale Drillers Continue to Oppose New PA Regs

just say no7/29/16 Update: Please see the note at the end of the article for a clarification on when/how the new Article 78a drilling regulations may (or may not) take effect.

An update on the status of new drilling regulations in Pennsylvania. The short version: both the conventional and unconventional (shale) drillers in the state are actively opposing new regs, even though new shale regs were recently passed into law. The slightly longer explanation: those new shale regs, referred to as Article 78a, were voted on and signed into law in June (see PA Gov Wolf “Eager” to Sign Drilling Law Forced Down His Throat). At the same time, conventional drilling regulations were sent back to the drawing board before being introduced again. Although new shale regs were ostensibly adopted, they are not (yet) in force. The shale industry recently attempted to tweak the new regs to make them less onerous, but that effort failed last week (see Bill Tweaking Article 78a Shale Drilling Regs Dies in PA House). Where does it all stand now? New Article 78a regulations, as adopted, are undergoing a review at the PA Attorney General’s office. AG Kathleen Kane, a committed anti-driller, is going to trial in two weeks for committing felonies while in office (unrelated to drilling)–so she’s distracted. After the AG’s office signs off (who knows how long?), then the new regs will go into full force. Unless it can be stopped…
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NFG’s Northern Access Pipeline Gets Favorable FERC Review

Empire Pipeline logoNational Fuel Gas (NFG), the Buffalo-based utility giant with both a drilling subsidiary (Seneca Resources) and a midstream/pipeline subsidiary (Empire Pipeline) filed an application with the Federal Energy Regulatory Commission (FERC) in March 2015 for a pipeline project they call Northern Access 2016 (later renamed to simply Northern Access Project, dropping the “2016” part). The $455 million project includes building 97 miles of new pipeline along a power line corridor from northwestern Pennsylvania up to Erie County, NY. The project also calls for 3 miles of new pipeline further up, in Niagara County, along with a new compressor station in the Town of Pendleton (see NFG’s Marcellus Pipeline from NWPA to NY Hits Resistence). Although the project has faced some resistance from anti-fossil fuelers, FERC has just issued a favorable Environmental Assessment (EA), which means the project is on track for full FERC approval…
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Patterson-UTI 2Q16: $86M Loss, “Well Positioned” for a Recovery

Patterson-UTI logoEach month MDN tracks how many rigs oilfield services company Patterson-UTI Energy reports operating–as a proxy for when/if the drop in rig counts for the Marcellus/Utica will turn around. Patterson operates a number of rigs in the northeast, as well as other areas of the continental United States (and Canada). After more than a year, Patterson’s June report finally showed a small turnaround (see Tide has Turned: Patterson-UTI June Rig Count Ticks Up by 2). But what about Patterson’s financial health? The company released their second quarter 2016 update earlier today. Patterson reports losing $86 million in 2Q16, versus losing $19 million in 2Q15. The reason for the drop: Patterson averaged 55 operating rigs in 2Q16 versus an average of 71 rigs operating in 1Q16. According to comments by the company’s top brass, they are doing everything they can to make it through the downturn and believe they are “well positioned for a recovery.” If things have truly turned around and drilling is back, hopefully Patterson will come roaring back. The Marcellus/Utica is counting on it!…
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Constellation Buys NatGas Business from ConEdison Solutions

constellation-logoConstellation, a subsidiary company of Exelon Corporation, announced a deal yesterday with ConEdison Solutions (a subsidiary of New York’s Consolidated Edison) to buy ConEdison Solutions’ retail electricity and natural gas business. The deal means more than 560,000 commercial, industrial, public sector and residential customers across 12 Northeastern, mid-Atlantic, and Midwestern states, Texas, and the District of Columbia will become part of the Constellation family. Interestingly, ConEdison said it is selling its (regulated) electricity and natural gas business to focus on its (deregulated) renewable energy, sustainability services and energy efficiency business. Why is this Marcellus news? We see it as a potential new market for Marcellus/Utica Shale gas. Below is the announcement, along with some analysis of what’s really going (the motivation) with this deal…
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Former PA Gov. Ed Rendell Talks Fracking at Politico/DNC Event

Ed Rendell
Ed “fast Eddie” Rendell

It was just this past Tuesday we pointed out the cozy (actually incestuous) relationship between mainstream media and the Democrat Party, with Bloomberg sponsoring a meeting at this week’s Democrat National Convention on global warming flummery (see Bloomberg News Compromised: Sponsors Dem Meeting on Global Warming). Not to be outdone, Politico, another Democrat-run organization, sponsored an “energy” meeting yesterday. One of the speakers was former Pennsylvania Gov. Ed “fast Eddie” Rendell, who spoke about “making a mistake” by pushing fracking too fast in the Keystone State when he was guv. Of course the crazies and wackos picked up on it and leveraged it for all it’s worth. However, Rendell also said since 2010 there have been no significant environmental incidents related to fracking. That makes the crazies go bonkers…
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Hillary’s Energy Plan: Keep CPP, Give Screwed Coal Miners Extra $

Trevor Houser
Trevor Houser

Hillary Clinton’s so-called energy advisor, Trevor Houser, said yesterday he believes (hopes) the U.S. Supreme Court will uphold President Obama’s disastrous Clean Power Plan. Houser was a speaker on the same panel as former PA Gov. Ed “fast Eddie” Rendell, sponsored by the compromised news organization Politico (see Former PA Gov. Ed Rendell Talks Fracking at Politico/DNC Event). According to Houser, a Hillary administration plans on (hopes for, cheerleads for) the disastrous CPP to continue. With regard to Obama’s war on coal and all of those coal miners that Trump says he’ll put back to work, Houser says Hill has a solution. Give them a few extra bucks in their welfare checks. Those Dems are so loving, so caring, so smart. How could we not see it?…
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