Chevron Writes Down $5B+ in Marc/Utica Assets, Looks to Sell All

In a bombshell announcement yesterday, Chevron said it is writing down (reducing the paper value) of all its shale assets by $10-$11 billion in the fourth quarter. “More than half” of it is a write-down of its Marcellus/Utica assets. Not only that, but Chevron says it is “evaluating its strategic alternatives for these assets, including divestment.” Translation: Chevron has put its M-U assets, all of them (over 750,000 890,000 acres plus producing wells) up for sale. But the bad news doesn’t stop there.
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Antero Puts $1B M-U Assets for Sale; Shaves $350M from Midstream

Antero Resources is working hard to get the company on sound financial footing. That’s the message we took away from an announcement on Monday from the company that says (a) they’ve asked for and received a break in midstream (pipeline) prices from their own subsidiary, Antero Midstream, and (b) they’re putting some of their considerable Marcellus/Utica assets up for sale, hoping to raise upward of $1 billion.
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Judge Finds Exxon Not Guilty in Fraud Case – NY AG Humiliated

As it turns out, Exxon didn’t know. You may recall the hue and cry from radical anti-fossil fuelers that #ExxonKnew–knew they were toasting mom earth by extracting and encouraging the burning of oil and natural gas. The New Attorney General’s office launched an investigation, and then a lawsuit, charging the same thing. The NY AG claimed Exxon had defrauded shareholders by covering up knowledge of global warming. The first lawsuit to go to trial against Exxon for causing global warming was in NY, where the AG (Letitia “Tish” James) headed up a disaster of a lawsuit. She (and her office) was thoroughly and completely humiliated by a NY judge who said she never proved anything. Her team’s performance was worse than that of a first-year law student.
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Former EQT CEO Steve Schlotterbeck Joins Board of Reveal Energy

Steve Schlotterbeck joins Reveal Energy board

Reveal Energy Services is a Houston-based oilfield service technology company that offers hydraulic fracture mapping and monitoring services to validate oil and gas well completions designs for U.S. shale wells. In something of a coup, Reveal has lured Steve Schlotterbeck, former CEO of EQT, to become the new Reveal Chairman of the Board.
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NY Budget Commission Says More NatGas, Nukes Needed to Lower GHG

In a new report titled “Getting Greener: Cost-Effective Options for Achieving New York State’s Greenhouse Gas Goals,” the Citizens Budget Commission (of New York) attributes the 13% greenhouse gas (GHG) emissions drop New York State saw between 1990 and 2016 to an increased usage of natural gas and nuclear power. According to the nonpartisan Commission, New York is “already green” and if it wants to stay that way, it needs MORE natural gas, not less!
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Blowing the Whistle on Natl Whistleblower Center’s Climate Campaign

The National Whistleblower Center (NWC), a corrupt and partisan (Democrat) nonprofit group, has laughingly launched what it calls a “Climate Corruption Campaign” to “enlist whistleblowers in the fight against fraud and other crimes in the three industry sectors responsible for the vast majority of the world’s carbon pollution: oil and gas, coal, and industrial logging.” What a sick joke.
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Shale Energy Stories of Interest: Wed, Dec 11, 2019

MARCELLUS/UTICA REGION: Massive holiday drive to help out families in need; Greenhouse gas law will cost local jobs; NATIONAL: Will U.S. shale oil roll over and play dead as OPEC wishes?; US EIA lowers Q1 Henry Hub spot gas price forecast by 11 cents to $2.62/MMBtu; Enbridge would consider further LNG export investment under right conditions; INTERNATIONAL: Defense bill deal includes tough sanctions against Russia’s newest gas pipeline to Europe.
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