Chesapeake’s Wild Stock Ride Continued Yesterday – Down 66%

Yesterday MDN brought you the news that Chesapeake Energy’s stock price had risen some 500% over the previous two days (see Chesapeake Stock Soars, Bankruptcy Rumors Soar Too). We also told you that a single news story, by the leftists at Bloomberg, published early yesterday in an attempt to splash a bucket of cold water on Chessy’s good fortune, claimed “sources” say the company will soon declare bankruptcy with a plan to shaft existing stockholders and instead give most of the equity in the company to debtholders. That one Bloomberg story caused Chesapeake’s stock to lose two-thirds (66%) of its value yesterday in a wild ride down.
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Edge LNG Expands in Marcellus with Largest Project to Date

Going back a year (beginning June 2019) MDN has brought you news about Edge Gathering Virtual Pipelines 2 LLC (EDGE), a company that deploys special LNG units to remote Marcellus wells in PA, converting gas from the well into LNG and selling that gas (see our Edge stories here). Edge’s “virtual pipeline” solution aims to solve the problem of flaring, lack of pipelines, and (frankly) lack of good local markets into which to sell the gas. Edge has just cut another deal–this one with EXCO Resources. The company says this deal is its “largest project to date.”
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Weatherford CEO Out Days Before Annual Meeting – 2nd Bankruptcy?

In May 2019, Weatherford International, the world’s fourth-largest oilfield services (OFS) company, finally succumbed and announced it was filing for a “prepackaged” bankruptcy (see Weatherford Finally Files for “Prepackaged” Bankruptcy). In December the company emerged from bankruptcy having wiped out $6.2 billion of debt by giving new stock to debtholders and making its existing stock worthless (see Weatherford Emerges from Bankruptcy “Stronger” and “More Focused”). Is history about to repeat itself?
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MVP Southgate Pipe Close to Deal with Southern Va. Megasite

Amid all of the frivolous lawsuits and regulatory actions brought by Big Green, aimed at blocking progress on important projects like the 303-mile Mountain Valley Pipeline (MVP) that runs from West Virginia to southern Virginia (90% complete), progress is still happening for new pipeline projects. One of those new projects is MVP Southgate, a 75-mile extension of MVP that will run from southern Virginia into North Carolina.
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PA House Ctte Approves Bill Nixing Wolf Carbon Tax on Gas Plants

The Pennsylvania legislature has taken the next step in overturning a naked power-grab by Gov. Tom Wolf in his bid to force the state to join a carbon tax scheme called the Regional Greenhouse Gas Initiative (RGGI). Yesterday the PA House Environmental Resources and Energy Committee approved House Bill (HB) 2025 aimed at blocking RGGI without a proper vote by the legislature first. HB 2025 now goes to the full House for a vote.
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Mystery Solved of Who Bought Magnolia LNG Export Project

Two weeks ago MDN told you that PricewaterhouseCoopers (PWC), which had been hired to liquidate the assets of Australian company LNG Limited (LNGL), had found a second buyer for the Magnolia LNG export project for $2 million (see PWC Sells U.S. Magnolia LNG to Different Company for $2M). The new buyer is a company called Magnolia LNG Holdings, LLC. We couldn’t find any clue as to who is behind that company. Now we know.
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Shale Energy Stories of Interest: Wed, Jun 10, 2020

MARCELLUS/UTICA REGION: Pro-Trump PAC hits Biden on fracking and coal; Pa. House Speaker Mike Turzai expected to resign before the end of his term; NATIONAL: Natural gas beats renewables in providing steady, reliable power in emergencies; March saw major declines in U.S. demand for petroleum products; EIA’s 2021 Henry Hub price forecast leaps to $3.08 on rising demand, production declines; RNG’s climate benefits in reducing GHG questioned; ConocoPhillips’s CTO: the shale revolution will be digitized; Shale companies look to bolster insurance for directors and officers; Beyond just the rig count; As Big Oil job cuts mount, spare a thought for the workers; INTERNATIONAL: Manufacturing holds key to recovery of oil and gas markets; Is it time for shale producers to coordinate with OPEC+?; For the developing world a ‘green’ post-pandemic reset is a luxury, not a necessity.
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