Court Approves Chesapeake Bankruptcy Plan to Dump $7B of Debt

Over the objections of a junior creditor group, a judge for the U.S. Bankruptcy Court in Houston said yesterday he will approve Chesapeake Energy’s bankruptcy plan to jettison $7 billion (out of $8.9 billion) worth of debt. Chesapeake will exit bankruptcy within the next 30 days and will continue to retain and drill on its Marcellus Shale assets in northeastern Pennsylvania.
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Strong Support for PennEast Pipe During PA DEP Virtual Hearing

Yesterday the Pennsylvania Dept. of Environmental Protection (DEP) held a virtual hearing to accept public comment on the topic of issuing water crossing and sediment/erosion permits for the PennEast Pipeline project. The hearing lasted over three hours with some 70+ people speaking (for up to 3 minutes each). Much to the consternation of anti-fossil fuelers, there was a strong showing of support for the project.
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US Well Locks in Long-Term E-Fracking Contracts with Range, EQT

In a pair of announcements earlier this week, U.S. Well Services announced it has signed new long-term deals with both Range Resources and EQT to supply “electric fracking” services. We told you in February 2020 that Range had signed on with U.S. Well Services to continue using its electric fracking service (see Range Resources Converts to Electric Fracking with US Well Serv.). A couple of months later EQT signed up with U.S. Well too (see EQT Converting One-Third of Completions to US Well E-Fracking). What’s the difference between traditional fracking and electric or e-fracking?
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K Petroleum Must Pay Penneco $511M for Gas Sales in SWPA

In November 2019 the U.S. District Court of Pennsylvania ruled that K. Petroleum Inc. (KPI), headquartered in Gahanna, OH, had breached a contract with Penneco Oil by not paying Penneco for gas flowing through KPI’s gathering pipeline system for wells owned and operated by Penneco. Yesterday the same court finally (after more than a year) completed calculations for what KPI owes Penneco. The tab comes to $511,292.15.
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3 Firms Merge to Form New Enviro/Engineering Consultant

Drillers and pipeline companies often need the services of environmental and engineering consultants as they plan their projects. There are a number of companies in this space operating in the Marcellus/Utica. Investment firm Round Table Capital (RTC) Partners recently purchased three companies and is merging them to create “a market leader in the Environmental Consulting and Engineering Services market.” RTC launched this new venture with the acquisition of Hull & Associates, LLC in July of 2020 (the foundation of their new “platform”) and has further expanded Hull with the acquisitions of Duffield Associates, LLC and HSW Consulting, LLC in December.
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Spoiled Kids Stage a “Die-in” at Connecticut Capitol re Gas Plant

(Credit: Hartford Courant/Kassi Jackson)

Ever see a spoiled rotten child, say about two years old, who is told “NO” and proceeds to throw a temper tantrum and drop to the ground and lie there, not moving, pretending to be dead? That’s what the scene looked like yesterday in Hartford, Connecticut as a small group of spoiled rotten children (high school and college-age, never really grew up mentally) staged a “die-in” where they flopped themselves on the ground like petulant two-year-olds and stayed there in an effort to protest a clean-burning, safe, much-needed gas-fired electric power plant planned for Killingly.
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Companies Eye M-U Region to Build New Factories, Leverage Shale

MDN is proud to once again partner with our friend Joe Barone from Shale Directories to help promote an important, upcoming conference. The 2nd Annual Appalachian Basin Real Estate Conference is slated for March 25 at the Oglebay Resort and Conference Center, in Wheeling, WV. This conference will attract businesses from outside the Marcellus/Utica region who may be interested in locating operations here to take advantage of our abundant and cheap natural gas and NGLs.
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Other Stories of Interest: Thu, Jan 14, 2021

MARCELLUS/UTICA REGION: Corning Natural Gas to be acquired by Argo Infrastructure Partners for $150 million; NATIONAL: EIA expects higher wholesale U.S. natural gas prices in 2021 and 2022; API looking for common ground to preserve U.S. energy dominance as Dems take control; The future of work in oil, gas and chemicals; Third of oil and gas workers faced pay cut in 2020 due to pandemic; INTERNATIONAL: The Biden administration and energy Part II – international relations; NFE to acquire Hygo Energy Transition and Golar LNG Partners in Combined $5 billion transaction; NFE to acquire power purchase agreements and build LNG-to-power project at Suape Port in Brazil.
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