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Gulfport’s Bumpy Bankruptcy – Asset Transfer, Exec Bonuses Questioned

Last November Gulfport Energy, the third-largest driller in the Ohio Utica Shale (by the number of wells drilled), filed for a “pre-arranged” Chapter 11 bankruptcy (see Gulfport Energy Files for Pre-arranged Chapter 11 Bankruptcy). Gulfport’s bankruptcy has been a bumpy process according to recent filings in the case. According to a “heavily revised” disclosure statement filed by Gulfport, there are “concerns” from the Debtors’ Official Committee of Unsecured Creditors about Gulfport (the parent) transferring $1 billion worth of assets to a subsidiary, Gulfport Appalachia, when both were likely insolvent. And the court is actively looking at over $19.6 million of management bonuses paid in the eight months preceding the Chapter 11 filing, asking whether that money should now be “clawed back” and given to creditors.
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New York Landfill Accepting Pa. Drill Cuttings Plans Expansion

Last summer MDN brought you the news that the Sierra Club lost a lawsuit aimed at blocking a landfill in New York State from accepting oil and gas drill cuttings from Pennsylvania (see Sierra Club Loses Court Case to Block Drill Cuttings in NY Landfill). The C&D Hakes Landfill in Painted Post, NY (near Elmira, located in Steuben County) continues to accept PA drill cuttings, although we’re not sure if those cuttings come from Marcellus drillers. At any rate, Hakes has filed a request to expand the landfill by another 43 acres (to 122 acres), to continue accepting PA drill cuttings for an extra 8-10 years.
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Enverus U.S. Rig Count Sees Massive Increase, Up +30; Utica Up +2

For the week ending March 3, the Enverus U.S. rig count soared by another 30 rigs, an indicator that activity is picking up in the oil and gas sector. The vast majority of the rigs (27) were brought online in oil-focused plays (12 of them in the Permian alone). Just 3 net rigs were brought online in gas-focused plays. The Utica Shale increased by 2 active rigs, while the M-U’s chief rival for rigs, the gassy Haynesville, added 3 rigs. (Obviously, some gas rigs were idled in other plays if there were +5 brought online in the Utica and Haynesville.)
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OH Senate Unanimously Passes Bill to Overturn Nuke Bailout Law

There is finally movement in Ohio to repeal an odious law passed by Ohio’s Republican-controlled legislature called House Bill 6, which funnels over $1 billion from Ohio ratepayers to FirstEnergy Corporation in order to keep the company’s unprofitable nuclear power plants running (while disadvantaging other power sources, like gas-fired plants). FirstEnergy is accused of bribing legislators to pass, and keep passed, HB 6 by paying out $60 million in bribes (see FirstEnergy Involved in Bribery Scheme to Pass $1B Nuke Bailout Law).
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Why PA Gov. Wolf’s RGGI Carbon Tax Needs Legislative Approval

Whether or not you agree with Pennsylvania Gov. Tom Wolf’s idiotic plan to join something called the Regional Greenhouse Gas Initiative (RGGI), a carbon tax that will force PA residents to pay $2.36 billion in higher electric costs over a 10-year period (and shut down coal and gas-fired power plants), there is one thing we can all agree on: The way Wolf is attempting to enroll the state in RGGI is wrong. Wolf is denying the state legislature (controlled by Republicans) a role in approving whether or not this new carbon tax will be assessed on PA citizens.
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Antis on Tirade Against Duke Energy Plan to Build Gas Power Plants

Duke Energy has plans to build multiple new clean-burning natural gas-fired power plants to supply its grid over the next 15 years–some 4.7 gigawatts of new gas-fired plants (see Duke Energy Plans Lots of New Gas-Fired Plants in NC/SC/Elsewhere). Of course, anti-fossil fuel wackos are objecting. They have a “better” plan in mind for you…
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All Good Things Come to an End: Gas Price Back to Pre-Storm Levels

Just two weeks ago we reported on the historical, insanely high natural gas spot prices being paid across the country (see Cash NatGas Price in Oklahoma Hits $999/MMBtu; M-U Thru Roof Too). The price of gas traded at $1,200/MMBtu at one point in Oklahoma. Insane! Prices here in the M-U went sky-high too. But all good things must come to an end. Natgas prices have returned to earth, back to pre-winter storm levels.
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Other Stories of Interest: Fri, Mar 5, 2021

MARCELLUS/UTICA REGION: Peregrine acquires producing royalties in West Virginia; Can the U.S. meet its electricity demand with 100 percent renewable energy?; NATIONAL: EIA: US weekly LNG exports rise another week; Lower-paying labor awaits oil and gas crews in the green energy transition; Biden told union leaders ‘I’m all for natural gas’; No ‘one-trick pony’ as Enterprise considers switching up US pipeline infrastructure; Energy secretary says oil industry must embrace green transition; INTERNATIONAL: China’s pursuit of natural gas jolts markets and drains neighbors; Iran accused of eco-terrorism as oil spill washes up on Israeli beaches.
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