Marcellus Drilling News

The Day Chesapeake CEO McClendon Would Rather Forget

June 11, 2012June 11, 2012

Aubrey McClendon, CEO of Chesapeake Energy, had a tough day last Friday at the annual shareholder’s meeting at Chesapeake’s headquarters in Oklahoma City . Shareholders passed a number of votes against the sitting board and against McClendon. McClendon had previously announced that Chesapeake’s two largest shareholders, Southeastern Asset Management and Carl Ichan will be allowed to nominate four new board members and a new chairperson, replacing more than half of the board. The new members are slated to begin later this month. Still, shareholders withheld approval of two sitting board members up for re-election. They both promptly offered their resignations.

A number of large shareholders addressed McClendon and the current board. Some were rather blunt about McClendon’s doubtful future with the company he founded in 1989:

NY DEC and EPA Emails – Interesting, Not Earth Shattering

June 11, 2012June 11, 2012

Over the weekend, the Gannett News Service ran a story in several of its newspapers and TV stations in New York State detailing the contents of emails that have flown back and forth between the NY State Department of Environmental Conservation (DEC) and the federal Environmental Protection Agency (EPA) on the topic of hydraulic fracturing in New York over the past four years. A copy of the emails is embedded below.

There’s really nothing earth shatteringly new in the emails. Some interesting tidbits perhaps, but all of it now ancient history and not worth being hot and bothered about.

More Details about Proposed Ethane Cracker Tax Break

June 11, 2012June 11, 2012

Some more details about how the tax break would work that Pennsylvania Gov. Tom Corbett is planning to offer Shell to build it’s ethane cracker plant in PA:

EPA Investigating Range Drill Site in Western PA

June 11, 2012June 11, 2012

The federal Environmental Protection Agency (EPA) is investigating whether or not drilling activity by Range Resources at their Yeager Marcellus Shale site in Washington County, PA is causing air pollution and groundwater contamination. Range operates a wastewater pond and a drill cuttings pit at the site.

Several families living close to the site filed a personal injury lawsuit last month against Range.

Hydraulic Fracturing | Industrywide Issues | Regulation

Congressman Takes EPA’s Jackson to Task over Fracking

June 11, 2012June 11, 2012

The House Committee on Science, Space and Technology has a subcommittee called the Subcommittee on Energy and Environment. It’s chaired by Congressman Andy Harris (R-MD). Last week Congressman Harris sent a letter to Environmental Protection Agency (EPA) Administrator Lisa Jackson. The purpose of the letter? Essentially it puts Ms. Jackson on notice that Congress is tired of her agency’s witch hunt with respect to hydraulic fracturing, and encourages the EPA to stop being so sloppy with its work in that regard (MDN’s interpretation of what Harris said).

In essence, Mr. Harris accuses Ms. Jackson and the EPA of promoting a political agenda instead of performing real science. A copy of the full letter is embedded below.

Cuyahoga County | Industrywide Issues | Ohio | Property Value

Do Property Values Decrease When Drilling is Nearby?

June 11, 2012June 11, 2012

Does nearby drilling have a negative effect on real estate values? It’s a debate that has raged over the past several years. The drilling industry will say that on average, housing prices are unaffected by drilling. But if drilling is close—very close—there seems little doubt that it can negatively impact a homeowner’s property value. It’s one of the issues that those of us who support drilling must face honestly and openly. And figure out how to address it.

A case in point comes from a home owner in the suburbs of Cleveland, Ohio (Cuyahoga County).

Industrywide Issues | NG Vehicles | Statewide WV | West Virginia

WV Task Force Investigates CNG for State Vehicles

June 11, 2012June 11, 2012

West Virginia Gov. Earl Ray Tomblin wants the state-owned vehicles in his state to run on compressed natural gas (CNG) produced right in his own state, and he’s assembled a task force to investigate how to make it happen:

Best of the Rest

Marcellus & Utica Shale Story Links: Mon, Jun 11, 2012

June 11, 2012June 11, 2012

The “best of the rest” – stories that caught MDN’s eye that you may be interested in reading: