Marcellus Drilling News

Industrywide Issues | Research

EIA Dec ’19 Drilling Report: M-U Production Drops 1st Time in Yrs
December 17, 2019December 17, 2019

Last month MDN warned readers that we were likely at a peak, the point when the Marcellus/Utica would, after many years, begin to produce less natural gas each month than it had the month before (see EIA Nov ’19 Drilling Report: Permian Gas Grows More than M-U). Our prediction/caution has come true. According to the U.S. Energy Information Administration (EIA) and their monthly Drilling Productivity Report (DPR), the M-U region will produce 74 million cubic feet per day (MMcf/d) less in the coming month of January than it will have produced this month.
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Energy Companies | EQT Corp | Forced Pooling | Industrywide Issues | Statewide WV | West Virginia

EQT CEO Toby Rice Says WV Co-Tenancy Law May Not be Enough
December 17, 2019December 17, 2019

West Virginia’s co-tenancy law was signed into law by Gov. Jim Justice in March 2018 (see WV Gov. Justice Does 180 – Says He’ll Sign Co-Tenancy Bill). According to speakers at the West Virginia Oil and Natural Gas Association (WVONGA) 2019 Fall Meeting, the new law is working pretty well (see WVONGA Meeting: New Co-Tenancy Law Working, Still a Few Kinks). However, EQT CEO Toby Rice told WV legislators yesterday that co-tenancy may not go far enough for his company.
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Chesapeake Energy | Energy Companies

NYSE Warns Chesapeake Energy Stock to be Delisted…Unless
December 17, 2019December 17, 2019

Last week Chesapeake Energy received a notification from the New York Stock Exchange that its shares of stock have fallen below the $1/share threshold for more than 30 consecutive trading days and because of it, Chessy’s stock will be delisted from the exchange. Unless. Unless they can get the per share price over the $1/share average in a certain period of time. Chesapeake has responded they are taking several actions, the most relevant/likely being a reverse stock split.
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Energy Companies | Montage Resources

Montage Resources Gets New Chairman of the Board – Former CNX COO
December 17, 2019December 17, 2019

Randy Albert – Chairman, Montage Resources

Montage Resources, which formed from a merger between Eclipse Resources and Blue Ridge Mountain Resources (formerly Magnum Hunter Resources) in March of this year, has a new chairman of the board–MDN friend Randy Albert, former/retired Chief Operating Officer for CNX Gas when it was still part of CONSOL Energy.
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BKV/Banpu | Energy Companies | Pennsylvania | Wyoming County (PA)

Banpu Opens New $5M Marcellus Operations Office in NEPA
December 17, 2019December 17, 2019

New Banpu/BKV Operating office opens in Tunkhannock, PA

Thailand’s largest coal producer, Banpu, is also a growing investor/operator in the northeast Pennsylvania Marcellus Shale. In June MDN brought you an update on a new $5 million facility being built by Banpu in Tunkhannock Township (Wyoming County), PA (see Progress on $5M Office in NEPA for Marcellus Co. from Thailand). We’re happy to report last week Banpu held the grand opening of their new office/facility in Tunkhannock.
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Energy Services | Industrywide Issues | New York | Pipelines | Regulation | Statewide NY | Williams

FERC Upholds Decision to Allow NY Constitution Pipe Construction
December 17, 2019December 17, 2019

In August the Federal Energy Regulatory Commission (FERC) ruled that the New York Dept. of Environmental Conservation (DEC) took too long to deny a federal Clean Water Act “Section 401” water crossing permit for the Williams Constitution Pipeline project (see Victory! FERC Overrules NY DEC to Allow Constitution Pipeline). Which means the project is now back on, approved by FERC itself. The DEC, thoroughly corrupted and politicized by NY Gov. Andrew Cuomo, said it will “fight” FERC’s ruling (see NY DEC Will “Fight” FERC over Constitution Pipeline Decision).
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Energy Companies | EQT Corp

Last of EQT’s Old Mgmt Team Becomes President of Washington Gas
December 17, 2019December 17, 2019

Donald “Blue” Jenkins

That was fast! In November MDN told you the last remaining member of EQT’s former top management team, Executive VP Donald “Blue” Jenkins, had proffered his resignation and would leave on Dec. 15 (see Last Remaining Member of “Old” EQT Exec Team Resigns). On Dec. 16, the very next day after leaving EQT, Jenkins became president of Washington Gas, a natural gas utility company in the Washington, DC area with more than a million customers. Blue landed on his feet.
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Best of the Rest

Shale Energy Stories of Interest: Tue, Dec 17, 2019
December 17, 2019December 17, 2019

MARCELLUS/UTICA REGION: Rockefeller director disappointed that the Rockefeller-funded Exxon investigation failed; Chevron starts divesting from region, selling this key site; Exxon’s big court win exposes major malpractice in the New York Attorney General’s Office; NATIONAL: Global warming facts, fear, foolishness and frauds; Bloomberg would shut down coal, gas plants if elected president; INTERNATIONAL: Foreign-funded attacks on Canada’s energy industry; China goes all-in on coal while telling the rest of the world to reduce emissions; Lawsuit: Apple, Google, Tesla profit from African child labor.
Read More “Shale Energy Stories of Interest: Tue, Dec 17, 2019”