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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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 (
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 
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.
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.
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 
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.