Chesapeake Files for Bankruptcy – Debtors to Take Ownership
We’ve told you for months to expect it. Yesterday (on Sunday) Chesapeake Energy finally filed for Chapter 11 bankruptcy after lining up a $925 million loan to keep the doors open, the lights on, and the drill bits chewing away. Pipeline companies (and other vendors) that have contracts with the company should be concerned. The opening paragraph of Chessy’s press release says, “Chesapeake intends to use the proceedings to strengthen its balance sheet and restructure its legacy contractual obligations to achieve a more sustainable capital structure.” That means they’re looking to break existing contracts, using the bankruptcy filing as an excuse.
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A landowner in Allegany County, NY who tried to block National Fuel Gas Company (NFG) from crossing her property with its Northern Access Pipeline to flow PA fracked gas into the Empire State, has failed. Last week New York’s highest court, called the State Court of Appeals, overturned a lower court ruling. The high court decision clears the way for NFG to use eminent domain to cross the woman’s property when (not if) the pipeline gets built.
We’re still steamed about a totally fake/manufactured “report” issued by Pennsylvania Attorney General Josh Shapiro last week bashing the shale industry (see 
National Grid, a huge utility company that supplies natural gas to all of Long Island, including two New York City boroughs (Queens and Brooklyn) has both a short-term and long-term gas supply problem. Corrupt Gov. Andrew Cuomo single-handedly decided to deny National Grid new natural gas supplies via a new pipeline (see 
In February we told you the fix is in. A bankruptcy judge in Delaware announced he would award the sale of the closed Philadelphia Energy Solutions (PES) refinery to a Chicago developer that has plans to demolish the East Coast’s largest and oldest refinery–and replace it with big, smelly, noisy warehouses with trucks coming and going day and night (see 
MARCELLUS/UTICA REGION: PA Treasurer calls on U.S. supermarkets to reduce emissions of pollutants; PA DEP awards over $434,000 in environmental education grants; OTHER U.S. REGIONS: Looks like city will ban natural gas after councilwoman gets go-ahead from state agency; NATIONAL: U.S. refinery capacity sets new record as of January 1, 2020; US propane supplies looking tighter later in 2020; 30% of U.S. shale drillers could go under; INTERNATIONAL: Russia’s Nord Stream II handed a potential death knell.