NEPA Driller Rockdale Marcellus Files for Chapter 11 Bankruptcy
A sad exclusive to share with you today. Yesterday northeast Pennsylvania driller Rockdale Marcellus filed for Chapter 11 bankruptcy protection in U.S. Bankruptcy Court for the Western District of Pennsylvania. The company, which owns and operates 66 producing wells on 42,897 net acres in three northeast PA counties (regional headquarters in Pittsburgh) plans to auction off all of its assets according to paperwork filed with the court.
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Although the price of natural gas has rocketed this year and cash flows for Marcellus/Utica drillers have ballooned, showering drillers with plenty of free cash flow, M-U drillers are spending less (19% less) on capital expenditures than they did in 2020. Production in the M-U is up slightly by 4% so far in 2021 vs. 2020. The experts at RBN Energy have dived into this latest twist in the shale story to help explain what’s going on and why.
If this doesn’t prove that the environmental left isn’t really interested in the environment, but instead only in their leftist (Communistic) policies, nothing will prove it to you. A radical faction of Physicians for Social Responsibility calling itself “Concerned Health Professionals of Pennsylvania” (a false statement if ever there was one) is actively, aggressively trying to end the ability of Pennsylvania’s fracking companies to recycle wastewater (brine) that comes from naturally-occurring water deep in the ground. They figure if they can stop fracking’s green recycling program, maybe they can shut down fracking period. Sick.
Not only is gas so-called “responsible gas” if it’s extracted from the ground in a certain way, it’s even more “responsible” if it flows through a pipeline a certain way. That’s the theory anyway. In June of this year, Southwestern Energy announced it was working with Project Canary to certify all of its Marcellus/Utica gas production as responsible (see 
The leftist Democrats in Congress (and The White House) are not content to use a single barrel shotgun in its attempt to murder natural gas use in the U.S. They’ve brought out the double barrel shotgun. The federal government is proposing, under the Biden EPA, sweeping new methane emission regulations. The regulations are far worse than anything even in the Obamadroid era. That’s barrel number one. At the same time, the Dems intend to slap an insanely high new tax on methane in their so-called budget reconciliation bill. That’s the second barrel.
A nice bump up (finally) in the number of permits to drill new shale wells in the M-U, although it’s a lot of wells for a relatively few well pads. Pennsylvania issued 19 new permits across five pads in both the northeast and southwest portion of the play, including 8 permits for a single Cabot Oil & Gas pad in Susquehanna County. Ohio issued just 3 new permits, all to Encino Energy for a single pad in Carroll County. And West Virginia issued a surprisingly high 18 permits to two drillers on three pads in two counties: Marshall and Monongalia.
MARCELLUS/UTICA REGION: Utica Green Conference postponed until spring 2022; Gulfport Energy stock hits new 1-year high at $80.75; OTHER U.S. REGIONS: Foreign and naturally occurring sources are the main contributors of ozone in Utah; NATIONAL: Chevron looks to hydrogen and natural gas; Natural gas price prediction – prices fall as momentum turns negative; Biden pledges to double U.S. climate change aid; INTERNATIONAL: Another headwind – global gas price spike worries energy execs; Enabled by Biden, Putin declares energy war on Europe; Europe could turn to more coal if gas crunch persists.