Rockdale Marcellus Looks to Liquidate Remaining Assets Under Ch. 11
Last September MDN broke the news that Rockdale Marcellus had filed for Chapter 11 bankruptcy protection in U.S. Bankruptcy Court for the Western District of Pennsylvania (see NEPA Driller Rockdale Marcellus Files for Chapter 11 Bankruptcy). In January we told you that Repsol had won an auction to buy the assets for $220 million in cash, plus the assumption of $2 million in debt owed to trade creditors (see Sale of Rockdale PA Assets to Repsol Closes – $220M Cash, $2M Debt). After the sale to Repsol and payments to key creditors, there’s still a small pot of cash ($21 million) leftover. Rockdale has a plan to distribute it to some of the remaining creditors.
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Last August, PTT Global Chemical finally came clean and admitted there will be no final investment decision (FID) to build a $10 billion ethane cracker plant project in Belmont County, OH, until they secure a partner to help finance the project (see 
Using investment capital from Preferred Capital Securities, WhiteHawk Energy is buying mineral and royalty rights in southwestern Pennsylvania, primarily in Washington and Green counties, for $52.5 million. The assets include production and cash flow from over 950 horizontal Marcellus Shale wells. The wells are operated by EQT, CNX Resources, and Range Resources.
Two Pennsylvania Senators, Gene Yaw (Lycoming County) and John Yudichak (Luzerne County) have sent a letter to the state’s Independent Fiscal Office (IFO) asking the IFO to audit the modeling done by the inept Dept. of Environmental Protection (DEP) with respect to the price of credits being sold under the RGGI carbon tax scheme. PA Gov. Wolf intends to force the state, against the will of the people (i.e. the legislature that represents the people) to join RGGI, which slaps in insanely high carbon tax on all coal- and Marcellus gas-fired power plants. Yaw and Yudichak believe the DEP fudged the numbers with their original estimates of how much so-called RGGI credits cost. The senators want a neutral, independent third party to analyze the analysis done by the DEP.
Two years ago Yale University sold off its $80 million equity stake in Marcellus/Utica fracker Antero Resources. You know, Antero is an evil fossil fuel company and the woke children attending Yale demanded divestment. But a funny thing happened on the way to the forum… according to Yale University’s latest 13F form filed with the Securities and Exchange Commission, as of Dec. 31, 2021, the University owns $41 million of Antero Resources stock once again!
MARCELLUS/UTICA REGION: Proposed rules would allow for Delaware River water to be exported for fracking; NATIONAL: Cut off Putin’s power by cutting off Russian gas; Unseen costs of the energy transition: minerals, metals, and construction materials; Biden’s war on affordable energy; America shouldn’t be held hostage to Russian natural gas; Biden resists calls to back expanded oil and gas production to counter Russia; INTERNATIONAL: Shell ditching Russian business; Germany to break free from Russian gas with two LNG terminals.