Marcellus Drilling News

Energy Services | Schlumberger

Schlumberger Changes Name to SLB, Hoping to Leave Oil Past Behind
October 25, 2022October 25, 2022

New Schlumberger (now SLB) company logo

Some companies seem to be destined to make fatal marketing errors. The latest example: Schlumberger (pronounced Shlum-Bur-Zhay), which happens to be the world’s largest oilfield services company (OFS). Schlumberger announced yesterday it is caving to the crazies and changing its name to its stock ticker symbol, SLB, in a bid to focus on the “low- and zero-carbon energy” future. The company still plans “to drive innovation, decarbonization and performance for the oil and gas industry,” but you know, oil is yesterday, and zero-carbon is where it’s at now, baby. We predict this change in focus will be a disaster for the company.
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Industrywide Issues | Pennsylvania | Regulation | Statewide PA | Taxation

PA Lawmakers, Gov Working on $3.6B Tax Credits for Natgas, H2, More
October 25, 2022October 25, 2022

Pennsylvania Gov. Tom Wolf and Republicans from the state legislature are reportedly working on a “massive development package” of tax credits that would, among other things, encourage MORE natural gas development in the Keystone State. Wolf (and the Republicans) are hoping to get something hammered out before the Nov. 8th election. One of the cool things about the bill is that it would expand a bill signed into law in 2020 that provides an incentive to companies to use “fracked methane in manufacturing.” So far, the state has attracted one such project, the Nacero gas-to-liquids plant planned for Luzerne County (see NEPA Huge Deal – $6B Plant to Convert Marcellus Gas to Gasoline). The hope is that by expanding tax incentives, more $6 billion plants will decide to locate in PA.
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CNG/LNG | Exporting | Guest Post | Industrywide Issues | Pennsylvania | Philadephia

Legislative Bill Lights Up Possibilities for a Philadelphia LNG Port
October 25, 2022October 25, 2022

Today we bring you a guest post from MDN friend Garland Thompson, a gifted reporter/writer who covers energy and technology issues for US Black Engineer & Information Technology magazine, the Philadelphia Tribune, and other periodicals. State Sen. Gene Yaw will host a hearing in Philadelphia on Thursday to explore LNG, its role on the world stage, and the potential role Philly can play in providing it. Using the upcoming hearing as a jumping-off point, in this post, Garland connects the dots between proposed House Bill 2458 (see PA Bill Looks to Convert Port of Philly into LNG Export Terminal), Philadelphia, the Panama Canal, LNG, Putin, and second chances. Garland provides us with the history and context to understand how and why LNG exports from Philly fit into the world picture.
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Energy Companies | Range Resources Corp

Rolling in Free Cash Flow, Range Resources Triples Share Buybacks
October 25, 2022October 25, 2022

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Range Resources issued its third quarter financial update yesterday and is holding a conference call today to discuss 3Q results. We will cover Range’s full quarterly update tomorrow (so we can grab excerpts from the conference call). In the meantime, the initial big news coming from Range is that the company is tripling its share buyback program to $1.5 billion using free cash flow. What is a share buyback?
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BKV/Banpu | Energy Companies

Banpu on the Prowl to Buy More Natural Gas Assets in U.S.
October 25, 2022October 25, 2022

Banpu is Thailand’s largest coal mining company. But Banpu is far more than just a coal company. It has multiple subsidiaries in various energy industries scattered around the globe. For example, here in the U.S., Banpu partners with Kalnin Ventures and operates BKV Corporation (Banpu Kalnin Ventures), the American shale drilling arm of Banpu (96% owned by Banpu). Over the past seven years, BKV has become one of the top 20 gas-weighted natural gas producers in the U.S. BKV is now (with recent purchases) the largest natural gas producer in the Barnett Shale. We spotted a story that says Banpu wants to invest in more U.S. natural gas assets. The company is on the prowl again!
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Antero Resources | Chesapeake Energy | CNX Resources | Coterra Energy (Cabot O&G) | Energy Companies | EQT Corp | Gulfport Energy | Range Resources Corp | Seneca Resources | Southwestern Energy

What Wall St. Expects to Hear from M-U Drillers in 3Q Updates
October 25, 2022October 25, 2022

Expectations play a big role in investing. The financial markets do a lot of anticipating and forecasting and guessing about where a company or entire sector is heading. Such is the game being played right now with expectations for Marcellus/Utica shale gas companies and their forthcoming third quarter financial updates. Given the high price of natural gas during 3Q22, analysts expect shale gas companies to be swimming in free cash flow. The natural follow-on question is, what will they do with all of that extra cash?
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Anti-Drilling/Fossil Fuel | Crude Oil | Industrywide Issues | Regulation

Voters Have a Clear Choice on Energy Policy This November
October 25, 2022October 25, 2022

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There are distinct and profound differences in the approach to energy policy between Joe Biden (and the Democrat Party), and Republicans. It is important for you to understand those fundamental differences before you enter the voting booth and pull the metaphorical lever to vote on Nov. 8th. At its core, Democrats want to pick which energy sources you can use. They will make the decision, because (they think) they’re smarter than you. Republicans want the free market to decide which is the best (and lowest cost) option for energy. All other government policies flow from those diametrically opposed philosophies.
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Best of the Rest

Other Stories of Interest: Tue, Oct 25, 2022
October 25, 2022October 25, 2022

MARCELLUS/UTICA REGION: EQT’s TugHill deal top’s 3Q’s shale M&A; OTHER U.S. REGIONS: Texas natural gas drops toward zero as output swamps pipelines; Chesapeake Energy trims workforce ahead of oil properties sale; NATIONAL: We need reasonable energy policies today; Red Queen effect slows shale growth; INTERNATIONAL: U.S. gas exporters looking at fluctuating European market; Oil and gas majors hiring right now; Wave of LNG tankers is overwhelming Europe, hitting natural gas prices.
Read More “Other Stories of Interest: Tue, Oct 25, 2022”