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Who’s Who in OH Utica Shale Drilling for 2013

Who's WhoInvestor’s website Market Realist ran a 7-part series on the Utica Shale yesterday–really good stuff. As part of that series they list the biggest drillers/leaseholders in the Ohio Utica Shale. It’s a very useful rundown and update on the latest positions held by the major players of the Utica. We’ve pulled and condensed from their article to give you the latest rundown on who’s who in the Ohio Utica Shale…
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Hess Sets Up Scholarship Program at Belmont College

Utica driller Hess Corporation and Belmont College (St. Clairsville, OH) announced last Friday that Hess has established a scholarship program that will make “multiple awards” of scholarships of up to $3,000 per student per year at Belmont. Students may be enrolled in either full- or part-time programs working on either an associates degree or a certificate.

The aim of the program is to help train non-traditional students–those out of work and downsized from a previous job. The awards are not just for those seeking energy-related jobs either…
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UK Company Buys B2B Energy Biz with Marcellus Contracts from Hess

The UK-based company Centrica has just purchased the energy marketing division of Hess Corporation for a reported $731 million. The energy marketing division is a business-to-business supplier of natural gas and electricity in the eastern U.S. As part of the purchase, Centrica gets an “extensive portfolio” of existing gas contracts, including agreements with Marcellus Shale gas producers, gas storage and pipeline capacity.

The Centrica announcement:
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DRBC Delay Costs Wayne County Landowners $187.5M, Hess Pulls Out

thanks for nothingThank you Carol Collier (Executive Director) and the other members of Delaware River Basin Commission (DRBC): You’ve just cost Wayne County, PA landowners a collective $187.5 million by your continued inaction to allow drilling in Wayne County. Newfield Appalachia PA and Hess Corp. started sending notices last week to Wayne County landowners that they’ve decided to terminate the leases they made with them in 2009–on more than 100,000 acres.

Not wanting to tick off the DRBC and the member states of NY, NJ, PA and DE, the drillers blamed the lease terminations on a change in strategy–they want to drill in oily shale plays. But we know the real reason…
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Hess: Frackin’ and Flarin’ in Eastern Ohio

It looks like Hess has come alive in Ohio’s Utica Shale. According to the Marcellus and Utica Shale Databook – Volume 1, Hess received 2 permits to drill in Belmont County for the period January – April, 2013. They also received 5 permits to drill in Guernsey County, and 8 permits to drill 3 wells in Harrison County for the same period. Hess recently completed drilling one of the Belmont wells and that well is now being flared.

From this news account, we get more insight into Hess’ recent Utica Shale drilling activities and production:
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Who’s Who in Leasing & Drilling the Utica Shale?

Many people eagerly await Ohio’s annual production numbers, which will (hopefully) be out sometime later this week. Drillers had to file their production numbers no later than yesterday, Mar. 31. MDN has brought you some of the recent “idle” speculation that inevitably happens while waiting. The speculation lately has been along the lines of, “Is the Utica really all it’s cracked up to be?” (see More Angst Over OH Utica’s Oil Prospects). It is natural gas liquids (NGLs) and oil that makes the Utica special. If it turns out Utica production is mostly dry gas (methane only), it will be a major disappointment.

Investor websites are famous for analyzing this stuff to death before any hard data is available. We say: Let’s see what the numbers actually say! In the meantime, yet another “idle speculation” article on one of our favorite sites, The Motley Fool, once again talks about the potential for the Utica. However, a big part of the article interests us. It’s a handy, condensed roundup of the major energy companies that are active in the Utica Shale:
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Corporate Raider Paul Singer Tries to Force Hess Out of Shale

Corporate raider Paul Singer is pushing Hess Corp. to get out of shale drilling. Singer’s company, Elliott Management Corp., is one of Hess’ largest investors owning 4% of company stock. On Jan. 25, Elliott Management gave notice it’s buying another $800 million of company stock and would make a play to replace some board members in order shake up management at the company.

Hess announced earlier this week it’s selling off it’s last refinery and getting out of the refining business and will become an exploration and production company. As for selling off their operations in the Utica, Bakken or Eagle Ford Shale plays and getting out of shale? Hess CEO John Hess tells Singer, no thanks buddy…

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More than $1.2B & Counting on New Utica Drilling for 2013

So far, more than $1.2 billion (that we know of) has been budgeted by Ohio’s Utica Shale drillers for 2013. A whopping $7 billion has been allocated for pipelines and processing plants over the next several years.

Here’s a quick rundown on the plans for a few of the Utica’s major drillers and what they plan to spend on drilling in the Utica in 2013:

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Hess Buys NatGas Contracts Division of Delta Energy

Energy giant Hess Corp. announced yesterday it is buying the natural gas marketing division of Delta Energy. Delta is based in Dublin, Ohio. What Hess is buying are energy contracts—the right to sell natural gas to a certain list of commercial and industrial customers. Hess is a huge company with operations that span upstream (drilling new wells) to midstream (pipelines, processing and terminals) to downstream (selling oil and gas to end user customers). Hess owns leases for 185,000 Utica Shale acres in Ohio and seems to be making moves to increase its presence in the state for all of its operations.

More on the Hess purchase from Delta:

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Is Chevron Interested in Buying Chesapeake Energy?

It’s idle speculation, but hey, we all love to idly speculate, right? An article in yesterday’s Wall Street Journal speculates that Chevron, with a heaping mound of cash—$21 mind-blowing billion to be exact, is in the hunt to buy a smaller company, or two.

Among the names speculated about is none other than Chesapeake Energy. Another is Hess.

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Hess’ Utica Plans: Operate 3 Rigs, Complete 10 Wells in 2012

Hess will open its Steubenville, Ohio field office next week, a million dollar investment. The grand opening will be a low-key affair with a few area politicians and invited guests. Hess likes to avoid publicity.

Hess Operations Manager Joaquin Martinez, speaking at Tuesday’s Partners in Progress meeting in Steubenville about the grand opening, said that Hess has already spent $1.2 billion on the Utica Shale—$770 million to acquire Marquette Exploration, and $500 million on a joint venture with Consol Energy. He also had this to say about their short-term Utica Shale drilling plans:

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Utica Shale Permits/Drilling Expand in Eastern Ohio

The latest stats for Utica Shale drilling in the three-county region of Muskingum, Guernsey and Noble in Ohio: Guernsey County now has 12 permits, 2 of which are already producing natural gas. Muskingum County has 3 permits. And Noble County has 12 permits, 7 of which are currently being drilled.

Statewide, the Ohio Dept. of Natural Resources (ODNR) has issued 285 horizontal Utica Shale drilling permits, with 92 wells drilled, 14 of those wells now producing.

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