Bids for Chevron’s 550K M-U Acres & 500 Wells Due in Mid-August
Last December Chevron announced it was writing down over $10 billion worth of its U.S. onshore shale assets, with $6.5 billion of that number coming from its Marcellus/Utica assets. Also in December, the company posted for sale ALL of their M-U assets (see Chevron Confirms M-U Assets for Sale, Asks Vendors to Avoid Media). Just sticking a “for sale by owner” sign on more than a half-million acres of leases and over 500 wells didn’t work, so in February Chevron hired investment bank Barclays to help shop their M-U assets (see Chevron Hires Barclays to Help Sell Its Marcellus/Utica Assets).
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In the American system of justice, when someone is accused of committing a crime, they are presumed innocent under the law until it is proven, in a court of law, they have committed said crime. But when a defendant, someone accused of committing a crime, is a fossil fuel company, that defendant is automatically presumed to be guilty. There is no presumption of innocence. That’s what is happening to Cabot Oil & Gas.
Earlier this week Pennsylvania Attorney General Josh Shapiro announced an indictment of Cabot Oil & Gas for allegations of methane migration going back more than a decade (see 
A word you will likely see a lot more of in quarterly updates by oil and gas drillers across the country is the word “impairment.” It’s an accounting term that means the value of an asset (leased acreage or wells) is adjusted, down, to reflect a company’s best guess as to how much revenue that asset can generate. We wrote about impairments back in 2015 (see 
We’ve been on bankruptcy watch for Chesapeake Energy for some time now. We told you yesterday that the company faced a $17 million debt payment deadline yesterday, and faces a $134 million bond interest payment on July 1 (see 
The door has been closed on “Dimock” (in Susquehanna County, PA) for years. Dimock, you may recall, was made famous by Josh Fox’s so-called documentaries Gasland and Gasland 2, aired endlessly on HBO. His allegations about fracking malfeasance by Cabot Oil & Gas were completely debunked in a real documentary called 
After spending years and hundreds of thousands of dollars to investigate Range Resources over a simple regulatory matter settled years ago by the Pennsylvania Dept. of Environmental Protection, PA’s leftist Attorney General, Josh Shapiro, announced on Friday he had finally bullied Range into pleading “no contest” to so-called environmental crimes (misdemeanors), forcing the company to pay $50,000 in fines and $100,000 to Shapiro’s favorite Big Green charities. Does that sound like a success to you? Shapiro spent multiple hundreds of thousands of taxpayer dollars to force the company to pay $150K. Sounds like Shapiro is The Biggest Loser to us.
A group of leftwing radical professors (all of the Democrats) from seven universities in Ohio and Pennsylvania have colluded to write a letter to the governors of Ohio, Pennsylvania and West Virginia. The letter trash talks the billions of dollars in economic impact and tens of thousands of jobs ethane cracker plants and the petrochemical industry will have in the region. The leftist gang of seven poo-poos those estimates and says the proposed PTT cracker is too “risky” to approve. How do they figure?
Chesapeake Energy faces a series of deadlines to make payments to debtors. Today, June 15, is the first such deadline when something like $17 million in interest payments is owed. The company has a $134 million bond interest payment due on July 1 for its second-lien notes. Between today and the end of the month, rumor has it the company will declare bankruptcy (see 
CNX Resources, one of our favorite Marcellus/Utica drillers, issued an operational update yesterday with some interesting new information. Chief among the tidbits is the fact that CNX, beginning May 1, shut-in some of its production. Specifically around 375 million cubic feet per day (MMcf/d). The company expects that number to decline to 300 MMcf/d by July. After that, they’ll play it by ear.
Two of the largest not-yet-completed pipeline projects in the Marcellus/Utica, Mountain Valley Pipeline (MVP) and Atlantic Coast Pipeline (ACP), are currently on hold with no construction activity due to various legal challenges by Big Green (see today’s story, Mountain Valley Pipe Update: Done and In-Service Early 2021). However, there are several other large and small M-U pipeline projects where construction continues, even with restrictions from the coronavirus pandemic. Which pipelines?
Yesterday MDN brought you the news that Chesapeake Energy’s stock price had risen some 500% over the previous two days (see