Coterra Energy (Cabot O&G) | Energy Companies | Industrywide Issues | Litigation | Pennsylvania | Susquehanna County
Law Firm Targets Cabot for Class Action Claiming Securities Fraud
We should have guessed this was coming. A New York City law firm has launched what it hopes will turn into a class action lawsuit against Cabot Oil & Gas for securities fraud following the sleazy attempt by Pennsylvania Attorney General Josh Shapiro to turn a 12-year-old accident (methane migration) into a felony (see PA AG Charges Cabot with Enviro Crimes for Long-Settled Dimock). The law firm is currently “investigating” Cabot, encouraging shareholders to sign up to express their interest in forming a class action lawsuit. An actual lawsuit hasn’t been filed…yet.
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The Washington & Jefferson College Center for Energy Policy and Management (Washington, PA) is hosting a free webinar series on “
EdgeMarc Energy, headquartered in Canonsburg, PA (once with 50,000 acres of Marcellus/Utica leases), filed for Chapter 11 bankruptcy in May 2019, looking to sell all of the company’s assets (see 
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 
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