Chesapeake Sues FERC in Bid to Break Pipeline Contracts
Earlier this week MDN brought you the news that Chesapeake Energy is asking a bankruptcy court in Texas for permission to break valid and legal contracts with several pipeline companies as part of its financial reorganization plan (see Chesapeake Asks Court to Break Pipeline Contracts, Including M-U). Just coming to light (for us) is that as part of the bankruptcy filing, Chessy is challenging (suing) the Federal Energy Regulatory Commission (FERC) to prevent FERC from making Chessy live up to its contractual agreements.
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On Sunday Chesapeake Energy filed for bankruptcy (see 
We’ve told you for months to expect it. Yesterday (on Sunday) Chesapeake Energy finally filed for Chapter 11 bankruptcy after lining up a $925 million loan to keep the doors open, the lights on, and the drill bits chewing away. Pipeline companies (and other vendors) that have contracts with the company should be concerned. The opening paragraph of Chessy’s press release says, “Chesapeake intends to use the proceedings to strengthen its balance sheet and restructure its legacy contractual obligations to achieve a more sustainable capital structure.” That means they’re looking to break existing contracts, using the bankruptcy filing as an excuse.
EQT Corporation, the largest natural gas-producing company in the U.S., is also a very generous company. Through its EQT Foundation charitable giving arm, EQT recently distributed $500,000 in grants to nonprofit organizations and programs in southwestern Pennsylvania, eastern Ohio, and northern West Virginia–regions where the company operates. In addition, EQT has given out more than $500,000 in scholarships to high school seniors looking for a career in the oil and gas industry, and another $360,000 in COVID-19-related relief grants to community foundations and food banks.
We feel as though we keep talking to an empty room. That nobody is hearing, or if people are hearing, they don’t believe what we say when we tell you that Joe Biden and the people surrounding him are promising the total destruction of the fossil fuel industry in the U.S.A.–if he gets elected. All you have to do is listen to what he says! We’re not exaggerating nor overstating the case. If you work for the oil and gas industry, if you sell to the industry, if you care about freedom, you simply cannot vote for Joe Biden for President. To do so is to vote for the destruction of our country as we know it. The stakes are that high! Biden is signaling loud and clear his intent to block all new pipeline and LNG projects if he gets elected.
Shell slowly but surely continues to ramp back up the work being done at its mighty ethane cracker construction site in Beaver County, PA following a shutdown of activity due to the coronavirus pandemic. When the COVID-19 coronavirus hit in March, Shell stopped all work on the cracker plant, sending nearly 8,000 workers home in mid-March for what was thought to be “a few days to a few weeks” (see 
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 
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