Energy Companies | Industrywide Issues | Lycoming County | Pennsylvania | Range Resources Corp | Regulation
PA Landowner Says Range Well Didn’t Cause Methane Problem in Water
Two days ago MDN told you that the Pennsylvania Dept. of Environmental Protection has once again climbed up on its high horse and is now ordering Range Resources to “fix” a well they claim is leaking methane into the ground, causing nearby water wells and the ground itself to be contaminated (see PA DEP Orders Range to Fix Leaking Gas Well in Lycoming County). Range says the well is not at fault. The landowner whose land where the well is located also says the Range well is not at fault.
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On Monday EQT, the nation’s largest natural gas producer (based in Pittsburgh) filed an update with the SEC to say it would write down the value (called an impairment) for some of it’s Marcellus/Utica assets–to the tune of $1.8 billion (see 
A long-simmering dispute between the Pennsylvania Dept. of Environmental Protection (DEP) and Range Resources has once again erupted into the public over allegations that a Range well drilled in Lycoming County, PA back in 2011 is leaking methane into the surrounding ground and water supplies. The DEP has, for years, maintained faulty cement casing allows methane to leak, and Range maintains methane was already in the ground/water supply before it drilled the well. Who’s right?
In a Securities and Exchange Commission (SEC) filing made yesterday, EQT, the country’s largest natural gas producer, informed the SEC (and investors) it will likely take an impairment charge (“write down”) for the value of some of its Marcellus/Utica assets–by $1.4 to $1.8 billion. Which pales in comparison to Chevron’s write down of it’s M-U assets to the tune of $5+ billion (see 
As we reported in December, New York Attorney General Tish James and her highly-paid associates were thoroughly, completely, 100% humiliated in court when their case against Exxon Mobil accusing the company of screwing shareholders by keeping secret knowledge they are toasting Mom Earth, is itself toast (see 
Yesterday Range Resources issued its 2020 budget plan, which calls for spending $520 million to drill mainly in Range’s Marcellus assets. That figure is down from the $728 million Range spent in 2019 (a 29% decrease). What about production? Will that drop in 2020 too?
Diversified Gas & Oil owns close to 8 million acres of leases with some 60,000 (mostly) conventional oil and gas wells. Their focus has been to acquire quality production and cash flow–regardless of the well or commodity type (gas or oil). They currently have over 400 M-U shale wells in their portfolio. In November Diversified closed on a deal to raise money via securitization–meaning to issue securities (“notes”) based on the value of their gas wells (see 
Last July MDN broke the news that LOLA Energy had filed a lawsuit in Greene County, PA against EQT for allegedly drilling shale wells under property EQT formerly leased, but property for which the leases had lapsed and were subsequently scooped up by LOLA Energy II (see 
In mid-November Gulfport Energy, one of the biggest drillers in the Ohio Utica Shale (210,000 acres), announced they are laying off 13% of their workforce, ending (for now) their stock share buy-back program, and “refreshing” the board with three new members (see 
In early November, Gulfport Energy, one of the biggest drillers in the Ohio Utica Shale (210,000 acres), which concentrates its drilling in the Ohio Utica and the Oklahoma SCOOP plays, announced they were shopping some non-operated Ohio Utica assets (see 
In February, the parent holding company for Marcellus driller Arsenal Resources, Arsenal Energy Holdings LLC, applied for what has to be the fastest “prepackaged bankruptcy” we’ve ever heard of, sailing through the whole process in 10 days flat (see