In last week’s fourth quarter earnings call, Chesapeake Energy senior management once again singled out Columbiana and Carroll counties for special recognition and to express their ongoing commitment to the Ohio Utica Shale.
A few interesting highlights from that call:
Read More “Chesapeake Earnings Call Highlights Utica Results in 2 OH Counties”
Aqua America is one of the largest U.S.-based, publicly-traded water utilities with almost 3 million residents in Pennsylvania, Ohio, North Carolina, Illinois, Texas, New Jersey, Indiana, Virginia, Florida and Georgia. They also have a joint venture with Penn Virginia Resource Partners called PVR Water Services which provides water to Marcellus drillers in Pennsylvania. So far business is good.
A short section of Aqua America’s annual financial and operations report updates us on PVR Water Services:
Read More “PVR Water Services – Now Pumping 3M Gal of Water/Day for Drilling”
Stone Energy released fourth quarter and full year 2012 financials and an operations update yesterday. The company reported net income for 2012 totaled $149.4 million, or $3.03 per share, on revenue of $951.5 million compared with 2011 net income of $194.3 million, or $3.97 per share, on revenue of $869.9 million. CEO David Welch noted the company increased production and reserves for the third consecutive year. Welch said production and reserves are up mostly because of the Marcellus Shale.
Select portions of the Stone press release/update dealing with the Marcellus:
Read More “Stone Energy 2012: Profits Down but Revenue & Production Up”
MDN does not usually report on people moves (perhaps we should do it more often). However, we thought this one was noteworthy, so we’re bringing it to you. Oleg Tolmachev has just become Vice President of Drilling and Completions for Eclipse Resources. Eclipse is a driller in the Marcellus and Utica Shale. What makes this announcement noteworthy is that previously Mr. Tolmachev held a senior position with Chesapeake Energy in the Utica Shale, and before that with EnCana in the Barnett and Haynesville Shales. Eclipse has landed an important new team member as they continue to expand in the Marcellus and Utica.
Here’s the announcement from Eclipse:
Read More “Eclipses Resources Lands Important New Team Member”
Atlas Resource Partners plans to focus on just four shale plays in 2013. Two of them are the Utica and Marcellus.
Matthew Jones, COO of parent company Atlas Energy LP, said the following about the Utica and Marcellus during the company’s 4Q conference call on Feb. 22:
Read More “Atlas Resource Partners to Focus on Utica, Marcellus in 2013”
Last week MDN told you about Cabot’s distinction in belonging to two different “1 billion” clubs (see Cabot O&G in 2012: Membership in 2 Different “1 Billion” Clubs). About the same time Cabot released their financial results, they also released an operational update which we neglected to report.
Below is the portion of that report for Cabot’s Marcellus Shale operations:
Read More “Cabot O&G Operational Update for Marcellus Shale”
The 2012 reports continue to roll in. Cabot Oil & Gas has just reported its 2012 report and the results are extraordinary. Cabot joined two different “1 billion” clubs in 2012. First, they surpassed $1 billion in revenues for 2012, earning $1.2 billion. Second, they became the first (and so far only) company to achieve 1 billion cubic feet of natural gas production per day in the Marcellus Shale (see Who’s a Member of the Marcellus “1 Bcf/d” Club?).
Companywide, Cabot’s natural gas production was up an astonishing 43% over 2011, much of that from their drilling in Susquehanna County, PA. Cabot is a great company run by great people, and they have a lot to be proud of when it comes to their performance last year. Here’s the numbers and the rundown for Cabot in 2012:
Read More “Cabot O&G in 2012: Membership in 2 Different “1 Billion” Clubs”
Chesapeake Energy issued it’s fourth quarter 2012 and full year 2012 financial and operational update yesterday (full report below). This is a big deal because Chesapeake is the #2 natural gas producer in the U.S. behind Exxon Mobil. The company is also the biggest driller in the Utica Shale and one of the biggest in the Marcellus Shale.
What does the update show? The company lost $940 million in 2012, which was expected. In early 2012 Chesapeake made noise about curtailing output until the commodity price of natural gas went up. So much for that: Production increased 9% from the end of 2011 to the end of 2012—to an average of 3.9 billion cubic feet of gas per day.
Read More “Chesapeake 2012 Update: Revenue Down $940M, Gas Production Up 9%”
Chesapeake Energy announced in July 2011, to great fanfare and shouts of joy, that it had hit oil in the Ohio Utica Shale (see Major Discovery – Chesapeake Energy Strikes Oil (and Gas) in Ohio’s Utica Shale). Although early results were promising, by the end of 2012 Chesapeake admitted it had “misjudged” the Utica Shale fairway—the best places to drill—and their early enthusiasm seems to have subsided (see Chesapeake Admits Misjudging Ohio Utica Sweet Spot).
But perhaps Chesapeake has reason to smile again. Chesapeake has hit oil—in the West Virginia Marcellus Shale:
Read More “Chesapeake Energy Strikes Oil Again, This Time in WV”
Estimating that it will recover 5 to 10 billion cubic feet of natural gas equivalents from each well drilled in the Ohio Utica Shale, Chesapeake Energy says they still love the Ohio Utica Shale, even if oil isn’t a big part of the picture.
Chesapeake held an earnings call yesterday to discuss 2012 numbers with analysts. Akron Beacon Journal reporter Bob Downing listened in:
Read More “Chesapeake Still Loves the OH Utica Shale – 2012 Year in Review”
The heads of several drilling companies spoke this week at the West Virginia Independent Oil and Gas Association (WV IOGA) in Charleston. They gushed with praise for the Marcellus Shale in West Virginia.
Among the speakers were the CEOs of Gastar, PetroEdge and EnerVest. A few of their comments:
Read More “Drilling Company CEOs Talk up WV Marcellus Shale at IOGA Meeting”
Chesapeake Energy’s board of directors issued a statement yesterday stating their independent internal probe into the financial dealings of current and soon-to-be-former CEO Aubrey McClendon is now complete. The verdict? He’s not guilty of any financial misconduct. The board also says the company is not guilty of antitrust violations in the case of Michigan’s auction of oil and gas leases in 2010.
This is good news for McClendon. However, he’s not out the woods just yet. There are still Internal Revenue Service (IRS) and Securities and Exchange Commission (SEC) investigations in progress.
Read More “Chesapeake Probe Clears McClendon of Any Financial Misconduct”
EXCO Resources reported their fourth quarter and full 2012 numbers yesterday. As part of the update, they also included the following brief update on their Marcellus Shale drilling activities for last year:
Read More “EXCO Resources 2012 Update: Marcellus Production Up 73%”
Southwestern Energy, a major Marcellus Shale driller, issued its 2012 financial and operational update yesterday. Among the highlights: Southwestern spent $507 million on their Marcellus drilling program in 2012, which included drilling and putting into operation 92 wells. Gross production from the company’s operated wells in the Marcellus increased from 133 MMcf per day at the beginning of 2012 to approximately 300 MMcf per day by year-end, and total net production was 53.6 Bcf in 2012, up 130% from 23.4 Bcf in 2011. It’s full speed ahead for Southwestern in the Marcellus Shale.
Here’s portions from yesterday’s update that are relevant to Southwestern’s Marcellus operations:
Read More “Southwestern Energy’s 2012 Report: Marcellus Production Up 130%”
Today Gastar released 2012 numbers and an operational update for their drilling activities in the Marcellus Shale. Among the highlights: Gastar’s proved reserves increased 51% in 2012. By the end of last year, Gastar was operating 38 Marcellus Shale wells—all of them in the wet gas region of Marshall County, WV.
Here’s the rundown on the numbers, including an operational update, for Gastar’s Marcellus activities in 2012:
Read More “Gastar’s 2012 Update: 38 WV Marcellus Wells Now in Production”
The deal by CONSOL Energy to lease 9,000 acres owned by Pittsburgh International Airport for shale gas drilling is a done deal. Yesterday the Allegheny County Council voted to accept the deal. A few nut job protesters turned up in gas masks (as is their way). The vote was 9-4 in favor of the deal. Once County Executive Rich Fitzgerald signs it, the Airport Authority will receive a check for $50 million.
Read More “$50M Check in the Mail: Pittsburgh Airport Lease a Done Deal”