Seventy Seven Energy Makes Progress in “Pre-Packaged” Bankruptcy
The process of screwing over existing stockholders in favor of debtholders continues at Seventy Seven Energy (SSE). In April, MDN told you that SSE–the old Chesapeake Oilfield Operating unit that was spun into its own company a few years ago–was ordering up one prepackaged bankruptcy to go (see Seventy Seven Energy Filing for Bankruptcy, Converting Debt into Stock). Following the path of other oil and gas-related companies, SSE plans to convert existing debt into equity–turning IOUs into shares of stock. Magnum Hunter Resources just completed the process of doing the same thing and had now emerged from bankruptcy (see Magnum Hunter Emerges from Bankruptcy with CEO Gary Evans Gone). Everybody is sort-of happy under that scenario–except the original stockholders who see the value of their shares of stock turned into toilet paper. They become worthless. (Note to self: Always buy bonds in the future!) SSE continues their march toward renegotiating with existing noteholders, as they announced last Friday…
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PTT Global Chemical, based in Thailand, announced in April 2015 they are interested in building a $5 billion ethane cracker plant complex in Belmont County, OH (see 
It’s time to sue THE Delaware Riverkeeper out of existence. The group is a litigious nuisance and anti-American. It is led by Maya van Rossum and fed by money from the Heinz Endowments and William Penn Foundation. Even with repeated calls the IRS has refused to investigate violations of the group’s non-profit status. The latest outrage from this group of virulent radicals is to launch a lawsuit to try and stop Williams’ Atlantic Sunrise Pipeline project through southeastern PA. Just last week Williams received a favorable Environmental Assessment (EA) from the Federal Energy Regulatory Commission (see
Last night representatives from Spectra Energy held a town hall meeting at the Congruity Presbyterian Church in Westmoreland County, PA to discuss the explosion of Spectra’s Texas Eastern Transmission’s (TETCO) “Delmont Line 27” which exploded in Westmoreland County, PA on April 29 (see 

The PennEast Pipeline, a $1 billion, 118-mile pipeline from Luzerne County, PA to Mercer County, NJ, continues to bend over backwards, forwards and into yoga knots in order to accommodate the wishes of various special interest groups. The latest in that effort is PennEast’s invitation to several New Jersey municipalities and non-profit groups to provide feedback on PennEast’s open space initiative. Part of the PennEast route will traverse 15 acres of encumbered “Green Acres” parcels–open spaces meant to stay open and not be developed. PennEast plans to lay their pipe four feet down, cover it up, and the green/open spaces will remain green and open, forever. In fact, according to PennEast, when the pipeline installation is done and dusted, there will be “significantly more open space” than there is today. Look for THE Delaware Riverkeeper (Maya van Rossum) and other radical leftists to demagogue this latest effort by PennEast to be a good neighbor…
Crestwood Equity Partners (nee Crestwood Midstream) issued its first quarter 2016 update last week. In April Crestwood announced that New York City utility giant Consolidated Edison Inc. has formed a 50/50 joint venture to purchase ownership of pipelines and storage facilities in the PA and NY Marcellus region (see
CONE Midstream, a joint venture between CONSOL Energy and Noble Energy (get it? CO from CONSOL and NE from Noble Energy) was formed in summer 2014 (see
The rig count–both internationally and domestically here in the U.S.–continues its historic slide. Last Friday Baker Hughes announced the average rig count numbers for April. Rigs operating outside the U.S. slide another 39, from 985 in March to 946 in April. In the U.S., the count slide 41 from 478 in March to 437 in April. In the Marcellus/Utica, the count was down another 2–both rigs lost came in Pennsylvania, which now has the lowest count in decades: just 16 rigs operating in the state. Ohio and West Virginia held constant month over month with 11 rigs operating in the Buckeye State and 12 rigs operating in the Mountain State. Here’s the sad news of the continuing decline in rig counts…
Last week midstream giant Spectra Energy provided their first quarter 2016 update, complete with earnings/analyst phone call. The official update (below) contains a number of project updates for major pipeline projects planned or under construction in the Marcellus/Utica region. The earnings phone call with analysts provided a lot of extra color commentary on the project updates. We’ve brought you both below. One thing that stood out to MDN as we read through it: Spectra makes it clear that their Access Northeast project, a competitor to the now defunct Kinder Morgan Northeast Energy Direct (NED) project, is not like NED. There are major differences that Spectra Energy credits with what they predict will be the success of their project where the NED project failed. Not only is there an update for Access Northeast, but also updates for NEXUS, AIM, Atlantic Bridge, and others below…