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Updates on 3 Major OH Pipelines at Utica Midstream Seminar
Some 160 people showed up for the Utica Midstream Seminar held yesterday at the National Football Hall of Fame in Canton, OH. The event, sponsored by the Canton Regional Chamber of Commerce and ShaleDirectories.com, provided updates on three major pipeline projects either under construction or soon to be under construction in the Buckeye State: Marathon Petroleum’s Cornerstone Pipeline, Spectra Energy’s NEXUS pipeline project, and Energy Transfer’s Rover pipeline project. Here’s what reps from each organization had to say about their respective projects…
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On Tuesday Rice Midstream, the pipeline subsidiary of Rice Energy (operating in the Marcellus/Utica region) announced they will offer new “units” (think shares of stock) in the company. Rice said they will float an initial 8 million units, with an option of selling an additional 1.2 million units. The company hopes to get $18.50 per unit, meaning they are looking to raise $148 – $170 million by selling off more of the company. Rice first spun the midstream division into its own company (on paper) in December 2014. They got $16.50 per unit at the time, a total of $441.6 million (see 
In April MDN brought you the news that New York City’s largest utility company–Consolidated Edison Inc.–had formed a 50/50 joint venture to purchase ownership of pipelines and storage facilities from Crestwood Equity Partners in the PA and NY Marcellus region (see 
Ever hear the phrase, “Better to try and fail than never to try at all.” That’s actually the name of a poem from William O’Brien (dead poet, read his famous poem 
In May MDN told you that Seventy Seven Energy (SSE), the old Chesapeake Oilfield Operating unit that was spun into its own company a few years ago, was planning to screw shareholders by devaluing their shares to worthless status and converting the company’s considerable outstanding debts into new shares of ownership (see 
Baker Hughes released their monthly rig count, for May, yesterday. While the worldwide rig count went up by 9, it continued to crash here at home in the U.S. May’s rig count in the U.S. was down another 7% (in one month), from April’s count. Sadly the trend was the same in the northeast. While PA’s count averaged the same month over month–16 active rigs–both OH and WV slid, with 10 rigs operating in each state. Overall the Marcellus/Utica rig count was down by 3 in the past month…
Last week three former CEOs of the Williams Companies sent a letter to Williams shareholders outlining their reasons for voting against the proposed merger with Energy Transfer Equity (copy of the letter embedded below). The CEOs urge all shareholders to “strongly consider” voting against the deal. The CEOs say the deal would give Williams shareholders a permanent second class status. The mayor of Tulsa, Oklahoma–where Williams is headquartered–is also voicing his opposition to the proposed merger. Mayor Dewey Bartlett Jr. said in his own letter that the merger has no “economic merit” and would be “tragic” for both the city shareholders. MDN told you yesterday we’re dubious the deal will actually happen, based on all of the legal posturing we see (see 
It was just two days ago MDN told you about a Pennsylvania-based electric power generating company–Talen Energy–getting bought out by an investment company (see 
MDN first told you about IMG Midstream in August 2014 (see 
As we do every month, MDN tracks how many rigs oilfield services company Patterson-UTI Energy reports operating–as a proxy for when/if the drop in rig counts for the Marcellus/Utica will turn around. Patterson operates a number of rigs in the northeast, as well as other areas of the continental United States (and Canada). Month by month Paterson’s rig count has declined over the past year plus. May was no different–although the good news is that the rate of decline slowed. Patterson reports operating an average of 53 rigs in May, versus 56 in April–a 5% drop…
It’s always fun to point out just how hypocritical Big Green groups, like the Sierra Clubbers, actually are. The Sierra Club in New Jersey is all up in arms that utility company UGI has hired a former member of the Pennsylvania Public Utility Commission, Pamela Witmer, as vice president of government affairs. MDN was the first source to tell you the importance of her hiring, i.e. to help get the PennEast Pipeline approved (see 
Last July MDN told you that Talen Energy, an electric generation company based in Allentown, PA, had cut a deal to acquire MACH Gen, LLC, the owner of three natural gas-fired electric generating plants (see 
Since announcing the project in 2012, the Constitution Pipeline has handed out more than $2 million in community grants to fire departments, police departments and a variety of nonprofit organizations that benefit the community. Recently New York Gov. Andrew Cuomo decided to block the Constitution Pipeline to placate his radical left supporters (see