PA Production in 2H14 Soars to New Record; 4 Tcf in 2014
The Pennsylvania Dept. of Environmental Protection (DEP) published its semi-annual (every 6 months) production report yesterday for Marcellus/Utica Shale gas production. The big news is that once again PA has shattered another record. In the second half of 2014 PA produced 2 trillion cubic feet (Tcf) of natural gas, making it ~4 Tcf for the entire year. That works out to be around 16% of all gas used throughout the United States–coming from a single state. Chesapeake Energy produced the most gas in 2H14 (with 712 producing wells), followed by Cabot Oil & Gas (340 producing wells). Below we have some more stats and facts about PA’s production for 2014…
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Newly elected Pennsylvania Gov. Tom Wolf has turned out to be another tax and spend liberal. Surprise! If you’re a regular MDN reader, you’re not surprised. We warned you about this from day one. Wolf released his severance tax plan yesterday, and it’s even worse than what he talked about on the campaign trail. He’s proposing a 5% severance tax PLUS another 4.7 cents per thousand cubic feet of natural gas that flows from a well. PA’s House Majority Leader Dave Reed (Republican) says it works out to be roughly a 7.5% tax–one of the HIGHEST IN THE NATION. On top of low low gas prices and rigs beginning to idle and capital budgets slashed 30-50%. In other words, if this tax is passed, not only will it not bring in Wolf’s disingenuous promise of $1 billion “for the children” (i.e. teachers unions), it will KILL Marcellus drilling in the state–and that’s not a bluff. It’s now apparent that Wolf is a man completely out of his depth and not ready for a big job like governor…
As the time approaches for hearings on newly-elected Pennsylvania Gov. Tom Wolf’s choices to head up key agencies, like John Quigley nominated to heard the Dept. of Environmental Protection, some senators will have some pointed questions for him. MDN has covered some of Mr. Quigley’s controversial positions–things he’s written on his blog and the time he has spent at the anti-drilling PennFuture (see
We seriously wonder if some of the legislators that serve in the Pennsylvania State Legislature are on drugs. Seriously. What else can explain comments like those from Pennsylvania State Senator Vincent Hughes (Democrat from Philadelphia) in saying the Marcellus Shale industry currently pays no taxes, that the drilling industry is making PA children “suffer,” and he thinks the industry should be hit with a new 8% severance tax PLUS another 1.9% impact fee. It’s absolutely mind-blowing–like psychedelic mind blowing. Does Hughes live in an alternate universe? Oh that’s right, he’s in the back pocket of teacher$’ union$ and is $imply their tool…