WPX 3Q12: $64M Net Loss, But Production in Marcellus up 333%
WPX Energy, a company formed in January 2011 by Williams (created by spinning off the Williams exploration and production division) released their third quarter financial and operational update last week. The report losing $64 million in 3Q12. Most of WPX’s operations and focus has been in plays other than the Marcellus, including a big focus on the Bakken Shale, where they drill for oil, and the Piceance Basin in northwestern Colorado where they drill for wet natural gas.
In comparison, the Marcellus (where they drill for dry natural gas) is much smaller. However, the Marcellus was the only natural gas play in which WPX has production where the numbers went up in 3Q12. Production in the Piceance, Powder River Basin and San Juan Basin all went down between 7% and 16%. The Marcellus? Up an astonishing 333% from 3Q11 (although the overall numbers are still pretty small, see below). WPX reports they have drilled and completed 28 wells in the Marcellus so far in 2012—all of them in Susquehanna County, PA. They have two rigs operating in the Marcellus.
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Dimock Proud, a group of homeowners in and around Dimock, PA who have banded together to defend their town’s reputation against mainstream media news attacks painting the area as a contaminated wasteland, report that two residents who have been among the most vocal critics against drilling and against Cabot Oil & Gas, Craig and Julie Sautner, have settled their lawsuit with Cabot and have left town.
Now that most of the families in and around Dimock, PA who previously sued Cabot Oil & Gas claiming their water had been contaminated by nearby drilling have settled with the company (
The long nightmare for Cabot Oil & Gas in Dimock, PA is now about over. Recently, the EPA declared the water wells in and around Dimock are clean (
The federal Environmental Protection Agency (EPA) issued a statement yesterday that they’re now officially finished with their investigation of Dimock, PA water wells. EPA testing of 64 wells in the area found elevated levels of arsenic, barium or manganese in four wells—all of those substances are naturally occurring. EPA has been delivering water to the four households, but since those households now have water treatment systems to fix the problem, as of August 6 the EPA will end all water deliveries. (Calling Josh Fox and Mark Ruffalo! We haven’t seen you in Dimock for a while. This is your last chance for another 2 hour visit/photo op. Better grab it while you can.)