It was a pleasure having Alex Epstein, founder of the Center for Industrial Progress and author of the New York Times bestseller “The Moral Case for Fossil Fuels” present a webinar on Friday, Nov. 18 based on the themes found in his book. Alex addressed the MDN audience for over an hour. There was plenty of comments, questions and great information. We have a recording of the entire session. Give it a watch/listen below!… Read More “Webinar Recording: The Moral Case for Fossil Fuels”
A small Worthington (Franklin County), OH driller, Geopetro, has just purchased 37,000 acres, 27 working shale wells and 5 not-yet-hooked-up wells from Chesapeake Energy for an undisclosed amount of money. The wells are located in Columbiana County, OH and Beaver County, PA. All but one of the wells are Utica wells. One of the wells is drilled to the Upper Devonian layer (above the Marcellus). The purchase is a big deal for the small Geopetro. It converts what until now has been mostly a conventional (shallow, vertical only) drilling company into primarily an unconventional/shale company. Welcome to the shale industry!… Read More “Chesapeake Energy Sells 37K Acres & 32 Wells in OH Utica”
Now that the damage has been done, evil corporate raider Carl Ichan has sold off the rest of his Chesapeake Energy stock–completely exiting the company. The one solace we have is that Ichan didn’t make any money from his dalliance with the company. He lost something like over $1 billion, according to our best guess (back in 2014 it was already $633M, see Carl Icahn Has Lost $633 Million on Chesapeake Gamble…So Far). We’ve chronicled the rise and fall of Ichan, and of Chesapeake, over the past four years. The purpose of investing, for people like Ichan, is to seize control of the company, fire a bunch of people, sell off a bunch of assets, which leads to a rise in the stock price. Said corporate raider then sells his shares and makes boatloads of money. Except that didn’t happen with Ichan’s investment in Chesapeake… Read More “Carl Ichan Sells Rest of his Chesapeake Stock, Good Riddance”
Turns out anti-fossil fuel protesters, behaving like the petulant children they are, couldn’t stop the adults in the room last night in Philadelphia. You may recall we told you yesterday that wackos from a fringe-left group called 350 Philadelphia threatened to “swarm” a meeting of SEPTA (Southeastern Pennsylvania Transportation Authority) where a vote was scheduled on a plan to build a Marcellus gas-powered electric plant that would provide electricity to SEPTA’s northern Regional Rail lines (see Antis Plan to Shut Down Philly Transit Meeting re NatGas Powergen). The plan would mean lower carbon and other pollution, but because the fuel for the electric plant is Marcellus Shale gas, the wackos objected. It’s (gasp) a “fossil fuel.” Last night about 50 crazies showed up and began shouting like spoiled rotten children, to try and drown out the vote. But the vote was taken, and the plan to build the power plant was approved–unanimously… Read More “Philly Approves New Power Plant as Antis Throw Temper Tantrum”
Earlier this week we ran the news that Canadian pipeline giant TransCanada’s plan to radically lower the cost to pipe natural gas from the western regions of Canada to the eastern part of the country, in an effort to undercut Marcellus/Utica gas from flooding into the region, failed (see TransCanada Plan to Lowball M-U Gas Using Canada Pipeline a Bust). As we have pointed out, the plan had the potential to suppress an important new market for our gas, and the pipelines that will supply it (see Will TransCanada’s Lower Pipeline Rates Jeopardize Nexus/Rover?). TransCanada’s plan falling apart is good news for the Marcellus/Utica. The Bloomberg news agency agrees and ran a story that says three M-U drillers in particular will benefit from TransCanada’s decision to abandon their lowball pipeline plan… Read More “3 M-U Drillers Benefit from TransCanada’s Failed Pipeline Plan”
Each year the International Energy Agency (IEA) issues a special World Energy Outlook report. The 2016 edition has just been published. This latest edition of the Outlook proclaims that renewables and natural gas are the big winners in meeting world energy demands from now until 2040. It also says “the era of fossil fuels appears far from over.” The Outlook predicts natural gas use will continue to rise, while coal will continue to fall. “We see clear winners for the next 25 years, natural gas, but especially wind and solar, replacing the champion of the previous 25 years, coal,” said Fatih Birol, IEA’s executive director. “But there is no single story about the future of global energy: in practice, government policies will determine where we go from here.” Birol also said global oil consumption will continue to increase between now and 2040. The Outlook sees natgas usage continuing to grow 1.5% per year, on average, for the next 25 years. Below is a press release about the report and a copy of the Executive Summary for the report. Sadly they don’t release the full report for free–it will cost you €120 (~$127) for the PDF version, and €150 (~$159) for a paper copy… Read More “IEA World Energy Outlook: NatGas Demand Increases 1.5% per Year”
Earlier this week MDN brought you the news that the New Jersey Division of the Rate Counsel (NJDRC)–a state government agency responsible for representing the interests of residents, businesses and other rate payers in dealing with regulated public utilities and insurance firms–responded to PennEast Pipeline’s release of a study obliterating the NJDRC’s claims that the pipeline isn’t needed (see Tit for Tat: NJDRC Responds to PennEast’s Devastating Refutation). The NJDRC filed their response with the Federal Energy Regulatory Commission (FERC). However, NJDRC also issued a press release summarizing their FERC response. The press release is instructive. It proves that the NJDRC is populated with Big Green political hacks and is colluding with Big Green organizations in their “impartial” mission to protect NJ ratepayers (NOT)… Read More “Politically-Motivated New Jersey Rate Counsel in Bed with Anti-Drillers”
Last week MDN brought you an article from the Seeking Alpha investors website, written by an analyst/investor pointing out the financial troubles at the world’s fourth largest oilfield services company, Weatherford (see Oilfield Srvs Co Weatherford in Financial Trouble). The investor writing the piece is “short” on Weatherford, meaning he’s invested money betting Weatherford’s stock price will go down–so there is a built-in conflict of interest in the article. But a few days after that article was published came the news that Weatherford’s CEO is suddenly gone (see Weatherford Fires CEO/Chairman, CFO Interim CEO), which seems to lend credibility to the Seeking Alpha writer’s thesis that the company is in trouble. That same writer is back with a new article–this one comparing Weatherford to fraudster and scam artist Bernie Madoff–seeking new money from investors to pay off previous investors. Strong words… Read More “Is Weatherford Intl the “Bernie Madoff” of Oilfield Services Cos?”
It seems old Mom Earth has a major case of flatulence (i.e. farting). Researchers who have been mapping the ocean floor have discovered “an active strip of seafloor called the Cascadia Subduction Zone is bubbling methane like mad” off the coast of Washington, Oregon and California. [Quick, somebody call Cornell prof Bob Howarth! There’s fugitive methane escaping!!] Big Green advocates get their knickers in a twist over fugitive methane because, ‘ya know, it causes global warming. But this time mankind is nowhere to be found as the cause. This massive methane leak off the West Coast is Mom Earth, all by herself, farting away and killing herself without even knowing it. How tragic. And how funny!… Read More “Mom Earth is Farting Methane Faster than Warmers Thought”
Each year MDN partners with the Oil & Gas Awards to promote their Northeast Awards–a way for companies in the industry that operate with distinction to get recognized by their peers. In March 2017 the Northeast Oil & Gas Awards will celebrate their 5th year. Over the past five years there have been thousands of entries and hundreds of finalists and winners. While the O&G Awards boys keep their ears to the ground to discover stellar performers, they want to know who YOU think are the best companies in the region. We are now 4 weeks out until the submission deadline for the 2017 Northeast Oil & Gas Awards (Dec. 14). Here’s how you can nominate your, or someone else’s, company for this year’s awards… Read More “Still Time to Enter the 2017 Northeast Oil & Gas Awards”
A quick reminder that MDN editor Jim Willis is hosting a webinar today at 2 pm Eastern. Jim’s special speaker is Alex Epstein, delivering a talk on his book: “The Moral Case for Fossil Fuels.” Jim guarantees you will find what Alex has to say challenging and enlightening. He will help you understand why fossil fuels are BETTER than renewables. Controversial? You bet. What else would you expect from MDN?! Jim has lifted the limit of 100 for the number of attendees. We already have 197 people signed up.
The “best of the rest” – stories that caught MDN’s eye that you may be interested in reading. In today’s lineup: Rockefellers admit paying Columbia J-School to target Exxon; OH production up, but value of production down; US exporting shale gas…to Middle East!; US Silica takes advantage of downturn to buy more assets; green light for UK shale drilling; and more! Read More “Marcellus & Utica Shale Story Links: Fri, Nov 18, 2016”
Credit: Columbus Dispatch (click for larger version)
In 2012 a group of what some call “aggressive” anti-drilling zealots flying under the name of Appalachia Resist ran a training camp in Athens County, OH to incite impressionable young idiots into criminal acts under the guise of saving the planet (see Anti-Drillers in Ohio Learn to Break the Law at Special Camp). They taught their lessons well. Three months later a small mob of 100 or so stormed a shale wastewater treatment facility in Washington County, OH, vandalizing equipment and terrorizing the workers (see Protesters Get Violent, Shut Down OH Frack Water Plant). These are not “peaceful acts of civil disobedience” as is claimed by some biased media reports. These are criminals acting and behaving like criminals. In 2014 they temporarily shut down an Ohio injection well (see Anti-Drilling Protesters Shut Down OH Injection Well – 1 Arrested), and in 2015 they vandalized a pipeline construction site (see Radicalized Ohio U Students Vandalize Pipeline Construction Site). With the recent total defeat of their cause in Ohio (community after community voting down so-called Community Bill of Rights resolutions), Appalachia Resist has run out of things to protest. So on Tuesday they decided to protest the Dakota Access Pipeline–in front of Ohio Gov. John Kasich’s office in Columbus, OH. We know we know–the Dakota Access Pipeline is some 1,200 miles (and 20 hours by car) from Columbus. But that didn’t stop a small group of a dozen or so from making horses rear-ends of themselves. One in particular decided to chain himself to the axle of his van, blocking traffic for an hour while law enforcement saved him from himself. Here’s the latest antics from Appalachia Resist… Read More “Appalachia Resist Strikes Again – Nutjob Blocks Traffic in Columbus”
In true environmental Nazi fashion, a group of profoundly stupid people have pledged to “swarm” and shut down a SEPTA (Southeastern Pennsylvania Transportation Authority) meeting where a vote will be taken to build a Marcellus gas-powered electric plant that would provide electricity to SEPTA’s northern Regional Rail lines–a win/win for all Pennsylvanians. The reason the enviro Nazis want to shut down the meeting is to stop the vote because the clean-burning plant would burn a “fossil fuel” and these poor, lost souls grew up watching Captain Planet cartoons and believe burning natgas will toast Mom Earth. That is, they were brainwashed children who grew up to be maladjusted adults… Read More “Antis Plan to Shut Down Philly Transit Meeting re NatGas Powergen”
As MDN reported in September, the Maryland Dept. of the Environment (MDE) beat the Oct. 1 deadline to release onerous new fracking regulations (see Maryland Beats Deadline, Submits Onerous New Fracking Rules). The new rules, for all intents and purposes, will result in a defacto ban on fracking in Maryland. Which is a shame. We couldn’t find a copy of the rules at the time. The MDE published the final rules in the Monday edition of the Maryland Register (see it below). What happens now? A 30-day public comment period begins, which will result (already has resulted) in lots of petulant bleating about banning fracking in the Old Line State, after which the regs will get adopted, and beginning next year when fracking can begin, it won’t. Frankly, Maryland is just going through the motions… Read More “Maryland Publishes New Fracking Rules, 30-Day Comment Period”
Last month Panda Power Funds held the official commissioning ceremony to launch the operation of Panda Liberty, a 829-megawatt Marcellus gas-fired electric generating plant in Asylum Township, Bradford County, PA (see First NatGas Power Plant in Marcellus, Panda Liberty, Goes Online). It was the world’s first built-from-scratch electric generating plant built specifically to use Marcellus Shale gas. Yesterday Panda Power commissioned the world’s second built-from-scratch-to-use-Marcellus-gas electric generating plant: Panda Patriot. Officials from across Pennsylvania joined Panda Power for the ceremony of their second 829-megawatt plant, this one in Lycoming County. One person attending described the reaction of those at the ceremony: “They were in awe.” As well they should be! This one plant is expected to contribute around $5.85 BILLION to the local economy. The economic impact will be staggering. (You see why these natgas-fired electric plants are such a big deal?) Here’s what went down yesterday at the Panda Patriot party… Read More “Panda’s 2nd Marcellus-Powered Electric Plant Goes Online in PA”