Eclipse Resources Ramps Up Drilling; Floats More Stock to Raise $
Yesterday Eclipse Resources, a Marcellus/Utica pure play driller headquartered in State College, PA (but drilling mostly in Ohio) released a mid-year update on its drilling program. It’s good news, for a change! Earlier this year Eclipse said they would drill only one new well and that they were curtailing, or shutting in, production from some of their wells (see Eclipse Resources Drilling 1 Well in 2016, Restricting Production). This latest update changes that. Eclipse says given the expected higher price for natural gas as reflected by the forward market, they now intend to drill 10-12 new wells this year, and they’re turning the spigots back on for the curtailed wells. The Eclipse board has also voted to increase the capital expenditures budget by $28 million. No doubt that money will come from a new stock offering the company also announced yesterday–floating 37.5 million shares of stock, looking to raise $131 million…
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Three radicalized environmental groups–the Allegheny Defense Project, the Appalachian Mountain Advocates and Damascus Citizens for Sustainability–have filed a motion with the Federal Energy Regulatory Commission (FERC) to challenge FERC’s approval of three tiny pipeline expansion projects in Pennsylvania. Kinder Morgan’s Tennessee Gas Pipeline’s 300 line is proposing to expand three different segments of the line, serving different customers, and rightfully asked FERC to consider the three projects as separate and to not commingle them together. The radicalized groups are insisting FERC evaluate all three bundled together, in an attempt to slow down and hopefully stop progress on the projects…
Maryland is a lot like New York–populated with lefty liberals who love to tell other people how to live their lives. Maryland is at least, and perhaps more, “progressive” than New York. So it’s no surprise to us to read how the Dem libs are having a cow over proposed regulations that would allow fracking to begin in the state starting in October 2017. Maryland went through a years-long process, just like New York, and eventually released what would likely be the strictest drilling regulations in the nation, in late 2014 (see 
If you watch the evening news, you cannot escape the story of devastating floods in West Virginia last week. The floods raged across several counties and killed at least 23 people. Very sad. It seems it is during our darkest hours and trials that sometimes the brightest light shines. A group of 21 Marcellus/Utica companies have stepped up and have donated a collective $350,000 to the Red Cross to aide in flood disaster relief. Put a gold star next to their names. Here’s the list of companies that stand out for doing the right thing…
The July 1st merger (buyout) of Columbia Pipeline Group by TransCanada barrels on. In March MDN reported that Canadian midstream giant TransCanada wants a bigger piece of the Marcellus/Utica pipeline pie and has decided to buy Columbia Pipeline Group for $10 billion (see 
The Energy Equipment and Infrastructure Alliance (EEIA) is an association of associations. EEIA represents the shale energy supply chain. The groups that make up the EEIA represent more than 600,000 workers, employed in over 120,000 companies in 60 industries, annually contributing more than $170 billion to the U.S. economy, working in every state of the union. EEIA’s mission is “to mobilize and lead the supply chains voices to achieve policies at all levels of government that encourage full development of shale resources, while protecting the environment, health and safety; and to gain widespread public support for shale energy development.” So it is welcomed news that the EEIA has formed a special group called the Pipeline Support Network. The purpose of the group is to counter opposition from Big Green groups that are trying to stop pipeline projects. We sincerely hope the EEIA is effective!…
The “best of the rest” – stories that caught MDN’s eye that you may be interested in reading. In today’s lineup: Ohio has 10 Utica rigs working; Wolf won’t endorse PA House budget plan, wants more tax revenue; skilled labor needed for cracker plants; new CNG station in Pittsburgh; court rejects Sierra Club case against LNG exports; Chesapeake’s dilemma; the economics of a new gas pipeline; and more!
Yesterday 63% of Williams Companies shareholders voted in favor of a merger with Energy Transfer Equity at a specially called meeting at Williams’ HQ in Tulsa, Oklahoma. Specifically, they voted to approve the merger and receive their proceeds in all cash, thank you very much. Not that it makes a hill of beans worth of difference–because the deal is dead. Last Friday ETE won the right to walk away from the deal not owing Williams anything (see 
There was lots of cracker talk at the first Northeast U.S. & Canada Petrochemical Construction Conference & Exhibition in Pittsburgh yesterday. According to NGI’s ace reporter for Shale Daily, Jamison Cocklin, excitement over the Shell cracker announcement from a few weeks ago was “palpable” at yesterday’s event. There was plenty of talk about the Shell cracker–but the talk coming from the event that interests MDN is talk about both the PTT Global Chemical cracker planned for Ohio, AND the Braskem cracker planned for West Virginia. These other two world class cracker plants (similar in size and scope to Shell’s project) “remain on track.” Now that is news!…
It’s time to sue the nutjobs at the Sierra Club out of existence. The “non-profit” so-called environmental organization is a menace to all Americans. It’s a vipers nest of lawyers who exist solely to line their own pockets. The way they do it is to file lawsuits and “petitions” by the dump truck-load (generating work for lawyers). One of the projects they’re trying to stop is the much-needed Dominion Atlantic Coast Pipeline, a 550-mile, $5 billion project that will run from West Virginia into Virginia and on into North Carolina–benefiting the residents of all three states (see 
It seems running an E&P (exploration and production) company these days is an exercise in debt management. How you keep the company out of bankruptcy court. The latest effort in that regard comes from Southwestern Energy, a major Marcellus/Utica driller. Yesterday Southwestern announced it has cut deals with its bankers and debtholders to push out the due date on its loans/IOUs another two years beyond the existing due date. That buys the company more time to, well, more time to figure out what else to do: wait for natgas prices to go up; fire more people to reduce overhead; pull a rabbit out of the hat; whatever. Here’s the announcement from Southwestern that they’ve just bought more time…