Marcellus & Utica Shale Story Links: Fri, May 13, 2016
The “best of the rest” – stories that caught MDN’s eye that you may be interested in reading. In today’s lineup: FERC wants more info on TGP 300 Line project; big divide between Ithaca and Watkins Glen; $48.8 billion worth of Marcellus/Utica deals in 5 years; Doylestown seeks a NEXUS reroute; new natgas-fired electric plant coming to Florida; o&g board members survive bankruptcy, sometimes; and more!
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Last night representatives from Spectra Energy held a town hall meeting at the Congruity Presbyterian Church in Westmoreland County, PA to discuss the explosion of Spectra’s Texas Eastern Transmission’s (TETCO) “Delmont Line 27” which exploded in Westmoreland County, PA on April 29 (see 



We’ve written plenty in the past about the PA-based radical anti-drilling group called CELDF–Community Environmental Legal Defense Fund (
We occasionally write about a New Jersey-based real estate investment company, UMH Properties, Inc., because they keep buying trailer parks in the Marcellus/Utica with the express hope that drilling activity in the region will lead to high occupancy rates (
Let’s put this “keep it in the ground” and “we can use 100% renewables now” nonsense to rest, once and for all. Environmentalists–some of them well-meaning (some just stark raving mad) believe fossil fuels are evil and the cause of all sorts of problems. The opposite is true. Fossil fuels are what run this world, and without them, we’d be living in the Stone Ages again. Nothing points out the fallacy and fantasy of ridding ourselves of fossil fuels more than the International Energy Outlook 2016 (IEO2016), released yesterday by the U.S. Energy Information Administration (EIA). IEO2016 predicts that energy use across the planet will go up 48% from 2010 to 2040, based on their research. The fastest growing (percentage-wise) power source will be renewables. Yeah! But by the end of that 30-year period, fossil fuels will STILL be providing some three-fourths of all the earth’s energy needs. There is no escaping the fact that fossil fuels will be around, powering the planet, for the next 2-3 generations–minimum. Here’s what the EIA said yesterday…
Rex Energy Corporation released its first quarter 2016 update yesterday. The company reported operating revenues were down 44% year over year. Although Rex lowered some of their expenses, the company lost $62 million in 1Q16. Production during the first three months of the year stayed just about the same as 1Q15–approximately 200 million cubic feet equivalent per day (Mmcfe/d). Rex spent $30.6 million drilling and completing wells in their various locations in the Utica and Marcellus during 1Q16–so at least they’re one driller who’s still drilling in our region. Here’s the update with details…
An MDN reader recently alerted us to a little-known fact: JKLM Energy has successfully drilled and is flowing gas from Potter County, PA’s first Utica Shale well. JKLM is owned by Terry Pegula, the guy who sold most of his Marcellus assets and used the money to buy the Buffalo Bills (see
Chesapeake Energy, the second largest natural gas driller in the U.S. (behind Exxon Mobil) and one of the largest in the Marcellus/Utica, has been on a roller coaster for the past few years. Corporate raider Carl Icahn bought himself a big slice of the company, and along with another corporate raider/Chesapeake investor, Mason Hawkins, they tossed CEO Aubrey McClendon out the door. The two then installed their own guy, Doug Lawler, who proceeded to slash jobs and sell assets–all in a bid to prop up the company’s stock price so these two corporate raiders can make a buck on their investment. We call it disgusting. Others call it business as usual. The result? Chesapeake’s stock tanked and there were rumors of an impending bankruptcy (see