Marcellus & Utica Shale Story Links: Mon, Jun 13, 2016
The “best of the rest” – stories that caught MDN’s eye that you may be interested in reading. In today’s lineup: Cuomo uses Hulk to announce theft of upstate; Obama admin shakes down Marathon Petroleum for $335M; Mass. Senate passes 10-year fracking moratorium; the route of the Atlantic Coast Pipeline; S&P says Chesapeake Energy technically in default; cheap natgas won’t last; Continental restarts drilling after oil hit $50/barrel; methane madness; and more!
Read More “Marcellus & Utica Shale Story Links: Mon, Jun 13, 2016”
What’s this? The all-but-dead ethane cracker project planned for West Virginia has new life! (Perhaps the Shell announcement has something to do with it?) Brazilian company Odebrecht has pulled out of the Appalachian Shale Cracker Enterprise (ASCENT) project previously announced for the Parkersburg, WV area (see 
Antero Resources announced yesterday that the company has just cut a deal with Southwestern Energy to purchase 55,000 net acres located in Wetzel, Tyler and Doddridge Counties in West Virginia for $450 million. Antero says the acreage is in the “core” of the Marcellus and some 75% of the acreage also includes Utica Shale rights. The acreage Southwestern is selling is acreage they themselves bought in 2014 from Chesapeake Energy. Chessy originally signed the acreage with landowners for $5 per acre (peanuts). Southwestern paid Chesapeake $12,000 per acre (see 
As we pointed out in our companion story today, Antero Resources took Southwestern Energy to cleaners in buying 55,000 of Marcellus/Utica acres for about one-third less than Southwestern paid for the acreage just two years ago (see 
As we report today, Antero Resources is buying 55,000 acres of leases in the Marcellus (and Utica) Shale from Southwestern Energy (see 
Gentlemen, start your engines! Your economic engines, that is. The news earlier this week that Shell has made the commitment to move ahead and build an ethane cracker plant in Monaca, PA has, as we knew it would, set the region buzzing (see 
The NEXUS Pipeline is a $2 billion, 255-mile interstate pipeline that will run from Ohio through Michigan and eventually to the Dawn Hub in Ontario, Canada (see 
A group of business and government leaders from Ohio and West Virginia in what is called the Mid-Ohio Valley have banded together to form an economic development group called Shale Crescent USA. The group has been some two years in the making and officially launched yesterday at a public event in Washington County, OH. The aim of the group is to attract manufacturers (particularly petrochemical manufacturers) to set up shop in the region. Leaders of the new organization point out the unique location, with the mighty Ohio River to barge materials and products in and out, and the location right on top of the most abundant supplies of cheap natural gas in the entire world. In addition to yesterday’s event, the group launched a website: 
It’s not only power generating plants that are converting from burning coal to burning natural gas. York, PA paper manufacturer Glatfelter is working on a $63 million conversion project from coal-fired boilers to Marcellus Shale gas-fired boilers. Glatfelter considered other alternatives, like scrubbers for the current coal-fired boilers and using biomass boilers. In the end, Glatfelter said Marcellus Shale gas has “lower emissions, increased efficiency, lower variable costs” and supports “a resource critical to the state’s economic health.” Wise choice. The Glatfelter decision to convert to Marcellus Shale gas was highlighted yesterday at an economic forum in southcentral PA…
In our ongoing soap opera of whether or not Energy Transfer Equity and Williams will tie the knot, another new development to report. Yesterday the Federal Trade Commission (FTC) gave the deal its stamp of approval–providing Williams sells its 50% ownership in Gulfstream Natural Gas System LLC (located in Florida). Yesterday both Williams and ETE issued the same, nearly word-for-word identical statements, indicating some level of communication between the two still exists…
An update on Spectra Energy’s Texas Eastern Transmission’s “Delmont Line 27” which exploded in Westmoreland County, PA on April 29 (see 
Some 160 people showed up for the Utica Midstream Seminar held yesterday at the National Football Hall of Fame in Canton, OH. The event, sponsored by the Canton Regional Chamber of Commerce and ShaleDirectories.com, provided updates on three major pipeline projects either under construction or soon to be under construction in the Buckeye State: Marathon Petroleum’s Cornerstone Pipeline, Spectra Energy’s NEXUS pipeline project, and Energy Transfer’s Rover pipeline project. Here’s what reps from each organization had to say about their respective projects…
On Tuesday Rice Midstream, the pipeline subsidiary of Rice Energy (operating in the Marcellus/Utica region) announced they will offer new “units” (think shares of stock) in the company. Rice said they will float an initial 8 million units, with an option of selling an additional 1.2 million units. The company hopes to get $18.50 per unit, meaning they are looking to raise $148 – $170 million by selling off more of the company. Rice first spun the midstream division into its own company (on paper) in December 2014. They got $16.50 per unit at the time, a total of $441.6 million (see