Williams Slashing 2016 Capital Budget by $1B
While Marcellus/Utica midstream giant Williams won’t release a full financial and operating update until Feb. 17, yesterday the company did release the outlines of spending plans for 2016 yesterday. The big news from that announcement is this: Williams will spend $1 billion less on capital projects in 2016 than it did in 2015–a 32% decrease. In 2015 Williams spent, in round numbers, $3 billion on capital projects. In 2016 that number will be $2 billion. The reason? The slowdown in drilling. Here’s yesterday’s announcement…
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One of our ace tipsters alerted us that Laurel Mountain Energy, a relatively new E&P (exploration and production) company is firing up a drilling rig to drill one, possibly two new Utica wells in Pennsylvania. You may recall MDN brought you the news one year ago that Laurel Mountain, essentially a reborn Vista Resources with big money backing from TPH Partners (Tudor, Pickering, Holt & Co.), had formed and set up headquarters in Pittsburgh (see 