I Put a Spell on You: Marcellus Shale Hex Signs on Display
This is one of those stories that’s fun to write. Fun because anti-drillers are so darned kooky. Some of the kookiest are those who pass themselves off as artists and attempt to convey the “horrors” of shale energy via their “art.” To be perfectly honest, we’re not sure if that’s what is going on here, but we suspect it is (an anti-drilling exhibition). There is a new art exhibit about to open at the AFA (Artists for Art) Galley in Scranton, PA titled ‘Marcellus Shale Hex Signs: A Modern Pastiche.’ A local artist has created “hex signs” based on Marcellus Shale drilling. Hex signs, for those who don’t know, are a form of Pennsylvania Dutch folk art, most often a circle with stars, animals and other shapes in it (see the history of hex signs here). While most people don’t ascribe superstition to hex signs, as in “I’ll put a hex on you,” some do. Most often hex signs are viewed as just pretty folk art decorations, painted on barns or houses, or made into yard signs. Our Scranton-area artist decided to marry themes from the Marcellus Shale with hex signs. After viewing one, if you can make heads or tails of it, you’re doing better than us…
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Cabot Oil & Gas, one of the premier drillers in the Marcellus Shale (operates totally within Susquehanna County, PA) released their fourth quarter and full year 2015 operational update this morning. The highlights: Cabot ended up spending $774 million on capital expenditures (mostly drilling) in 2015, down a bit from the previous estimate of $850 million. It’s down because they scaled back activity during 4Q15. They also had to write down the value for some of their non-core holdings by $73 million–what’s called an impairment charge. Looking ahead, Cabot plans to spend $615 million on capital expenditures (i.e. drilling) in 2016, which is down 58% from 2015. They will drill approximately 30 new wells, 25 of them in the Marcellus and 5 in the Texas Eagle Ford Shale. Here’s the update…