Rex Energy’s Bankers Recommit to $350M Credit Line
Pennsylvania-based Marcellus driller Rex Energy, which we’ve long called our “little energy company that could, and does,” has had a string of bad news this year. Even though production was up 61% in the second quarter of 2015, revenue was down 37% (see Rex Energy Financial Update for 2Q15: Rev Down 37%). Rex’s stock is down more than 80% over the past year, down 37% in just the past 3 months (see Analyst Says Don’t Worry Even Though Rex Energy’s Stock Down 80%). It should be pointed out that Rex is not the only company facing tough times since the price of oil and gas crashed a year ago. Even with plenty of bad news, here is a spot of good news for Rex: the company’s bankers aren’t throwing in the towel just yet…
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Grant Township in Indiana County, PA has a problem: They’ve hired a potty mouth lawyer to represent them who has a HUGE conflict of interest. Grant’s town attorney is also the lawyer for (and executive director of) the litigious and extreme left-wing group Community Environmental Legal Defense Fund (CELDF), a group committed to ending the use of fossil fuels. We’ve written plenty about the antics of the CELDF, including their lawsuit on behalf of an ecosystem (see 
Is Marcellus drilling about to come to a suburb of Pittsburgh? It appears the answer to that is a resounding, “Yes!” EQT, according to a landman that works for the company, plans to put a mega drill pad with up to 14 wells on an abandoned golf course in the eastern burbs of Allegheny County. EQT has approached neighbors surrounding the property, attempting to sign them to leases. Predictably, some of the neighbors are for it, and some are against it…
Natural gas customers in Philadelphia could have had all of the outdated and unsafe pipes belonging to the aging Philadelphia Gas Works (PGW) pipeline network replaced within 5-10 years, paid for by UIL Holdings Corporation, a Connecticut-based gas and electric utility holding company that offered to buy PGW in a deal brokered by Democrat Mayor Michael Nutter. But the corrupt Philadelphia City Council torpedoed the deal (see 
A researcher with the California Institute of Technology has taken a close look at what would happen if five major universities–Harvard, Yale, MIT, Columbia and NYU–heeded the siren call of anti-fossil fuel nutters to divest their considerable endowments from holding any fossil fuel-related stocks. Just those five universities would lose a combined $200 million of value in their stock portfolios should they divest from fossil fuel stocks. Such efforts have been going on for some time. Not long ago Syracuse University divested all fossil fuel stocks, which will lead to losses in their endowment fund (see 
The NEXUS Gas Transmission pipeline, a $1.5-$2.0 billion natural gas pipeline that will carry Utica and Marcellus Shale gas spanning 11 counties in Ohio, 3 counties in Michigan, and eventually connect to the Dawn Energy Hub in Canada, has had to take some Ohio landowners to court simply to gain access to their property survey for potential routes. Sometimes county judges rule against NEXUS (see 
Last week the CEO of Thailand chemical giant PTT Global flew to Belmont County, OH to announce his company is spending $100 million over the next 9-12 months on preliminary work to build an ethane cracker plant in the county (see 
Clam Bake! It’s time to wind down summer with some fun, and some learning, and to help support the ongoing effort to overturn the frack ban in New York State. The Joint Landowners Coalition of New York (JLCNY) and its education arm JLC United is hosting a Clam Bake this Sunday, September 13 in Vestal, NY from 1-6 pm. Come on out and support a great cause. Tickets are just 
Magnum Hunter Resources has become the third Marcellus/Utica drillers (out of eight) on David Fessler’s “Oil Company Death List” (see 
Midstream giant Williams and drilling giant Chesapeake Energy are cuddling a little bit closer in the Ohio Utica Shale. Williams announced today they have signed an agreement with Chesapeake to run gathering pipelines in a new area of the dry gas Utica for Chesapeake in return for signing a contract that binds Chessy to using Williams until 2035. Williams was already gathering natural gas for Chessy on 140,000 acres of Utica Shale land in Ohio. This agreement extends the time on that 140,000 acres by adding another 20 years, and adds another 50,000 acres to the mix…
Oilfield service giant Baker Hughes released their venerable monthly rotary rig count report today for August 2015. The numbers worldwide improved–the international rig count for August was 1,137, up 19 from the 1,118 counted in July. Looking specifically at the U.S., onshore (mostly shale) rig counts climbed from 835 in July to 849 in August, up 14. It does indeed seem as if we’ve turned a corner. This is the second month in a row that U.S. land-based rigs increased month over month (see