GreenHunter Resources 2Q15: Revenue Down, But Bleeding Less Too
GreenHunter Resources, the fresh water and wastewater subsidiary of driller Magnum Hunter Resources (now focused totally on the Marcellus/Utica), issued its second quarter 2015 update on Friday. The company is a small company compared to others in the oil and gas space with revenues in the few million per quarter. In 2Q15 GreenHunter’s revenues were $4.6 million, down 33% from $6.9 million in 2Q14. No surprise there since drillers are scaling back their activities. GreenHunter has trimmed its operating loss number–from $3 million in 2Q14 to $1.6 million in 2Q15–so the bleeding is slowing, a good sign. The 2Q15 update below brings us up to speed on a number of interesting initiatives at GreenHunter, including their new wastewater injection wells in Meigs County, OH. However, the interesting thing MDN picked up on was in the unscripted comments during GreenHunter’s earnings call held on Friday with analysts. That’s so important we’re dedicating a separate post to it today. Here is the 2Q15 update from GreenHunter…
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The Chief of the Division of Oil and Gas Resources Management for the Ohio Dept. of Natural Resources (currently Rick Simmers) is a man with a lot of power. He has the power, according to a ruling just handed down on August 12, to make his own decisions about suspending permits to operate in the absence of specific violations of a law or regulation. In September 2014 Simmers suspended permits for two wastewater injection wells in Trumbull County, OH after a very low level earthquake was detected close to those wells (an earthquake that couldn’t be felt at the surface and caused no damage of any kind). American Water Management Services sued saying they hadn’t violated any laws or regulations on the books and their permits could not just be arbitrarily revoked like that. But the Ohio Oil and Gas Commission said nope–Tom Cruise, er, a, Mr. Simmers can arbitrarily do what he wants when there is no specific rule or guideline or law–because he has the best interests of the people at heart…
Where does the Pennsylvania budget negotiation/standoff stand? Depends on who you ask. There have been some intense negotiations over the past few days (a room with a bunch of men hollering at each other). When he emerges from the meetings, PA Gov. Tom Wolf, the most liberal governor in the United States, paints a smile on his face and mouths unspecific platitudes about making progress. When Wolf’s top surrogate emerges, State Sen. Vincent Hughes (Democrat from Philadelphia), Hughes says they aren’t any closer to getting Republicans to cave on a Marcellus Shale-killing severance tax. And that irks him. And Hughes blusters that there will be NO budget without a severance tax as part of it. Good luck with that Sen. Hughes. We applaud Republicans for preserving the Marcellus industry–what’s left of it in this low price environment. Let’s hope Republicans don’t cave to the bluster and deceit being pedaled by the Democrats in Harrisburg. We certainly understand the Dems are in a real bind. They PROMISED the teachers unions big money in return for their support. This is a payoff–shaking down the Marcellus industry to give the money to overpaid teachers and union bosses. And if Wolf doesn’t pull it off–he can kiss a second term good-bye as far as the unions are concerned. They play for keeps and Wolf knows it. Here’s the latest in the ongoing budget battle…