Southwestern Energy 1Q15: Record Production, but Profit Dives 78%
Southwestern Energy, one of the largest Marcellus Shale drillers, released their first quarter update last Thursday. Among the highlights: Record production for the company, including 113 billion cubic feet equivalent (Bcfe) in the Marcellus (83 Bcf in the northeast and 30 Bcf in the southwest). Similar to Cabot and other operators, Southwestern had record revenues in 1Q15–but income (profit) was way down due to low gas prices. Southwestern’s operating income for 1Q15 was $78 million, compared with $352 million in 1Q14–a 78% drop year over year. Southwestern placed 22 new wells online in production in the Marcellus during 1Q15. Below is the full update…
Read More “Southwestern Energy 1Q15: Record Production, but Profit Dives 78%”

GreenHunter Resources continues to aggressively push back against the U.S. Coast Guard (USCG) with respect to barging brine from shale wells. Yesterday was the latest flare-up in the war of words between GreenHunter and the USCG. Once again GreenHunter COO Kirk Trosclair said the way they read the rules, they have permission under existing 1987 rules to barge it. And once again the USCG said no you don’t–not until we say you do. The latest twist is that the USCG says that brine might have high levels of radioactivity and so now the Dept. of Homeland Security is reviewing the whole matter. Which is a neat way of corrupting the issue–just claim there’s a national security issue and that shuts it all down. Still, GreenHunter is committed to begin barge shipments this year. However, we also learned yesterday that those shipments will not originate at GreenHunter’s proposed facility near Wheeling, WV…
We hate to rain on Belmont County, OH’s parade, but we have to point out their celebration over the announcement about a potential ethane cracker plant announced on Wednesday may be a bit premature (see