Antero Says Super Size Me – Floats 13.1M Shares of New Stock
Antero Resources, one of the largest drillers in the Marcellus/Utica, wants cash and they want it bad. Two days ago we told you that Antero is in the market floating IOUs (or “notes”) looking to raise a huge $1.25 billion (see Antero Shops for $1.25B Cash from IOUs, Wants to Pay Down Old Debt). Just two days later the company put out a pair of press releases announcing a new stock offering too. At first they issued a press release saying they will float 11.5 million shares of new stock. A few hours later they issued another press release saying they are “upsizing” the offering to 13.1 million shares. Apparently McDonald’s meals aren’t the only thing that can get super sized (ba dop bop). Antero hopes to raise $485 million with this latest round. If everything happens as desired, they’ll haul in $1.25 billion from debt financing, and $485 million from equity financing, for a total of $1,735,000,000…
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By most measures, Dominion Transmission’s New Market Project is a fairly dull $159 million capacity upgrade to an existing natural gas pipeline which runs across upstate New York from the PA line, west of Horseheads, northeasterly to the state’s Capital Region (see the map below). We are now about a month away from the originally forecast April 2015 date when Dominion thought it might get a green light from FERC, the Federal Energy Regulatory Commission (Docket Number CP14-497). September 2015 was originally forecast for beginning construction (280 jobs, all temporary, as are all construction jobs), while November 2016 was the target in-service date (adding 10 to 12 permanent jobs, running forward)…
West Virginia House Bill (HB) 2688 (see 
Using the same class warfare language all Democrats resort to when they want to justify their enormous appetite for taxing and spending, yesterday Pennsylvania Gov. Tom Wolf introduced the highest-ever budget in PA and attempted to lay a huge theft, in the form of a so-called severance tax, on the Marcellus industry by saying, “We deserve to be fairly compensated for the use of our resources.” Just one problem Tom: IT’S NOT YOUR RESOURCES! The resources in question belong to private landowners and your proposal to steal their money, along with the money of the drillers who risk a lot of capital to drill, is abhorrent. The justification is that the money stolen will be given “to the children”–by which he means given to teachers’ unions who turned out the vote for him. The Wolf budget landed yesterday–with a thud–and it calls for $1 billion in taxes on the Marcellus industry. Wolf thinks he can get buy-in by ensuring $225 million of that amount will be kept local, like the old “impact fee.” That’s the payoff to try and get support for this Marcellus-killing budget. He plans to fork over the rest of it to Big Education as their reward for voting for him. Even the Pittsburgh Post-Gazette calls his budget “a miss” and “utter folly.” Can you believe that? It’s so bad even the anti-drilling editors at the Post-Gazette don’t like it…