Rice Energy Turns Profitable in 2014; Strong 2015 in View
Rice Energy, a “pure play” energy company focused on drilling in the Utica and Marcellus, issued their full year and fourth quarter 2014 update yesterday. Wow, what an update! Rice had a big year in 2014. The parent company, focused on drilling, went public. They also launched an IPO for their midstream (pipelines) subsidiary. Compared to 2013 which saw a loss on the books, 2014 reversed it. In 2014, Rice’s profit was $218.5 million (out of $390.9 million). That’s an increase over a 2013 loss of $35.8 million (out of $88.7 million in revenue). In 2014, Rice produced 97.7 billion cubic feet (Bcf) of natural gas, up from 23 Bcf in 2013. Aside from the company growing and hitting its stride, what was different about 2014? Last year Rice concentrated on the Utica Shale…
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A Green County man–Heath A. Rankin, 33, of Carmichaels, PA–was indicted earlier this week by a federal grand jury on a felony charge of damaging a shale well (or wells) on the Burchianti Pad in Greene County in March 2014. The pad is owned by Chevron, which is, according to one news source, planning to seek restitution for damages exceeding $5,000 allegedly caused by Mr. Rankin. Another man, Brian Harbarger, 34, of Cumberland, PA–was indicted for the same thing in December 2014. It’s too early to jump to any conclusions. Are they environmentalists that tipped over the line? Are they former/disgruntled employees? Drunk and out for a joy ride? We simply don’t know. Here’s what we do know…
Something we consider pretty big news: Chesapeake Energy is running an experiment with waterless fracking. They’ve contracted with Canadian waterless fracking company GASFRAC to attempt what is the second (that we’re aware of) waterless frack job on a Utica Shale well–in Tuscarawas County, OH. The first waterless frack job done by GASFRAC was for EV Energy Partners on a Utica well also in Tuscarawas County (see
PA’s PennFutureDEP Acting Sec. John Quigley wants to get the big pipeline companies and the townships through which the pipelines will go to meet at the local Starbucks and “start a conversation.” Which latte do you like? Er no, not that kind of conversation. Quigley acknowledges he doesn’t have a thing to do with interstate pipelines–they’re approved by the Federal Energy Regulatory Commission (FERC). Other agencies (federal and state) oversee the pipelines once they are built. But Quigley thinks if he can get both sides–pipeliners and towns–together and try to at least get a dialogue going, perhaps something good will come from it. Not a bad idea as ideas go. One recommendation: don’t tell the nutters which Starbucks you’re meeting at…