Cheniere Deal Means Some Marcellus Gas Will Go to Portugal
At least one Marcellus Shale producer, Range Resources, will send Marcellus gas all the way to the Gulf Coast and Cheniere Energy’s LNG export facility in Sabine Pass near Corpus Christi, TX (see Range Announces Multiple Agreements to Sell Natgas & Ethane). It’s quite probable other producers will also ship Marcellus and Utica gas to the Cheniere facility for export as well (see More Marcellus Gas Going to Cheniere LNG Export Facility in TX?). So who will be buying at least some of that Marcellus gas? Yesterday, Cheniere announced a 20-year deal to sell LNG to Portuguese utility company EDP…
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It is a sad day. The proud Wheeling Water Warriors–with their super hero capes flapping in the breeze–are now reduced in rank by one. The top Warrior, the woman who started it all–Robin Mahonen–is hanging up her cape and leaving West Virginia. You may recall MDN talking about the Warriors, formed in 2013 to oppose a proposed frack wastewater treatment/barge facility in Wheeling (see 
Fracking Derangement Syndrome (FDS) is a dangerous disease. Most often it attacks those who grew up watching Captain Planet on Saturday mornings (one of the risk factors). FDS creates all sorts of weird behaviors in its victims. The disease recently struck again–this time infecting a 36 year-old Michigan man. The disease manifested by causing the man (the Green candidate for the U.S. Senate in Michigan) to crawl inside of a pipeline under construction by Enbridge and stay there for 10 hours, creating a danger to himself and those around him…
Yesterday, New York Gov. Andrew Cuomo held a rare cabinet meeting to discuss a variety of issues. The main focus of the meeting, however, was to announce Cuomo’s decision to ban fracking in New York. NY State Dept. of Health Howard Zucker presented his agency’s “review” of so-called impacts of fracking on public health. The entire charade was well-scripted to insulate Cuomo from the decision to ban fracking in the state, making it seem as if “science” has determined fracking is not safe. Zucker recounted the process his agency pursued in reviewing available studies and evidence of the possible affects of shale drilling on those who live near it. Zucker’s repeated claim was that there is not enough evidence, not enough “gold standard” studies thus far, to prove that fracking is not a health risk. Zucker intentionally chose prove a negative, which is a logical fallacy (you can’t prove a negative). Immediately following Zucker’s dog and pony show, NY Commissioner for the Dept. of Environmental Conservation, Joe Martens, said a) with all of the town bans happening, fracking would only be allowed in maybe 30% of the state, that the economic benefits are far less than originally thought, and b) given Zucker’s findings that fracking may not be safe, he (Martens) would close out the draft regulations, known as the SGEIS, and that he (Martens) would not allow fracking for the foreseeable future. Cuomo pretentiously said, “I don’t even think I have a role here.” Below we have the “report” from Zucker, a video of the cabinet meeting, and reaction to this carefully scripted and choreographed decision…
This is a very sad day for all New Yorkers. Gov. Andrew Cuomo has decided to not proceed with high volume hydraulic fracturing (fracking) in the state. MDN editor Jim Willis has just finished listening to a live announcement in which the State Dept. of Health Commissioner Howard Zucker embarrassed himself by admitting he relied on shoddy rumors and flawed studies–and even lack of studies–to draw the conclusion that fracking should not be allowed. Zucker repeatedly said “there’s not enough research” to convince him that fracking is safe for NY’s human population.
Debtwire is an interesting service. They keep an eye on publicly traded companies to give subscribers to their service a heads-up on which companies are potentially carrying too much debt–companies that may, due to changing economic circumstances, have a hard time paying back that debt. Think of Debtwire as an early warning system to let you know BEFORE Moodys or Fitch Ratings downgrades a company’s credit rating. Later this month Debtwire will issue a new Distressed Watchlist with 176 companies on it. Some 55 new companies will be added to the list from the energy industry alone. With the addition of the 55 new companies, the Distressed Watchlist will have 70 (of 176) companies from the energy industry–making 40% of the list top heavy with energy companies. We have what we believe is an MDN exclusive–Debtwire has sent us the top 20 energy-related companies on the list. Of the top 20, four of them have operations in the Marcellus/Utica region…