EnLink Launches 1 Month Open Season for ORV Condensate Pipeline
In August, MDN told you about EnLink Midstream’s newly planned condensate pipeline. The Ohio River Valley (ORV) Pipeline, as it’s called, will connect to EnLink’s existing 200-mile pipeline in eastern Ohio and West Virginia, providing drillers in the region access to markets through EnLink’s Bells Run barge facility and Black Run rail terminal (see EnLink Midstream Announces New Condensate Pipeline in ORV). The OVR Pipeline, expected to be completed in the second half of 2015, will have an initial capacity of approximately 50,000 barrels per day (bpd). Yesterday EnLink announced a binding open season for the pipeline–the time when drillers and other customers can sign up to reserve capacity on the new pipeline…
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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…
Yesterday Range Resources released an announcement with two big pieces of news. The first (and lesser) news is this: Range is trimming its 2015 exploration and production budget by 18% compared to what they spent this year. The 2015 capital expenditure budget is now set at $1.3 billion. However, the company says production will continue to increase, even with less spending on drilling. The second and more important news: Range has drilled a Utica Shale well that has dethroned Magnum Hunter’s Utica well (see 
Once again New York Gov. Andrew Cuomo is being a tease with regard to the fracking issue. Question is, do we believe him this time? Or is this yet another empty promise? During this fall’s single/only gubernatorial debate, Cuomo was asked about the fracking issue and he said a report from the state Dept. of Health on the fracking issue is due by the end of this year (now two weeks away). At the time, his harried campaign staff ran around after that off-the-cuff remark to “explain” what he really meant by it (see