Marcellus & Utica Shale Story Links: Thu, Jul 26, 2012
The “best of the rest” – stories that caught MDN’s eye that you may be interested in reading:
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Surprising Revelations about Cuomo’s Fracking Plan [FREE]
Gov. Cuomo’s rumored plan to begin horizontal hydraulic fracturing of shale for oil and gas (mostly gas) in New York State is an important issue that threatens to fracture the alliance of those of us on the pro-drilling side of the debate. Many people (including MDN) are rightly outraged that not all landowners in all areas of the state will be given the opportunity to participate in drilling—at lease initially (if you believe the rumors about the governor’s plan).But a highly placed source with knowledge of both the landowners’ plight and the governor’s thinking recently spoke to MDN to let us know we’re viewing this issue through the wrong end of the telescope and that landowners outside of select counties have not been left out. Let me explain…
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Cabot Oil & Gas Production Up, Profits Down for 2Q12
Cabot Oil & Gas released their second quarter results yesterday. Cabot’s gas production rose an impressive 40% over the second quarter of last year. But because the commodity price of gas has been so low, Cabot’s profitability took a hit. Net income for Cabot from April through June was $35.9 million (17 cents per share), compared to $54.7 million last year at this time (26 cents per share).
Cabot issued two press releases covering second quarter results. The first covers finances and adds useful high level production numbers:
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PA Marcellus Creates 238,000 Jobs – So Far
The Pennsylvania Department of Labor and Industry keeps track of jobs and job growth in the Commonwealth. And according to their latest jobs report, direct jobs in the Marcellus Shale went up by 18,000 jobs over the past four years (159%). The report also says total employment related (generated by) shale gas drilling in the state has grown a whopping 238,000 jobs since 2008.
So all those articles and letters to the editor that have cropped up lately questioning whether the shale industry actually creates jobs are nothing but hot air? Yeah.
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France’s Confusing Stance on a Fracking Ban
Yesterday MDN reported on the Bloomberg Businessweek story that France is reconsidering its ban on fracking (see this MDN story). It seems the Businessweek story created a bit of a stir because the French government has assured everyone the ban remains. Except if new technology comes out, then they might reconsider. All of which is driving Greenpeace bonkers (which is always a good thing).
Let’s try to sort it out.
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Chesapeake Midstream Changes Name to Access Midstream
Chesapeake Midstream Partners, a pipeline and processing plant company formerly owned by Chesapeake Energy but recently sold to Global Infrastructure Partners to generate cash, is changing its name. It will now be known as Access Midstream Partners.
In addition to the name change, the new entity also announced new members of the board. From the Access Midstream Partners press release:
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Carroll County | Chesapeake Energy | Energy Companies | Industrywide Issues | Litigation | Ohio | Pipelines
OH Landowner Loses in Court, Chesapeake Builds Pipeline
A landowner in Carroll County, OH who had sued to stop Chesapeake Energy from installing a pipeline to a well on his property lost the court battle last Friday. Joseph Coniglio had leased his land for drilling to Anschutz, which later assigned the lease to Chesapeake, but he had not signed an agreement for pipelines to be built connecting to wells drilled on his property. Coniglio says the lease specifically prohibits pipelines without a special agreement. Landowners often will receive extra compensation for any pipelines installed to a well, and Coniglio wanted to do a deal with Chesapeake for the well on his property.
Chesapeake says the original agreement allows them to hook up the well to a pipeline. Coniglio went to court earlier in July and won a restraining order. A judge overturned it on Friday and the pipeline is now almost complete.
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Ultrasonic Trucks Map Underground in Coshocton County, OH
Drilling companies like to know, as much as possible, where they stand the best chance of drilling. Horizontal hydraulic fracturing means every hole drilled is much more likely to produce gas (and oil) than a conventional vertical hole, but it’s still no guarantee. Not every hole produces. So to help eliminate as much guesswork as possible, drillers often purchase seismic test data.
Big trucks roll along roadways with large vibrators that emit ultrasonic waves into the ground (or in some cases “thump” the ground) and then record the echoes to draw a picture of the underground rock structure. Ever wonder what it looks like? Just watch the video below of ultrasonic trucks doing their work in Coshocton County, Ohio.
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Marcellus & Utica Shale Story Links: Wed, Jul 25, 2012
The “best of the rest” – stories that caught MDN’s eye that you may be interested in reading:
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PA DEP Announces 1 Year Study on Air Quality in Marcellus
Yesterday the PA Department of Environmental Protection (DEP) announced a one-year study that will look at impacts on air quality from Marcellus drilling and the infrastructure (pipelines and compressor plants) that comes with shale gas drilling. The study will focus on Washington County in western PA, primarily in and around Chartiers Township, home of a gas processing plant.The DEP plans to use this initial study and its results to guide them on whether, and where, to conduct other air quality studies.
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‘Home Rule’ Taking Root in NY, PA and now in OH Too
The so-called “home rule” movement grants power to local town boards to ban hydraulic fracturing either by enacting laws or by the use of zoning. Two court cases challenging home rule in New York are winding their way through the system now. Home rule is also a controversy in Pennsylvania with seven townships taking the state to court over the new Act 13 provision that strips away most of their zoning rights when it comes to oil and gas drilling in favor of state zoning rules.
Home rule is now alive in Ohio too—in Beaver Township (Mahoning County). A group of Beaver Township residents are collecting signatures for a November ballot that would make Beaver a “home rule” township. And in so doing, would grant them the power to shut down drilling.
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2 More NY Southern Tier Towns Vote to Endorse Drilling
Two more townships in Chenango County, NY have passed resolutions supporting whatever plan the state Department of Environmental Conservation (DEC) proposes with respect to horizontal hydraulic fracturing for the Marcellus and Utica Shale. Anti-drillers would say they’ve voted to support drilling, although the resolutions simply state they will leave it up to individuals to decide.
The towns of Coventry and Greene voted to adopt a resolution in favor of drilling. Of the townships located in the Lucky Five Counties (Broome, Chemung, Chenango, Steuben and Tioga) that have voted on the topic of drilling, the vast majority have voted in favor, or more accurately with a neutral resolution saying they won’t ban it.
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France Considers Lifting its Ban on Fracking
Don’t look now, but one of the shining examples of an entire country that banned fracking—France—a country exalted by anti-drillers as a shining example for America to emulate, is considering…lifting the ban! That’s right, the new French government, which is Socialist to the point of being Communist, sees all of the jobs being created by shale drilling in the U.S.—and they’re lusting for it.
Faced with keeping the ban to placate the greens, or lift the ban and embrace safe drilling and reap thousands of new jobs, the new Socialist French government is leaning toward the later. C’est la vie.
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India’s RIL: Shale Gas a Major Contributor to Revenue by 2015
Reliance Industries Limited (RIL), India’s largest private company of any kind and an energy giant, made three investments two years ago in U.S. shale plays via joint ventures—two of them in the Marcellus and one in the Eagle Ford. The company said in a recent analyst presentation those investments are starting to pay off and they expect their shale gas volumes to grow at an annual rate of 50% by 2015. If it does, it will contribute 8-10% of RIL’s earnings. That’s a pretty big deal—from nothing to contributing 8-10% inside of five years for the largest company in India.
An update on RIL’s three U.S. shale joint ventures:
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5 Things Business Insider Learned about Fracking
When a mainstream media outlet deigns to tell the truth about fracking, as did the AP a few days ago (see this MDN story), other news outlets start saying things like the fracking debate has “reached a new, bizarre dimension” (Business Insider, July 23). Isn’t it sad when truth is considered bizarre?
Business Insider (BI) got a headache from all the fracking talk—they just don’t know who to believe. I mean, when the AP outs Josh Fox as a liar, maybe the world really is coming to end, right? So BI turned to a geologist, Dr. Steven Marshak at the University of Illinois, to help them out. Dr. Marshak writes geology textbooks, so BI figures he must know a thing or two about fracking.
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Marcellus & Utica Shale Story Links: Tue, Jul 24, 2012
The “best of the rest” – stories that caught MDN’s eye that you may be interested in reading:
Spot natural gas prices at Marcellus trading point reflect pipeline constraints
Alaska Business Monthly
Daily natural gas spot prices between Tennessee Gas Pipeline (TGP) Zone 4 Marcellus and Henry Hub have diverged recently largely due to rising Marcellus production, which has outpaced the growth of available take—away pipeline capacity in northern Pennsylvania.U.S. Says Shale Gas Output Rose 24% in May From Year Earlier
Bloomberg
Natural-gas production from shale formations rose in May on increased supplies from the Marcellus deposit even after prices fell to a 10-year low, Energy Department data show.NYT: There’s Still Hope for the Planet
Breakthrough Institute Blog
A grand experiment has taken place. Europe put in place a cap and trade scheme. The U.S. did not. And where European nations banned or did not develop shale gas resources, the U.S. tapped so much of it for the price of natural gas to drop 80 percent since 2008.Russia’s Gazprom skeptical of US-led shale gas boom
Platts
Russia’s state-owned natural gas company says the US shale-gas boom is economically unsustainable — and it’s buttressing its claim with financial data collected by an American consulting firm located less than 20 miles from the White House.Hedge funds increase gas bets as surplus shrinks and weather hots
Gulf Times
Hedge funds raised bullish bets on natural gas to the highest level in more than a year as a glut of the fuel shrank for the 15th consecutive week and hot weather stoked demand from power generators.Thousands Turn Out to Learn About Natural Gas at Cabot’s 3rd Annual Picnic
Energy in Depth – NMI
While we were still enthused from the excitement of last weekend’s Vote4Energy rally where thousands of New Yorkers came out to support natural gas, we headed to Harford Fairgrounds in Susquehanna County last weekend for the 3rd Annual Cabot Oil & Gas Picnic.Shale Gas Fixes Schools, Hospitals & Roads
Energy in Depth – NMI
Last week members of several local coalitions in Sullivan County, New York, came together for an educational meeting on the Ad-Valorem shale gas tax, as well as a screening of Truthland.Penn State Hears Missing Voices, But Misses the Point
Energy in Depth – NMI
Sadly, for me as a Penn Stater, I am forced to conclude this is exactly what we’re seeing from the university’s Center for Economic and Community Development with its recently released Marcellus Shale: Land Ownership, Local Voice, and the Distribution of Lease and Royalty Dollars. It offers nothing new and is a little more then a platform from which to launch broadsides against owners of mineral rights.
Gov. Cuomo’s rumored plan to begin horizontal hydraulic fracturing of shale for oil and gas (mostly gas) in New York State is an important issue that threatens to fracture the alliance of those of us on the pro-drilling side of the debate. Many people (including MDN) are rightly outraged that not all landowners in all areas of the state will be given the opportunity to participate in drilling—at lease initially (if you believe the rumors about the governor’s plan).
Yesterday the PA Department of Environmental Protection (DEP) announced a one-year study that will look at impacts on air quality from Marcellus drilling and the infrastructure (pipelines and compressor plants) that comes with shale gas drilling. The study will focus on Washington County in western PA, primarily in and around Chartiers Township, home of a gas processing plant.