Crosstex Energy, L.P., a midstream natural gas company headquartered in Dallas, TX that operates approximately 3,300 miles of pipeline, ten processing plants and four fractionators, wants a piece of the Utica Shale action and announced they are buying out privately-held Clearfield Energy to get it.
From the Crosstex press release:
Read More “Crosstex Energy Buys Clearfield Energy for Utica Assets”
The Pittsburgh Post-Gazette and the Observer-Reporter of Washington, PA have sued to open sealed court documents in a case involving a Pennsylvania couple who previously were outspoken critics of the natural gas drilling industry and who made claims that drilling had contaminated their water supply. Last week, anti-drillers joined their cause and filed a brief in state Superior Court.
Read More “Pittsburgh Newspapers Sue to Unseal Drilling Court Case”
Dominion Resources, the third-largest public utility in the U.S., held its annual shareholder’s meeting in Pittsburgh on Tuesday where president & CEO Thomas Farrell announced plans to expand natural gas pipeline and processing projects in every state where there is Marcellus and Utica Shale.
Ten company-endorsed candidates were voted on and approved for the board of directors. But six shareholder proposals, largely anti-drilling in sentiment, were voted down:
Read More “Dominion Announces Marcellus/Utica Shale Expansion”
The “best of the rest” – stories that caught MDN’s eye that you may be interested in reading:
Read More “Marcellus & Utica Shale Story Links: Wed, May 9, 2012”
Yesterday, the largest outside shareholder of Chesapeake Energy stock (with 13.6 percent)—Southeastern Asset Management—sent a letter to CEO Aubrey McClendon and the board of directors with a loud and clear message: “We urge the board to be open to any offers to acquire the whole company.” Ouch. Not exactly a ringing endorsement. The letter also included some other “friendly” advice on how Chesapeake ought to be running its business (gotta love those investors, eh?).
Here’s the entire letter, as filed with the Securities and Exchange Commission:
Read More “Chesapeake’s Largest Shareholder Says: Consider Selling”
An idea that’s been floating “out there” for some time, at least in Pennsylvania, is for gas drillers to use acid mine water that flows from abandoned coal mines. It’s estimated there is some 300 million gallons per day of acid mine water—more than enough to frack every well drilled in PA each year. Last year, Gov. Tom Corbett’s Marcellus Shale Advisory Commission recommended that the state Department of Environmental Protection set up an approval process to make it happen—something now in the works.
Read More “SRBC “Insists” Drillers Use Acid Mine Water if Possible”
Driller Magnum Hunter Resources has struck it “Magnum rich” in Tyler County, WV. A well recently drilled and fracked by Magnum yielded more than 7 million cubic feet of gas in a single day earlier this year. Not only that, it also yielded 651 barrels per day of natural gas liquids.
Read More “Magnum Hunter Strikes it “Rich” in Tyler County, WV”
The Ohio Joint Committee on Agency Rule Review, a committee made up of five Ohio State Representatives and five Ohio State Senators, has approved new rules for constructing oil and gas wells in the state. They also approved new guidelines for Utica and Marcellus Shale drilling permits.
Read More “OH Legislators Vote to Approve New Drilling Rules”
Pipeline giant MarkWest has just gobbled up another, albeit much smaller, competitor. MarkWest announced yesterday it is purchasing Keystone Midstream for $512 million. Keystone is owned by Stonehenge Energy Resources and Rex Energy with operations primarily in Butler County, PA.
As part of the deal, MarkWest will gain contracts and a partnership with Rex Energy and Sumitomo Corporation to transport and process their rapidly expanding production in the liquids-rich portion of the Marcellus Shale in Butler and Beaver counties in Pennsylvania. MarkWest and Rex are also exploring a deal for Utica Shale production in eastern Ohio.
MarkWest has been in the news a lot lately, signing a raft of new agreements and even buying out a competitor. Last Friday, MarkWest announced they had signed an agreement (terms not disclosed) to expand MarkWest’s processing capacity in the Marcellus Shale to handle more Chesapeake production. The areas covered by the agreement include northern West Virginia (Brooke, Ohio and Marshall counties), and Washington County in Pennsylvania.
Read More “MarkWest Inks Two New Deals to Expand Processing in WV”
The “best of the rest” – stories that caught MDN’s eye that you may be interested in reading:
Read More “Marcellus & Utica Shale Story Links: Tue, May 8, 2012”
On Friday, the Department of Interior’s Bureau of Land Management (BLM) released the long anticipated new rule for hydraulic fracturing on federally-owned and Indian-owned land (see a copy of the proposed new rule embedded below). The question for MDN readers is, does this have any impact on drilling in the Marcellus and Utica Shale? The answer to that question is…
Read More “BLM Issues Proposed New Rule for Fracking Federal Lands”
In a somewhat unique turnabout, some townships in New York State are voting to not adopt a gas drilling ban, preferring to let the state complete it’s now four-year-long review process before making any decisions about drilling. One of those towns is Colesville:
The Associated Press (AP) did an analysis of how much natural gas was produced in Pennsylvania and West Virginia during 2011 and have run some basic calculations based on an assumed average price (last year) of $3.50 per thousand BTUs (or mBtus). The results of those calculations should put to bed any claims that shale gas drilling does not have a profound economic impact that touches every resident in a shale gas producing state.
According to the AP analysis:
Read More “The AP Calculates 2011 Shale Gas Revenue for PA & WV”
The price for drilling a Marcellus Shale gas well in Pennsylvania that “misses” and is not economically viable may have just gotten a lot steeper. It looks like the state Public Utility Commission (PUC), charged with collecting and distributing the new impact fee under Act 13, is going to levy the fee on exploratory wells that end up not being productive and plugged.
Read More “Unproductive PA Wells Still Liable for Partial Impact Fee”
Friday was document-dump day at the federal government. In addition to the Bureau of Land Management’s new hydraulic fracturing on federal land proposed rule (see this MDN story), the Environmental Protection Agency issued a new policy, or “Guidance” as they call it, for granting drilling permits to drillers who want to use diesel fuel as a component in their fracking fluid mix (a copy of the new Guidance is embedded below).
Read More “EPA Issues Draft Rule on Using Diesel Fuel in Fracking Fluid”