Radical Dems in NY Legislature Aim to Make Frack Ban Permanent
New York State is experiencing the worst possible nightmare–and we can’t wake up. Following the November 2018 election, Democrats now control not only the governorship, but also both houses of the legislature–for the first time since 1964. Sure we’ve always had a Democrat-controlled Assembly (the lower chamber), but the Senate stayed in Republican hands, providing a check against rampant socialism. That check and balance disappeared beginning this year and the state’s far-left Democrats have used it to great advantage. Many of our Constitutional freedoms have disappeared *this year* in NY State. It’s sad and tragic. Before the Senate changes back to Republican control in the future, the state’s radicalized Democrats want to pass a permanent (instead of the existing temporary) ban on fracking statewide.
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In a bombshell announcement last week Chevron said it is writing down (reducing the paper value) of all its shale assets by $10-$11 billion in the fourth quarter. “More than half” of the write-down is for its Marcellus/Utica assets (see 
MARCELLUS/UTICA REGION: PA Sen. John Yudichak named to Senate Environmental Committee; OTHER U.S. REGIONS: Buyer mulling stake covering 4 million mt/y of Driftwood LNG supply; Natural gas companies form PAC to fight CMP’s proposed transmission project; Rising Bakken gas production displacing Western Canadian gas on pipes; NATIONAL: Shale revolution ensuring America’s energy security, says GEI; A decade in which fracking rocked the oil world.
For months MDN has brought you bits and pieces of news from individual drillers, detailing plans to cut back on spending for new drilling in the Marcellus/Utica in 2020. It’s not just happening in the M-U–it’s happening across the country. The experts at RBN Energy have a terrific new post that pulls information about major drillers scaling back into one place. They analyze spending by three different groups of drillers: oil-focused, diversified, and gas-focused drillers. In the third category, all but one of the gas-focused drillers have major operations in the M-U. The stats are sobering. As a collective group, M-U gas drillers have pledged to cut their 2020 budgets 25% from the already-lower spending that happened this year. Ouch.
Keystone Clearwater Solutions, a company that provides water services for shale drillers in the Marcellus/Utica, is “coming home” in a sense. We told you in November that SC Water, LLC, a Pennsylvania-based natural gas and oil industry investment group, announced it had signed an agreement to buy Keystone Clearwater from American Water for an undisclosed amount (see 
Several weeks ago the founder and CEO of Tallgrass Energy, David G. Dehaemers Jr., 
In May, Weatherford International, the world’s fourth largest oilfield services (OFS) company, finally succumbed and announced it was filing for a “prepackaged” bankruptcy (see 
The Heinz Endowments, a grantmaking organization in Pittsburgh, Pennsylvania that sits under the thumb of Mamma Teresa Heinz Kerry (wacko lefty Democrat), has long been viewed as a community pillar in western Pennsylvania. What you may not know is that Heinz Endowments has spent over $120 million in “environmental grants” between 2008 and 2016, much of that money funding anti-shale and anti-fossil fuel campaigns. The Heinz Endowments is no friend to the working class in western PA.
Last month MDN warned readers that we were likely at a peak, the point when the Marcellus/Utica would, after many years, begin to produce less natural gas each month than it had the month before (see 
West Virginia’s co-tenancy law was signed into law by Gov. Jim Justice in March 2018 (see 
Last week Chesapeake Energy received a notification from the New York Stock Exchange that its shares of stock have fallen below the $1/share threshold for more than 30 consecutive trading days and because of it, Chessy’s stock will be delisted from the exchange. Unless. Unless they can get the per share price over the $1/share average in a certain period of time. Chesapeake has responded they are taking several actions, the most relevant/likely being a reverse stock split.
