ECA Sells Marcellus/Utica Assets to ArcLight Capital – Shareholders Shafted

Big news concerning Energy Corporation of America (ECA), a privately owned company founded in 1963 with corporate headquarters in Denver, CO. The company owns (or rather owned) and operated approximately 4,600 (mostly vertical) wells, 5,000 miles of pipeline, and leases more than 1 million acres in North America–most of it in Appalachia. We spotted a press release yesterday that says ArcLight Capital has acquired substantially all of ECA’s natural gas production and pipeline assets. But here’s where it gets interesting. ArcLight has set up a subsidiary called Greylock Energy, which will own the assets–all of the ECA natgas/pipeline assets will go to Greylock. The former CEO of ECA, Kyle Mork, will become the CEO of Greylock. Many (most?) of top management from ECA will become part of Greylock. The existing ECA palatial headquarters building we told you about back in 2014 (see ECA’s New Regional HQ in Charleston: More WV Drilling on the Way?) will become the new HQ for Greylock. In other words, it’s all still ECA, but there’s a new nameplate on the door. So what really happened? What happened, according to an MDN source, is that ECA did something akin to what we’ve seen a number of times before: they converted debt into equity (ownership) and shafted existing shareholders out of millions of dollars. Except in this case we’re not sure ECA actually had large debts. There’s no way to know since it’s a private company. But the pattern is the same. ECA gave the keys to new owners, leaving the previous owners (i.e. shareholders) standing on the curb…
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We knew it was coming. We told you back in September that the obsequious members of the Delaware River Basin Commission (DRBC) will slavishly obey their radical environmental masters by voting to move forward with a permanent ban on fracking in the Delaware River Basin (see
Yesterday the Pennsylvania Dept. of Environmental Protection (DEP) issued “draft final language” for the proposed General Permit 5A (GP-5A) and the revised General Permit 5 (GP-5)–regulations that supposedly will cut down on fugitive methane from escaping from drill pads and pipelines. The onerous regulations were originally prompted by bullying from the Obama Environmental Protection Agency. Even though EPA pressure has disappeared under President Trump, PA Gov. Wolf still intends to push forward with these onerous and unnecessary regulations. Unnecessary? Really Jim? Yes, really. See our companion story today that a new Penn State study has found very small amounts of methane escape from Marcellus well pads and pipelines (see Penn State Study Finds Very Little Methane Leaks from Shale Infra.). Makes no difference. Wolf is set on this course and will attempt to ram it through, to win brownie points with his unhappy enviro left supporters, ahead of next year’s election. The DEP held a webinar yesterday to discuss this latest version of GP-5 & 5A, and lay out a timeline (early next year) for adopting it…
Methane (i.e. natural gas) is often made out to be a bogeyman by radical environmentalists. They’d have you believe a single molecule wafting into the air will cause global warming and make Mom Earth fry. It’s bunkum. However, the fairy tales we grow up with exert a strong control over us later in life. The hew and cry of so-called environmentalists is that extracting natural gas leads to fugitive methane in the atmosphere–and fugitive methane diminishes the benefits of using natural gas. Some quacks like Cornell professors Tony Ingraffea and Robert Howarth actually say burning dirty coal is better than extracting and using clean-burning natural gas (see
North Carolina has a Democrat governor. The state Dept. of Environmental Quality (DEQ) is an executive branch agency. So it’s no surprise to learn that the DEQ has turned antagonistic toward Dominion’s $5 billion, 594-mile Atlantic Coast Pipeline (ACP)–a natural gas pipeline that will stretch from West Virginia through Virginia and into North Carolina. In October the DEQ rejected the plan submitted by Dominion for the pipeline project, claiming the erosion and sediment control plan is not up to snuff (see
This is truly outrageous and disgusting. We feel filthy just having to read and report on this news–filthy because of the outright falsehood of the preposterous allegation. Did you know that pollution can now target people based on their race? That’s what the idiotic State Rep. Donna Bullock (Democrat from Philadelphia), along with the radical Moms Clean Air Force and Defend Our Future groups said at a presser yesterday. They claim that “toxins from the oil and gas industry disproportionately impact African-American families throughout Pennsylvania.” They cite a faux report from the National Association for the Advancement of [Liberal] Colored People (NAACP) that claims “African-Americans are exposed to 38 percent more polluted air than their white counterparts” because of the oil and gas industry. Utter rubbish. “Hey, I’m a pollution molecule floating around and if I see a black person, I’ll just zoom right into that person’s nostrils–but I’ll leave the white folk alone.” You see how absurd this is? The NAACP claims more black people live near oil and gas operations than white people–although they offer no data to back up the claim. And because they live closer, that means they’re “polluted” more than others. Again, rubbish. When will someone stand up to such insane claims and demand these people resign and slink away in shame?…
Researchers with Halliburton and EQT have created a new friction reducer, testing it in three Marcellus wells. What’s a friction reducer? It is a chemical substance used to reduce the amount of friction water (or other liquids) encounters in a pipe. Lots of water (and recycled wastewater) is pumped down the bore hole to frack a Marcellus well–upward of 5 million gallons. About 20% of that water comes back out of the hole and is recycled and used again for more fracking. The problem is, the wastewater has a lot of minerals in it, i.e. it’s super “salty.” In order to keep recycling and using the wastewater to frack more wells, typically fresh water has to be added because as the wastewater gets more salty, it encounters more friction along the pipe. So a friction reducer is needed to keep the liquid flowing fast along the pipe. The innovation–the breakthrough that Halliburton has pioneered–means that drillers won’t have to add fresh water to recycled wastewater for fracking. They can now use 100% recycled wastewater with no fresh water added. Even as the wastewater is reused again and again, getting more salty, it can still be used without mixing in fresh water…
The “best of the rest” – stories that caught MDN’s eye that you may be interested in reading. In today’s lineup: Underground coal fires do not pose a threat to Atlantic Sunrise Pipeline; OH company sees major uptick in business from shale; Rover donates money to local first responders; WVU, NETL collaborating on important shale project; US LNG exports hit record high in November; U.S. shale drilling picks up in September; OPEC extends production cuts another 9 months; today’s poor need MORE oil, natgas & coal; natgas outlook for 2018; and more!
Yesterday, gas processing equipment at a Trans Energy well pad (now owned by EQT) in Marshall County, WV caught fire. The important things to know: (1) The fire was quickly extinguished, (2) nobody was injured, (3) this was not a well fire and was not related to drilling or fracking. There is a single operating Marcellus well at that location–drilled back in 2011. The well has been producing natural gas and other hydrocarbons since that time. As is common, some of the hydrocarbons (like condensate) are separated right at the well location, by equipment located near the pad. The fire began in that processing equipment. No residents were evacuated and the fire was out within a few hours. However, workers at the nearby Williams Fort Beeler natural gas processing plant were evacuated for a brief time, out of “an abundance of caution”…
CONSOL Energy, headquartered in Pittsburgh, began life as a coal company some 150 years ago. For the past half dozen years MDN has reported on CONSOL’s transformation from coal company to natural gas company. That transformation, as of yesterday, is complete. In July CONSOL filed paperwork with the Securities and Exchange Commission that laid out a plan to split the company in two, into a coal company and a natural gas exploration and production company (see
The United States Supreme Court has refused to hear an appeal of an important West Virginia case, which means the current ruling stands that allows EQT and other drillers to deduct “reasonable” post-production expenses from landowner royalty checks. It is a victory for drillers and a blow to some landowners. How did we get here? A brief history: Last December MDN reported on the huge WV Supreme Court decision against EQT that disallows EQT from deducting post-production expenses from royalty checks, even with signed contracts in place (see
Winter has arrived here in the Marcellus/Utica. Keeping a truck idled for hours at a time–just to keep it warm or to get it warmed up before driving–is a waste of money. It’s also harmful to the environment (lots of nasty diesel emissions). There is a better way–the Webasto way. Webasto designed and manufactures an ingenious solution, a tiny little device like a motor, that will heat up the fluids in a truck, meaning you don’t have to start it minutes and hours ahead of time just to warm it up. They even have a device that will keep the cabin warm–without running the truck’s engine! How clever is that? MDN is delighted to bring our audience a new sponsor/advertiser: Webasto. Never heard of it? You may actually have one of their systems in your equipment and not even realize it. They’re responsible for the technology behind Engine-Off heating solutions–improving driver comfort and engine performance for all types of vehicles. Webasto was founded in 1901 in Germany and remains headquartered there. However, it is truly an international company, with operations around the world, including here in the U.S. There are a number of subsidiaries and divisions within the company. The part of the company that has become an MDN sponsor manufactures technologies, like heaters, used in big trucks (
Hey Lancaster Against Pipelines–you might want to rethink your opposition to the Atlantic Sunrise Pipeline that flows fracked Marcellus gas from northeast PA to places like Lancaster. Why? Because you’re own hospital is powered by a new electric plant that uses Marcellus gas to generate electricity. Hospitals are known as “critical infrastructure” in PA–facilities that “deliver essential services and functions during natural disasters, emergency events, or grid outages.” Lancaster General Hospital, critical infrastructure in the Lancaster area, now produces almost all of its own electricity from a new 6.6 megawatt power plant it built right on the hospital campus (gasp!). Lancaster General uses a “combined heat and power” (CHP) system. Here’s the cool part: There are a dozen other hospitals across the Keystone State that already use natgas-powered CHP systems to generate their own electricity too. So tell us again, Lancaster Against Pipelines, how filthy fracked gas is destroying Mom Earth and poisoning the air. Quite the contrary: Natgas and the pipelines that deliver it are saving lives in hospitals across the state, including Lancaster County…
Advocating for anarchy (a doing away of laws and letting the mob rule) is not unique to radical environmentalists in the United States. Such anarchy is alive and well in the Canadian environmental movement too. The Utica Shale, which underlies much of the Marcellus Shale, also underlies part of Canada’s Quebec province. From time to time we highlight news concerning the Utica in Canada. There hasn’t been much news to highlight over the years since Quebec has had a moratorium on fracking since 2012. But as we reported in December 2016, something of a minor miracle happened–the Quebec National Assembly voted to pass Bill 106, ostensibly to support Quebec’s “clean power plan” (see