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All three M-U states received permits to drill new shale wells last week. Pennsylvania received 16 new permits. Ohio received 3 new permits. And West Virginia received 4 new permits. Pennsylvania New Shale Permits Issued Feb. 8-12 . Ohio New Shale Permits Issued Feb. 8-12 . West Virginia New Shale Permits Issued Feb. 8-12 ....
The Pennsylvania Dept. of Environmental Protection (DEP) is once again spinning an error by a major Marcellus driller, Range Resources, as some sort of evil plot to avoid and defraud the DEP. Due to a mistake by a former employee, Range misclassified 42 old conventional wells on acreage it owns and did not plug the wells in a timely (for DEP) fashion. The DEP has just clipped the company $294,000 for the mistake. Range filed paperwork with the DEP back in 2017 for a well in Fayette County, asking the well to be labeled "inactive" with the intent of reactivating it. Apparently, that request was in error and the mistake caused the DEP to file a subpoena to get more records from Range. The DEP discovered there were 42 conventional wells in several counties, all of them abandoned and should have been plugged, but weren't. The DEP spins this like Range was intentionally hiding the information and gaming the system. Range says it was an honest paperwork error on the part of a ....
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We've noticed a flurry of new "notes" (i.e. bonds) being offered by Marcellus/Utica companies. We call notes/bonds IOUs. Typically a company will issue new notes (a promise to pay in the future, with interest) in order to retire older notes coming due. Notes are a form of self-financing by using debt instead of issuing new shares of stock (diluting existing shares). M-U drillers Range Resources and Antero Resources both quickly sold out of their recent note offerings at higher prices than originally requested. According to S&P analysts, the Range and Antero fast sellout is proof that credit is loosening for drillers in the M-U and in other shale plays. Why is credit loosening now? Why are investors suddenly interested in fossil fuel companies again? Because shale drillers have received the fiscal restraint message loud and clear. Gone are the days of drill, drill, drill with no regard for making a profit. The watchword now is "free cash flow" and the bottom ....
Two of three M-U drilling states received permits last week. Pennsylvania scored 14 permits to drill new shale wells. Ohio received no new permits for Utica wells. West Virginia received 5 new permits to drill new shale wells. Pennsylvania New Shale Permits Issued Jan. 11-15 . West Virginia New Shale Permits Issued Jan. 11-15 ....