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Shale Gas News – June 24, 2017

shale gas news - desRosiers_headshotBill desRosiers
External Affairs Coordinator, Cabot Oil & Gas

 

The Shale Gas News, heard every Saturday at 10 AM on 94.3 FM and 1510 AM, talked about top producers, oil prices, longest Marcellus well and much more last week.

Every Saturday Rusty Fender and I host a morning radio show to discuss all things natural gas. This week, as guests, we had Joe Reinhart, of Babst Calland’s Energy and Natural Resources Group and Jude Clemente, regular Forbes contributor and researcher at JTC Energy Research.

shale gas news

The Shale Gas News, typically, is broadcast live. On the June 24th show (click above), we covered the following new territory (see news excerpts below):

  • The Most Ignored Oil Price Influencer. It is a given that the price for crude oil on the global market for the rest of this year and into 2018 will be influenced by a variety of factors. Global supply, global demand, economic growth or contraction, regional conflicts, export limitation agreements, even the weather; all these factors and more will no doubt have a temporary or ongoing influence on the oil price in coming months, as they always have in the past.
  • Eclipse Breaks Record Again – New Longest Shale Well in World! Eclipse can’t help it–they keep setting new world records for the longest lateral (horizontal) wells drilled–in the entire world! It began last year when Eclipse drilled what they call their first “super lateral” Utica well in Guernsey County, OH–the Purple Hayes, at 18,500 feet long. Since that time, the Purple Hayes well has consistently been the #1 oil producing well in the state.
  • EQT Buys Rice Energy in $8.2B Deal, Becomes #1 Gas Producer in US. Move over Exxon Mobil and Chesapeake Energy. There’s now (or soon will be, when the transaction is complete) a new #1 natural gas producer in the United States: EQT. In a deal you’ve no doubt heard about from multiple sources by now (because the news broke yesterday, just after MDN published for the day), EQT and Rice Energy announced that EQT will purchase Rice Energy, lock, stock and barrel, for $6.7 billion in cash and stock, and assume $1.5 billion in debt, for a total deal price of $8.2 billion.
  • Range Resources Drills Longest Marcellus Well Ever in Washington Co. While it’s not as long as the longest Utica well in the world drilled by Eclipse Resources (19,500 feet long, see today’s lead story), Range Resources is tooting its own horn about drilling the longest Marcellus well–a huge 15,000 feet long horizontally. Range is the company that drilled the very first horizontal Marcellus Shale well, back in 2004. In those early days, the average length of the horizontal portion of the well (called the lateral) was around 2,500 feet long (half a mile). Today, the average lateral length is closing in on 3 miles!
  • Top 10 Natural Gas Producers in the U.S., Post-EQT/Rice Merger. As we were reading about yesterday’s big news of EQT buying Rice Energy, we came across a couple of lists (same list, different sources) listing the top 10 natural gas-producing companies in the United States. The list was reworked to show that the combination of EQT and Rice will create the #1 largest natural gas-producing company in the country. An astonishing feat. But what caught our eye in looking over the “top 10” list was just how many of the companies in that list have operations in the Marcellus/Utica.
  • Exclusive: CONSOL Energy Sells WV Acreage/Wells to Antero Resources. A week ago a sharp MDN reader (landowner) in West Virginia emailed us to ask about news of a sale by CNX Gas (i.e. CONSOL Energy) of their leases and wells in Doddridge County to Antero Resources. We were stumped. We’ve neither heard nor read anything about it. We searched. And searched. And searched. Nothing. She wrote again a few days later–had we heard anything? Nope. Then we got a second email from another MDN reader asking about the same thing.

The Shale Gas News sponsored by Linde Corporation

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