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Shale Gas News – May 12, 2018

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, 1510 AM and Sundays on YesFM, talked about oil prices, rule of capture, Eric Schneiderman and much more last week.

The Shale Gas News has grown again; welcome Gem 104 as our FOURTH station! Gem 104 helps to solidify the Shale Gas News coverage in an important Marcellus region, PA’s northern tier. The Shale Gas News is now broadcasting in Bradford, Lackawanna, Lancaster, Lebanon, Luzerne, Lycoming, Pike, Sullivan, Susquehanna, Tioga and Wayne Counties, as well as in greater central PA. The Shale Gas News is aired on Saturday or Sunday depending on the station.

Every Saturday Rusty Fender and I host a morning radio show to discuss all things natural gas. This week, as guests, we had Kevin Mooney, Investigative reporter for The Heritage Foundation and David J. Spigelmyer, president of the Marcellus Shale Coalition (MSC).

Shale Gas News

The Shale Gas News, typically, is broadcast live. On the May 12th show (click above), we covered the following new territory (see news excerpts below):

  • Oil is soaring, and it looks like there’s no end to the rally in sight, says market watcher. Crude oil hasn’t seen these kinds of highs in more than three years. Now market watchers are asking, “Will it stay there?”  To Boris Schlossberg, managing director of BK Asset Management, the answer lies in the Middle East.  “That’s the key story here: Iran. Obviously geopolitics is what’s driving oil at this point,” Schlossberg told CNBC’s “Trading Nation.”  Crude oil spiked 3 percent on Wednesday to settle at its highest level since November 2014.
  • Another Look at “Rule of Capture” Case that Threatens PA Marcellus.  MDN brought you important news in April that the Pennsylvania Superior Court had handed down a decision (known as the “Briggs” case) that has the power to greatly restrict, perhaps even stop, Marcellus drilling in PA. The issue, in brief, is that the Superior Court decision disallows using an age-old principle called the “rule of capture” when it comes to shale drilling and fracking. It opens the door to a myriad of frivolous lawsuits claiming that a fracture, a crack created during fracking, is draining gas from a neighbor’s property without justly compensating the neighbor for the gas.
  • Eclipse 1Q18: No Comment on Process to Buy or Be Bought. Eclipse Resources, a Marcellus/Utica pure play driller headquartered in State College, PA, issued its first quarter 2018 update last week. Eclipse has drilled the longest onshore natural gas wells in the world–in the Ohio Utica. Impressive company. In March the company announced it is looking for someone to buy, or (more likely) for someone else to buy them. Eclipse CEO Ben Hulburt began the quarterly analyst phone call last week by anticipating questions about the buy/be bought process.
  • CNX Resources 1Q18: Record High Production as Utica Skyrockets. Yesterday CNX Resources, formerly CONSOL Energy, released its first quarter 2018 update–its first full 3-month update since separating from the coal company. CONSOL began life as a coal company 150 years ago and only in recent decades entered the oil and gas business. The company split itself into coal and oil/gas back in November. So 1Q18 is the first full quarter as a standalone o&g company for CNX. And what a quarter it was!
  • Anti-Fossil Fuel NY Attorney General Eric Schneiderman Resigns! One of the plagues we’ve had to endure in the Empire State is a totally out-of-control, mad drunk with an abuse of legal power, Attorney General Eric Schniederman. There isn’t a shale pipeline or drilling project in New York that Schneiderman hasn’t harassed. Apparently the oil and gas industry isn’t the only thing he harasses. Following a bombshell story in the ultra liberal The New Yorker magazine that accuses Schneiderman of rough sex and slapping woman around, he abruptly resigned as of today. Schneiderman’s resignation has nothing to do with the Marcellus/Utica, but his departure is cause for celebration in New York.
  • NFG/Seneca: Pursuing Plan B for Blocked NY Pipeline Project. Last Friday National Fuel Gas Company (NFG), headquartered in Western New York State which operates drilling subsidiary Seneca Resources and pipeline subsidiary Empire Pipeline, issued its second quarter 2018 (everyone else’s first quarter) update. Via Seneca Resources, NFG drills wells in northcentral and northwestern PA. Via Empire Pipeline, they build and maintain hundreds of miles of pipelines. NFG wants to add to their pipeline portfolio by building the Northern Access Pipeline–a $455 million project with 97 miles of new pipeline along a power line corridor from northwestern PA up to Erie County, NY.

The Shale Gas News sponsored by Linde Corporation

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