Shale Gas News – December 14, 2019

Bill 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 Chevron, Christmas toy drive, ExxonMobil 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. We held another Think About Energy Briefing this week in State College. PA State Representative Kerry Benninghoff joined us as the keynote speaker. We replayed his speech on today’s show.  We also replayed an interview from Nicolas Brien of Dawood Engineering, Inc.

Shale Gas News

The Shale Gas News, typically, is broadcast live. On the December 14th show (click above), we covered the following new territory (see news excerpts below):

  • Industry Representatives Put Their Energy Into Christmas Toy Drive. An annual effort by gas industry partners to make Christmas happier for children in Wyoming and Susquehanna counties grew a bit larger this year, as the number of participants in a toy drive and shopping trip increased as did their overall donations. December 5 was an exciting day for those who met at Walmart in Tunkhannock to buy clothing and toys in partnership with Interfaith of Susquehanna and Wyoming Counties and Cabot Oil & Gas Corporation.
  • N.Y. judge rejects suit against ExxonMobil, in case with Mass. Implications. In a closely watched lawsuit that could have implications for a similar case in Massachusetts, a New York judge on Tuesday rejected allegations by state prosecutors that ExxonMobil Corp. misled its investors about the costs of climate change.  The lawsuit, considered a bellwether for a number of similar lawsuits filed around the country, had sought more than $1.5 billion in restitution for the oil giant’s shareholders.
  • Williams Seeking to Connect Permian, Haynesville Gas Supply to Gulf Coast Demand. As natural gas demand increasingly shifts to the Gulf Coast for liquefied natural gas (LNG) exports, Tulsa-based pipeline giant Williams will seek to connect more Lower 48 gas supply to its Transcontinental Gas Pipeline Company LLC (Transco) trunkline over the coming years, executives said Thursday at the company’s analyst day in New York.
  • Chevron, Facing Fossil Fuels Glut, Takes $10 Billion Charge. Chevron Corp. is writing down the value of its assets by more than $10 billion, a concession that in an age of abundant oil and gas some of its holdings won’t be profitable anytime soon.  In the largest write-down by an energy producer in years, Chevron said Tuesday that it was cutting the value of a number of properties, notably its U.S. shale holdings in Appalachia, by a combined $10 billion to $11 billion. Chevron is also restructuring its operations to focus on fewer prospects in the face of persistently low natural gas prices, and will explore sales of some assets.
  • Chevron Leases Land Under Mon River for $4K/Acre, 20% Royalties. This post catches you up on both some old and some new news. In February of this year Chevron signed a lease with the Pennsylvania Dept. of Conservation and Natural Resources (DCNR) to lease 1,028.4 acres of land *under* the Monongahela River in Greene and Fayette counties (southwestern corner of the state). That’s the old news. The new news is that Chevron has just added another 235.6 acres to the original lease for a grand total of 1,264.3 acres. Chevron is paying DCNR just over $5 million in lease signing bonuses for the entire deal.
  • Slowdown in Texas Permian Will Benefit Marcellus/Utica. Yesterday was the final day of the Hart Energy Marcellus-Utica Midstream Conference being held in Pittsburgh. While the first day’s sessions had “a somewhat downbeat tone”, the second day’s sessions were more optimistic–especially with respect to our region’s prospects to ship natural gas and NGLs to other regions.
  • Antero Puts $1B M-U Assets for Sale; Shaves $350M from Midstream. Antero Resources is working hard to get the company on sound financial footing. That’s the message we took away from an announcement on Monday from the company that says (a) they’ve asked for and received a break in midstream (pipeline) prices from their own subsidiary, Antero Midstream, and (b) they’re putting some of their considerable Marcellus/Utica assets up for sale, hoping to raise upward of $1 billion.

The Shale Gas News sponsored by Linde Corporation

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1 thought on “Shale Gas News – December 14, 2019

  1. Let’s talk about plummeting stock prices for Cabot and other gas companies
    and the gas glut and low gas prices.

    Profits must be very low for all of them.

    Cabot needs to consider ending any drilling and fracking till prices go much higher.

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