Shale Gas News – November 16, 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 Chesapeake Energy, Cunningham Energy, EQT’s happiness campaign 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 I was at the Midstream PA Conference 2019 in State College and was able to set up several interviews from the conference. I spoke with Tom Shepstone of Natural Gas NOW, Nicholas Brien, Vice President at Dawood Engineering, Inc. and Colette Breshears, Product Manager at Genscape.

Shale Gas News

The Shale Gas News, typically, is broadcast live. On the November 16th show (click above), we covered the following new territory (see news excerpts below):

  • Moxie Energy CEO Aaron Samson Dies in Accident, Age 59. This one really hurts. A true titan in our industry and all-around superb individual, Aaron T. Samson, died on Oct. 20 at age 59 following a freak accident. Samson was CEO of Moxie Energy, a company we’ve written plenty about over the years (see our Moxie stories here). Moxie has built a number of Marcellus-fired power plants in Pennsylvania. Aaron was personally, using his own hands, building a house for a close friend (at no cost) in Michigan when he fell, injuring himself
  • Chesapeake Energy 3Q – Slash Drilling 30%, Bankruptcy Possible. Chesapeake Energy, still with a sizable amount of acreage and shale wells in the Pennsylvania Marcellus, issued its third quarter update yesterday. Which happened to set off the chattering class buzzing about the possibility the company is close to declaring bankruptcy. This isn’t the first time “experts” have declared Chessy is close to bankruptcy.
  • Cunningham’s WV Lions Paw Pad Roars, Produces 100K Bbl of Oil. The Big Injun is back in the news. In 2015 Cunningham Energy, a small oil driller based in West Virginia, struck oil in the Big Injun sandstone formation in Clay County, WV. In 2017 the company reported producing 20,000 barrels of oil from two new shallow horizontal oil wells located in Clay County, targeting the Big Injun. Cunningham drilled two more wells on the same pad, the Lions Paw pad, and as of this week that 4-well pad has surpassed producing a total of 100,000 barrels of oil and 91 million cubic feet (MMcf) of “wet” natural gas.
  • EQT CEO Toby Rice Says All Aboard the Happiness Campaign. Toby Rice, still relatively new in his role of CEO at EQT, spoke about changing the culture at the nation’s largest natural gas-producing company. At a Southpointe CEO Association event yesterday afternoon in Washington County, Rice said, “These past 100 days, I tell everybody, they’re on the happiness campaign, they just don’t know it.” Our summary of his comments: “All Aboard the Happy Train!”
  • EQT 3Q – $1.5B in Assets for Sale, Including OH Utica, Equitrans. EQT, the largest natural gas producing company in the U.S., issued its third quarter update yesterday–the first such update since Toby Rice took over as CEO of the company in July. There was a LOT of news coming out of yesterday’s update and conference call. Perhaps the biggest news is that EQT plans to whittle down its outstanding debt by $1.5 billion by selling its stake in Equitrans (formerly EQT Midstream), and by selling “noncore” assets outside of its wet gas operating area. That is, EQT is looking to sell its assets in southern West Virginia, Ohio and central Pennsylvania.

The Shale Gas News sponsored by Linde Corporation

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