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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 r...
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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 p...
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