BusinessCreator, Inc.

NewsLetters

Expo/Industry events for the next few months

Utica Midstream
June 7, 2017
Walsh University
North Canton, OH
http://www.uticasummit.com/  

Appalachian Storage Hub Conference
June 15, 2017
Hilton Garden Inn
Southpointe, PA
http://www.appastorage.com/ 

DUG East
June 20-22
David L. Lawrence Convention Center
Pittsburgh, PA
http://www.dugeast.com/  

For other events visit http://www.shaledirectories.com/site/oil-and-gas-expo-information.html

Latest facts and a rumor from the Marcellus, Utica, Permian, Eagle Ford, Bakken and Niobrara Shale Plays 

It’s Booming in Belmont County, OH.  I attended the Ohio Valley Oil & Gas Expo.  Congrats to MPR Supply Solutions and Belmont County Commissioners on another great event.  There was considerable positive “buzz” throughout the event.  A number of people told me some companies could not come because they were too busy.  What a nice problem.

It was like old times there.  The hotels are full with frac crews coming and going throughout the day and night.

Derek Rice was one of the speakers and provided some stats on Rice’s CAPEX in 2017.  Here are some of Rice’s highlights:

  • Rice is going to spend about $1 billion this year in the Marcellus and Utica with $450 million targeted to the Utica.
  • Rice will also be spending $150 million on its midstream business.
  • It has 2 rigs in PA and 2 rigs in OH.

No industry event is complete without some rumors. 

  • Alta Resources, which bought Anadarko’s leases in the Marcellus, is getting active in the north central PA area.  Alta is talking about 3 or 4 rigs in the area by the end of 2017.  (RUMOR)
  • PGE may have one of its rigs drilling again. (RUMOR)
  • The Nexus pipeline will start in August. (RUMOR)
  • A Chinese chemical company is interested in the Braskem site in WV. (RUMOR)
  • ExxonMobil has a petrochemical team looking at the Appalachian Basin.  A different individual told me that ExxonMobil is having problems acquiring land in Texas regardless of the cost.  It is committed to spending the money to make sure that it totally maximizes the business opportunities in petrochemicals.  (RUMOR)

PA’s Marcellus NatGas Phenomenon.  The great Pennsylvania natural gas rush is perhaps the most unpredicted significant energy development in the past 100 years. It's built on the Marcellus shale play, our largest gas field and now producing over 19.3 Bcf/d, compared to just 1.6 Bcf/d in 2008.

Built on coal, Pennsylvania has increasingly become a natural gas state. I've already stated how more gas has helped reduced CO2 emissions in the state by 30% so the positives go far beyond just the obvious economics of more jobs: the benefits of more gas are environmentally beneficial.

Data source: EIA

Pennsylvania is now easily our second most important natural gas state.

In 2016, natural gas supplied almost 33% of Pennsylvania's electricity, a powerful leap from just 8% in 2007. Looking forward, there's a $20 billion investment in new gas plants in Pennsylvania, and not to mention a goal across the state "to seek ways of boosting natural gas service in rural communities." 

Data source: EIA

Amid falling prices, Pennsylvania's gas power capacity has surged.

Let's be clear, without Pennsylvania's gas, pretty much the entire eastern half of the U.S. wouldn't have been able to have their own "dash to gas" that has helped the development of intermittent renewable energy like wind and solar and lowered CO2 emissions. We know this because only the U.S. power system has been lowering its CO2 emissions. Gas is now 34% of U.S. electricity, versus 20% or so a decade ago.

You have tens of U.S. states rapidly increasing their reliance on natural gas, without producing much gas on their own - all because they know that states like Pennsylvania and Texas can supply them. The massive Marcellus has changed the directional flow of the entire U.S. gas transmission system...now running more east to west and north to south.

Yet, despite increasing its own use (albeit not as significantly as the state could justify), Pennsylvania has still managed to become a major exporter of natural gas, being the driving force behind the rise of gas in the U.S. power sector.

This is especially vital for neighbor and anti-fracking New York (my must read article. New York uses natural gas to generate nearly 60% of its electricity, yet somehow justifies opposing development of its own significant Marcellus gas reserves, all the while blocking the much-needed infrastructure needed to transport Marcellus and Utica natural gas. Just think of the predicament the nation would be in if Pennsylvania took the same position as New York.

Permian Wells Up 58% in 2017.  The number of wells drilled in the Permian Basin are expected to grow over 58% from 2016 to 2017, increasing to 4,255 wells, according to a new study by industry research firm The Freedonia Group.

Footage drilled in the Permian is forecast to increase to 65 million feet in 2017, with average well total depths at roughly 15,300 feet, Kallanish Energy understands.

“In early 2017, the Permian Basin was the most economically viable play in the U.S., garnering tens of billions of dollars of investments and holding the majority of active drilling rigs in Texas, despite the persistence of low oil prices,” according to Cleveland, Ohio-based Freedonia, in the study Texas Oil & Gas Drilling Outlook.

"An average of 258 drilling rigs are expected to be active in the Permian Basin in 2017, up from 166 in 2016.  Rig efficiency is expected to continue to increase in 2017 and 2018, as technological advances continue (though at a slower pace than over the past few years)," said Freedonia analyst Dan Debelius.

While average lateral length for horizontal wells is expected to increase, the number of vertical wells drilled in the region will increase as well, offsetting the effect of rising lateral length on the overall average total depth, Freedonia projects.

The advantages of the Permian over other areas of the U.S. are expected to continue to contribute to above average prospects for growth in drilling activity over the next year, according to Freedonia.

The number of wells drilled in the Permian Basin is expected to grow over 58% from 2016 to 2017, increasing to 4,255 wells, according to a new study by industry research firm The Freedonia Group.

Costs Rising in the Oil Patch.  Onshore operators in the Lower 48 States are beginning to experience inflation following a large dose of first-quarter development activity, according to consultancy Wood Mackenzie, Kallanish Energy finds.

A new Wood Mackenzie report said 2017 is a turning point for onshore oilfield services for three reasons:

  • Growing confidence around oil prices following production-cut targets by the Organization of Petroleum Exporting Countries and some non-OPEC producers;
  • Increased operator budgets for the Lower 48 players;
  • Deep-price concessions by offshore service companies resulted in negative operating margins for several quarters.

Wood Mackenzie forecasts 15% inflation in 2017, depending on the basin.

“The recovery in oil prices and capital spending increases signal the beginning of an upward trend in activity,” said Jackson Sandeen, Wood Mackenzie senior research analyst for the Lower 48 Upstream, Oil & Gas Journal (OGJ) reported. “The speed of increase in 2017 is squeezing the service sector, supporting our view on cost inflation.”

Sandeen said service companies will regain pricing power in 2017, but he doesn’t expect the service sector will return to 2014 pricing levels this year. The days of rock-bottom breakeven oil prices could be history for exploration and production companies, he said.

“All E&Ps voice the best intentions to keep a laser eye on costs,” Sandeen said, according to OGJ. “But continued productivity and drilling efficiency gains over 2016 will be difficult to achieve as operators pivot to a more-aggressive development mode.”

On average, U.S.-focused independents have increased capital budgets 60% year-over-year. With operators promising more production growth, Wood Mackenzie forecasts a continued tightening on equipment, time, and labor, which will drive up utilization rates.

Operators in the most active plays such as the Delaware, Midland, Denver-Julesburg basins and the Bakken play will face the most severe price increases, according to Wood Mackenzie.

Old Chesapeake Company Becomes Part of Patterson-UTI.  Patterson-UTI completed its $1.76 billion all-stock purchase of Seventy Seven Energy, Kallanish Energy reports.

Patterson-UTI, a major onshore rig contractor, acquired all of Seventy Seven’s outstanding stock in exchange for 47.5 million shares of Patterson-UTI common stock and the assumption of Seventy Seven’s $472 million in debt ($403 million of net cash from Seventy Seven).

Stockholders of Oklahoma-based Seventy Seven will get 1.7851 shares of the new stock for each share of Seventy Seven stock reissued since the company emerged from bankruptcy protection.

Patterson-UTI has also worked with its lenders to boost the company’s revolving credit facility.

“For Patterson-UTI, this is the most significant transaction since the merger of Patterson and UTI, and further solidifies our position as a leading high-spec drilling company and gives us one of the largest and most modern pressure pumping fleets in the industry,” said Mark Siegel, chairman of Patterson-UTI in a statement.

With the purchase, the company has 201 drilling rigs and more than 1.5 million hydraulic fracturing horsepower.

Added Patterson-UTI CEO Andy Hendricks: “This merger combines two complementary companies and further enhances our position as a leader in both drilling and pressure pumping.”

“With this merger, we bring together two strategically aligned companies into a financially well-positioned leader in U.S. land,” said Jerry Winchester, former CEO of Seventy Seven, in that statement.

Seventy Seven spun off from Chesapeake Energy in 2014. It filed for bankruptcy protection last May and shed $1.1 billion in debt in its reorganization.

Gov. Cuomo Screws the Middle Class to Serve the Elitist.  Gov. Cuomo regularly admits his state uses and needs natural gas, but almost always chooses to placate the radical anti-fossil fuel activists who provide much of his campaign funding over the interests of the public.  This decision-making has had major negative impacts on his constituents, and will continue to do so into the future.

A new report issued by the U.S. Chamber of Commerce's Institute For 21st Century Energy quantifies those impacts not just for New York, but for the Northeastern state region, including Pennsylvania, New Jersey, Ohio, West Virginia and the New England States.  The numbers are compelling.

Without the building of new pipeline projects, the report indicates that costs to New York alone by 2020 would amount to a 17,400 lost jobs, $971 billion in lost labor income, and $1.6 billion in lost economic benefit.  For the region, those numbers are overwhelming:  78,000 lost jobs, $4.4 billion in lost labor income, and $7.6 billion in lost gross domestic product.

The report also quantifies the costs northeasterners already bear due in large part to the existing shortage of pipeline capacity.  Region's residents pay 44% more than the national average for electricity, 29% more for their residential natural gas supply, and regional manufacturers pay a whopping 62% more for their electricity supply than the national average.

As we have seen from the dramatic shift in direction brought by the new Trump Administration, elections really do matter when it comes to energy policy.  New Yorkers will have a gubernatorial election in 2018, and Gov. Cuomo has already announced his intention to seek a third term.

It will be interesting to see if New Yorkers exercise their ability to effect a major change in energy policy direction with their votes, or choose to simply endure another four years of lost jobs, lost GDP and even higher energy costs.  Elections matter, but it's up to the voters to determine how.

Permian Production Increasing.  Crude oil production in the Permian Basin is expected to increase to roughly 2.4 million barrels per day (MMBPD) in May, the Energy Information Administration reports.

Between January 2016 and March 2017, oil production in the Permian Basin increased in all but three months of the 15 months – despite domestic crude oil prices falling.

“As production in other regions fell throughout most of 2015 and 2016, the Permian provided a growing share of U.S. crude oil production,” according to EIA.

With rising oil prices over the past year, the Permian continues to be attractive to drillers, as reflected in rising rig counts. As of April 21, the number of rigs in the Permian Basin reached 340, or 40% of the 857 total oil- and natural gas-directed rigs operating in the U.S.

The Permian rig count reached as high as 568 in late 2014, before falling to a low of 134 in the spring of 2016, Kallanish Energy reports.

The Permian covers more than 75,000 square miles in 43 counties of West Texas/southeast New Mexico.

However, more than half of the rigs that have been added in the Permian are concentrated in just five counties: Reeves, Loving, Midland, and Martin counties in Texas, and Lea County in New Mexico.

Oil production from these five counties averaged 882,000 BPD as of November 2016, and accounted for roughly 42% of total Permian Basin oil production (2.1 MMBPD) in that month.

As more rigs continue to be moved to these counties, production from these areas is expected to continue to increase, which will drive the increases in total Permian production,” EIA projects.

Crude oil production in the Permian Basin is expected to increase to roughly 2.4 million barrels per day (MMBPD) in May, the Energy Information Administration reports.

Crude Inventories Down.  U.S. commercial crude oil inventories (excluding supply in the Strategic Petroleum Reserve) dropped 3.6 million barrels (MMBbl) for the week ended April 21, compared to the previous week’s total, according to the Energy Information Administration’s Weekly Petroleum Status Report.

At 528.7 MMBbl, crude inventories are near the upper limit of the average range for late April, Kallanish Energy learns. Last week’s drop marked the third consecutive decline after stockpiles increased in 12 of 2017’s first 13 weeks.

The American Petroleum Institute said its own estimates showed U.S. crude inventories rose 900,000 Bbl, and gasoline supplies climbed 4.4 MMBbl.

EIA said total motor gasoline inventories gained 3.4 MMBbl last week and are near the upper limit of the average range. Both finished gasoline inventories and blending components inventories increased.

Propane-propylene inventories were unchanged for the week and are in the lower half of the average range. Total commercial petroleum inventories gained 6.6 MMBbl.

Crude refinery inputs during the week ended April 21 averaged 17.3 million barrels per day (MMBPD), up 347,000 BPD from the previous week’s average. Refineries operated at 94.1% of their operable capacity.

Both gasoline production and distillate fuel production fell last week to average 9.7 MMBPD and 5.1 MMBPD, respectively.

U.S. crude imports averaged 8.9 MMBPD, up 1.1 MMBPD from the previous week. Over the last four weeks, crude imports averaged 8.1 MMBPD, up 4.9% from the same four-week period in 2016.

Hess to Increase Drilling in Bakken.  New York-based Hess Corp. reported a first-quarter 2017 loss of $324 million, compared to a net loss of $509 million in Q1 2016, Kallanish Energy reports.

The Q1 results improved due to higher realized crude oil selling prices and lower operating costs, and exploration expenses that more than offset the change in deferred income taxes and lower production volumes, the company said.

“Production momentum returns to our portfolio starting in the second half of 2017,” said CEO John Hess.

The exploration and production net loss in Q1 was $233 million, compared to a net loss of $453 million in the year-earlier quarter.

Net production from the Bakken Shale in North Dakota and Montana averaged 99,000 barrels of oil-equivalent per day (BOE/d). That exceeded the company’s guidance and occurred despite severe winter weather.

Hess operated an average of two rigs in Q1, drilling 11 wells and bringing eight new wells online.  A third rig was added in March and a fourth rig in April. It plans to add two additional rigs in fourth quarter 2017.

Hess reported that Q1 E&P capital and exploratory expenditures totaled $393 million, a 28% drop from $543 million in one year ago. That is due largely to the company’s reduced operations due to low commodity prices.

Range 1st Qtr. Update.  Texas-based Range Resources reported a 40% jump in first-quarter 2017 production, Kallanish Energy reports.

The independent producer's production went to 1.93 billion cubic feet-equivalent per day (Bcfe/d) from Q1 2016, said the company, a major driller in Pennsylvania’s Marcellus Shale play. The latest quarterly production total is a record high, it said.

The quarterly production total included 1.29 billion cubic feet per day (Bcf/d) of natural gas ($3.26 per thousand cubic feet), 94,853 barrels per day (BPD) of natural gas liquids ($14.49 per barrel) and 11,837 BPD of oil/condensate ($49.50/Bbl).

First-quarter profit reached $170 million, compared to a Q1 2016 loss of $94 million. First-quarter cash margins improved to $1.47 per thousand cubic feet-equivalent, compared to 77 per mcfe in the prior-year quarter, an improvement of 91%, Range said.

Cash flow from operations before changes in working capital reached $258 million, compared to $99 million in the year-ago quarter.

“The first quarter of 2017 was an excellent quarter for Range,” said CEO Jeff Ventura, in a statement.

The company said it was pleased with the initial results from four super-rich wells in northwest Washington County, Pa. Four wells were drilled but only two were brought online. Each well is averaging 31.4 billion cubic feet-equivalent per day (Bcfe/d) to sales. The laterals are 10,772 feet in length.

The two additional wells will begin service later when the first wells begin to decline, the company said.

The company spent $228 million in Q1 to spud 54 (53 net) wells. The company plans to spend $1.15 billion in 2017 on its capital budget.

It drilled 22 wells in southwest Pennsylvania in Q1 2016 and plans to bring 94 additional wells to sales this year. It also spud 27 wells in northern Louisiana and intends to bring 29 more to sales in 2017.

Range said its Q2 production may be flat because of downtime at its Houston processing plant in southwest Pennsylvania. The original plant is being replaced with a new facility.

Rex 1st Qtr. Update.  Pennsylvania-based Rex Energy reported first-quarter 2017 production totaled 173.4 million cubic feet-equivalent per day (MMcfe/d), Kallanish Energy reports.

That is a drop of 8.5% from first-quarter 2016, when production was 189.6 MMcfe/d, the company said.

That Q1 production was 110.1 MMcf/d of natural gas, 9,700 barrels per day (BPD) of natural gas liquids, and 800 BPD of condensate.

Together the condensate and NGLs (including ethane) accounted for 36% of quarterly production.

The company said realized natural gas prices, before hedging, improved 42%, compared to the fourth quarter 2016.

The improvement was driven by improved differentials in Northeast markets and a full quarter of transport to the Gulf of Mexico, the company said.

It realized ethane and NGL pricing for the first quarter that was 59% of West Texas Intermediate prices before hedging, Rex said. The company said it is expecting continued improvement in 2017 on prices paid for ethane and NGLs.

The Q1 results are “the first step” in achieving the company’s two-year plan for 2017 and 2018, said president and CEO Tom Stabley, in a statement.

The company said it expects production growth with the addition of 14 wells in the Moraine East area in western Pennsylvania.

Rex Energy reported that it has completed the four-well Mackrell pad. The average lateral length is 7,600 feet. The wells will be placed into sales in the second half of 2017.

The company is set to complete the six-well Shields pad in the near future with those wells beginning sales in third quarter 2017. The four-well Baird pad will begin sales in second quarter 2017.

Rex Energy said it had also completed the first four wells on the Wilson pad near Butler, Pa. The average laterals are 9,300 feet. The wells will go into service in Q3.

The company has wells in the Marcellus and Utica shales in Pennsylvania and Ohio.

Halliburton 1st Qtr. Update. A 24% revenue increase in North American revenue helped the world’s second-largest oilfield services firm sharply chop its first-quarter loss from a year ago, Kallanish Energy calculates.

For the three months ended March 31, Halliburton reported its net loss was just 32 million, compared to a 2.41 billion loss in the year-ago period.

First-quarter 2016 included a $2.77 billion impairment charge, and $538 million in Baker Hughes merger-related charges.

Revenue for the quarter year-over-year rose to 4.28 billion, from $4.20 billion. Included in the total revenue number was the 24.3% jump in North American revenue, to $2.23 billion, from $1.79 billion one year ago.

“Our total company revenue was $4.3 billion, a 6% improvement sequentially, while operating income was $203 million for the quarter,” said Dave Lesar, CEO of Houston-based Halliburton. “North America activity increased rapidly during the first quarter, which was highlighted by our U.S. land revenue growth of nearly 30%, outperforming the sequential average U.S. land rig count growth of 27%.”

Lesar added first-quarter revenue in North America increased 24% sequentially, “significantly outperforming our largest peer.” The increase was primarily driven by increased activity in Halliburton’s pressure pumping and well construction product service lines.

Poland Getting First LNG Ship form U.S.  Poland’s state-owned energy company, PNGiG, said Thursday it will receive its first delivery of U.S. liquefied natural gas (LNG). in mid-June, at the Baltic Sea’s Świnoujście terminal, Kallanish Energy reports.

The spot cargo, for which volume and price weren’t disclosed, will be supplied by Cheniere Energy – the pioneer in the U.S.’s LNG exports.

“Delivering this cargo from Cheniere to Poland demonstrates the continued demand for U.S. LNG and for Cheniere’s full-service model that includes the delivery of LNG directly to customers,” said Jack Fusco, Cheniere’s CEO.

His Polish counterpart, Piotr Woźniak, described the purchase as a “historic moment,” enabling the company to diversify gas deliveries to Poland, moving away from Russian supplies.

“We will build a safe and competitive gas market for the Polish economy,” he said. “A future delivery from the U.S. proves that Poland can become a gateway to Central and Eastern Europe for American LNG.”

In June 2016, Poland imported its first LNG cargo at the terminal from Norway. PGNiG recently opened a trading office in London, which has overseen the transaction with Cheniere.

Cabot 1st Qtr.  Update.  Cabot Oil & Gas Corporation (COG) ("Cabot" or the "Company") today reported financial and operating results for the first quarter of 2017.  

-- Equivalent daily production growth of seven percent relative to the prior-year comparable quarter
-- Net income of $105.7 million compared to a net loss of $51.2 million in the prior-year comparable quarter
-- Cash flow from operating activities of $269.4 million, an increase of 301 percent relative to the prior-year comparable quarter
-- EBITDAX of $306.3 million, an increase of 202 percent relative to the prior-year comparable quarter
-- Generated positive free cash flow (cash flow from operating activities less capital expenditures) for the fourth consecutive quarter
-- Natural gas price realizations improved by 77 percent relative to the prior-year comparable quarter
-- Operating expenses per unit improved by 11 percent relative to the prior-year comparable quarter
-- Increased full-year 2017 production growth guidance range from 5 - 10 percent to 8 - 12 percent

"Our significant increase in net income and cash flow for the quarter highlights the impact of higher realized natural gas prices due to the recent tightening of the U.S. natural gas market," said Dan O. Dinges, Chairman, President and Chief Executive Officer. "Based on our improved outlook for natural gas price realizations throughout the year, we have increased our production guidance range to reflect our confidence in delivering a higher level of returns-focused growth in 2017."

First Quarter 2017 Financial Results

Equivalent production for the first quarter of 2017 was 170.1 billion cubic feet equivalent (Bcfe), consisting of 163.8 billion cubic feet (Bcf) of natural gas, 921.0 thousand barrels (Mbbls) of crude oil and condensate, and 123.5 Mbbls of natural gas liquids (NGLs). Equivalent daily production was in line with the high-end of the Company's guidance range for the quarter.

Net income for the first quarter of 2017 was $105.7 million, or $0.23 per share, compared to a net loss of $51.2 million, or $0.12 per share, for the first quarter of 2016. Excluding the effect of selected items (detailed in the table below), net income was $89.1 million, or $0.19 per share, compared to a net loss of $55.4 million, or $0.13 per share, for the first quarter of 2016. Cash flow from operating activities for the first quarter of 2017 was $269.4 million, compared to $67.1 million for the first quarter of 2016. Discretionary cash flow for the first quarter of 2017 was $273.0 million, compared to $71.2 million for the first quarter of 2016. EBITDAX for the first quarter of 2017 was $306.3 million, compared to $101.4 million for the first quarter of 2016. See the supplemental tables at the end of this press release for a reconciliation of non-GAAP measures including discretionary cash flow, net income (loss) excluding selected items, EBITDAX and net debt to adjusted capitalization ratio.

Natural gas price realizations, including the impact of derivatives, were $2.64 per thousand cubic feet (Mcf) for the first quarter of 2017, a 77 percent improvement compared to first quarter of 2016 and a 36 percent sequential improvement compared to the fourth quarter of 2016. Excluding the impact of derivatives, natural gas price realizations for the quarter were $2.65 per Mcf, representing a $0.67 discount to NYMEX settlement prices. Oil price realizations, including the impact of derivatives, were $46.73 per barrel (Bbl), an increase of 69 percent compared to the first quarter of 2016. NGL price realizations were $20.71 per Bbl, an increase of 187 percent compared to the first quarter of 2016.

Operating expenses (including financing) decreased to $2.01 per thousand cubic feet equivalent (Mcfe) in the first quarter of 2017, an 11 percent improvement compared to $2.26 per Mcfe in the first quarter of 2016. Cash operating expenses (excluding depreciation, depletion and amortization; stock-based compensation; exploratory dry hole cost; and amortization of debt issuance costs) decreased to $1.15 per Mcfe in the first quarter of 2017, a two percent improvement over the first quarter of 2016. All operating expense categories decreased on a per unit basis relative to last year's comparable quarter except for transportation and gathering, which increased primarily as a result of a charge associated with transportation expenses in the Eagle Ford, and taxes other than income, which increased primarily as a result of higher crude oil prices and the receipt of a production tax refund in the first quarter of 2016. The Company has reaffirmed its cost guidance for the full-year.

Cabot incurred a total of $212.2 million of capital expenditures during the first quarter of 2017 including $142.0 million of drilling and facilities capital associated with drilling 21 gross (21.0 net) wells and completing 25 gross (24.0 net) wells; $67.9 million of leasehold acquisition capital associated with grassroots leasing efforts, primarily in new exploratory operating areas; and $2.4 million of other capital. Additionally, the Company contributed $7.7 million to its equity pipeline investments in the Atlantic Sunrise and Constitution projects during the first quarter of 2017. "Recently, we have highlighted our plans to evaluate new platforms for future growth that generate competitive full-cycle returns," stated Dinges. "While this is not an easy task, we have identified two new exploratory areas where we have the potential to build sizable, contiguous acreage positions at a low cost of entry that have garnered investment capital in a similar manner as our Marcellus asset did over ten years ago." Added Dinges, "As we have demonstrated over the years, we will continue to remain disciplined with our capital as we assess these new opportunities."

Stay connected and current on the oil & gas industry.  Receive Facts & Rumors directly to your email.  

Sign up now at http://www.shaledirectories.com/site/newsletter.html.   Be informed, be prepared.

Visit our Blog for daily updates on what’s happening in the oil & gas industry.

http://www.shaledirectories.com/blog/

Rig Count

  • Baker Hughes Rig Count the week of April 28, 2017
     
  • PA     
    • Marcellus 34 unchanged
  • Ohio 
    • Utica 22 unchanged
  • WV 
    • Marcellus 12 unchanged
  • TX
    • Eagle Ford 83 up 5
  • TX & NM
    • Permian Basin – 342 up 2
  • ND
    • Williston – 44 unchanged
  • CO
    • Niobrara – 25 unchanged
       
  • TOTAL U.S. Land Rig Count 849 up 15

PA Permits April 20, to April 27, 2017

       County                Township              E&P Companies

1.    Bradford                Overton                Chief
2.    Washington            Nottingham          Range
3.    Washington            Nottingham          Range
4.    Washington            Nottingham          Range

OH Permits for weeks April 22, 2017

        County                   Township                E&P Companies

1.    Guernsey                Londonderry                Ascent
2.    Guernsey                Londonderry                Ascent
3.    Guernsey                Londonderry                Ascent
4.    Guernsey                Londonderry                Ascent
5.    Guernsey                Londonderry                Ascent
6.    Guernsey                Londonderry                Ascent


Joe Barone jbarone@shaledirectories.com 610.764.1232
Vera Anderson vera@shaledirectories.com 570.337.7149

Torcup