From Texas-based Cabot Oil and Gas Corp., a major player in Pennsylvania's Marcellus Shale, today:
HOUSTON, April 24, 2015 /PRNewswire/ -- Cabot Oil & Gas Corporation (NYSE: COG) today reported its financial and operating results for the first quarter of 2015. Highlights for the quarter when compared to the first quarter of 2014 include:
First Quarter 2015 Financial Results
Equivalent production in the first quarter of 2015 was 171.4 Bcfe, consisting of 161.8 billion cubic feet (Bcf) of natural gas and 1.6 Mmbbls of liquids. These figures represent increases of 43 percent, 40 percent, and 132 percent, respectively, compared to the first quarter of 2014. "Cabot delivered an impressive operational performance in the first quarter, highlighted by the 15 percent sequential growth in daily production volumes over the fourth quarter of last year," commented Dan O. Dinges, Chairman, President, and Chief Executive Officer. "Our robust production levels were predicated on higher base-load volumes in the Marcellus during the quarter driven by increased seasonal demand and favorable natural gas sales contracts for the winter heating season; however, as we have communicated in the past, our plan is to reduce production levels beginning in the second quarter in response to the current environment throughout Appalachia."To read more or comment...
From the U.S. Energy Information Administration today:
The top 100 oil fields in the United States accounted for 20.6 billion barrels of crude oil and lease condensate proved reserves, or 56% of the U.S. total in 2013. The top 100 natural gas fields accounted for 239.7 trillion cubic feet of natural gas proved reserves, 68% of the U.S. total. Proved reserves are defined as estimated quantities of oil and natural gas that analysis of geologic and engineering data demonstrates with reasonable certainty are recoverable under existing economic and operating conditions.To read more or comment...
From the U,S. Geological Survey today:
Significant strides in science have been made to better understand potential ground shaking from induced earthquakes, which are earthquakes triggered by man-made practices.
Earthquake activity has sharply increased since 2009 in the central and eastern United States. The increase has been linked to industrial operations that dispose of wastewater by injecting it into deep wells.
The U. S. Geological Survey (USGS) released a report today that outlines a preliminary set of models to forecast how hazardous ground shaking could be in the areas where sharp increases in seismicity have been recorded. The models ultimately aim to calculate how often earthquakes are expected to occur in the next year and how hard the ground will likely shake as a result. This report looked at the central and eastern United States; future research will incorporate data from the western states as well.To read more or comment...
From the Associated Press:
The Oklahoma Geological Survey said Tuesday it is “very likely” that most of the state’s recent earthquakes were triggered by the subsurface injection of wastewater from oil and natural gas drilling operations.
Geologists have been studying the cause of hundreds of earthquakes that have shaken the homes and the nerves of residents in central and north-central Oklahoma, where the pace of oil and gas drilling has accelerated in recent years.
A statement released by state geologist Richard D. Andrews and Dr. Austen Holland, state seismologist, said the rate of earthquakes and geographical trends around major oil and gas drilling operations that produce large amounts of wastewater indicate the earthquakes “are very unlikely to represent a naturally occurring process.”To read more or comment...
BlackRock Inc, one of the world's largest asset managers, agreed to pay $12 million to resolve civil charges that one of its units failed to disclose a conflict of interest created by one of its top portfolio managers.
That former manager is the key figure behind Pennsylvania-based Rice Energy, an active player in Ohio's Utica Shale.
Clicl here to read more from the Pittsburgh Post-Gazette.To read more or comment...
Pittsburgh-based EQT Corp. reported today that the low prices for natural gas offset its 37 percent increase in sales volume from a year ago.
Click here to read more from the Pittsburgh Post-Gazette.To read more or comment...
From the Associated Press on WEednesday:
Two subsidiaries of Exxon Mobil must pay almost $5 million in penalties for state and federal violations involving the 2013 Mayflower oil spill in central Arkansas, according to a consent decree filed in federal court Wednesday.
The decree brokered between the U.S. Department of Justice, the Arkansas attorney general’s office and the subsidiaries — Exxon Mobil Pipeline Company and Mobil Pipe Line Company — will not become final until after 30 days of public comment.
Assistant Attorney General John Cruden said the company did not admit liability as part of the agreement.To read more or comment...
From the Associated Press:
DENVER — Oil and gas driller Noble Energy has agreed to a settlement over alleged air-pollution violations north of Denver, a deal federal officials say could cost the company up to $73.5 million.
The proposed deal, filed in federal court Wednesday, comes after regulators found the Houston-based company’s oil storage tanks were emitting thousands of tons of volatile organic chemicals a year because of undersized vapor control systems, contributing to the region’s ozone pollution problem.
Noble, a major oil and gas producer in Colorado, has agreed to evaluate, make upgrades and perform inspections of its 3,400 clusters — or batteries — of tanks in the Denver-Julesburg Basin, which stretches from Denver to the Wyoming border. The Justice Department estimated that work, which is already underway, would cost $60 million. Noble said it doesn’t have a figure but doesn’t expect it to be material for its operations in the basin.To read more or comment...
The state of Ohio announced that Belmont County is where a "world-scale" petrochemical complex will be built to take advantage of the Utica and Marcellus shale. Here's the press release:
COLUMBUS — Today Governor John R. Kasich announced that PTT Global Chemical(PTTGC), Thailand's largest integrated petrochemical and refining company, and its project partner, Marubeni Corporation, a Japan-based company, have selected a site in Belmont County, Ohio for the possible construction of a world-scale petrochemical complex, also known in the industry as an ethane cracker. With a site now selected, PTTGC and Marubeni will take the next 12-to-16 months to complete the detailed engineering design and permitting at the Ohio site.
For nearly two years, PTTGC and Marubeni have considered project sites across the Utica and Marcellus shale region. JobsOhio, the private, non-profit corporation designed to drive job creation and capital investment in Ohio, has worked with the companies throughout this time and led the effort to move this project forward in Ohio.
"Ohio is at the center of America's new energy industry, and the smart companies want to come here to be part of the great things that are happening. We are one step closer to landing a new, multi-billion dollar investment in eastern Ohio, and that's exciting news for our state, the region and Belmont County," said Kasich. "There is more work ahead before final decisions on this project are made, but I know our Ohio team will do everything we can to bring it fruition. We are excited about the possibility of working with companies of the caliber of PTTGC Global and Marubeni. A project of this size can help lift the region forever."To read more or comment...
From Ohio's Appalachian Partnership for Economic Growth today:
Jacoby to Manage APEG’s
Shale-related Economic Development
Mike Jacoby recently joined the Appalachian Partnership for Economic Growth to direct economic development related to Ohio’s shale play. The new position was funded by JobsOhio in recognition of the current and future opportunities for attracting new industries and jobs related to the state’s Marcellus and Utica shale resources.To read more or comment...
Chesapeake Energy Corp,the Oklahoma-based firm is the No. 1 driller in Ohio.
Rig Count Interactive Map by Baker Hughes, an energy services company.
Shale Sheet Fracking, a Youngstown Vindicator blog.
The Ohio Environmental Council, a statewide eco-group based in Columbus.
Earthjustice, a national eco-group.
People's Oil and Gas Collaborative-Ohio, a grass-roots group in Northeast Ohio.
Concerned Citizens of Medina County, a grass-roots group.
No Frack Ohio, a Columbus-based grass-roots group.
Fracking: Gas Drilling's Environmental Threat by ProPublica, an online journalism site.
Pipeline, blog from Pittsburgh Post-Gazette on Marcellus shale drilling.
Allegheny Front, environmental public radio for Western Pennsylvania.