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Dec 19, 2014

Bricker & Eckler presents: Forecasting Energy Initiatives
 

On January 15, 2015, Bricker & Eckler LLP will host its next Energy Exchange, which will take place from 4 p.m. – 6 p.m. at the firm’s headquarters in Columbus, Ohio. This Energy Exchange event, titled “Forecasting Energy Initiatives,” will feature key presenter, Adam Ward, Assistant Chief at Ohio EPA, Central District Office. Adam will provide an update on Ohio’s response to the Clean Power Plan under section 111 (d) of the Clean Air Act and future implications of the legislation. Additionally, Bricker attorneys Matt Warnock and Thomas Siwo will discuss legislative changes and issues to watch in 2015, including recent energy developments, shale's economic impact on Ohio, important industry fluctuations and notable energy regulations. 

There is no cost to attend Energy Exchange. A cocktail reception and networking session will follow the presentations. For additional information or to register, click here.


 
Posted by . Shale Task Force in  Miscellaneous   |  Permalink

 

Dec 19, 2014

Estimate of recoverable gas in Marcellus shale play rises 50 percent
 

A new federal estimate of the volume of recoverable natural gas in the Marcellus shale play puts the amount at 50 percent more than the previous estimate, reports the Pittsburgh Business Times. The newspaper says the U.S. Energy Information Administration (EIA) recently estimated there are 64.9 trillion cubic feet of "proved reserves" locked up in the Marcellus shale. EIA says proved reserves are “estimated volumes of hydrocarbon resources that analysis of geologic and engineering data demonstrates with reasonable certainty are recoverable under existing economic and operating conditions.” For more, read the full story.
 


 
Posted by M. Warnock in  Ohio  Pennsylvania  West Virginia   |  Permalink

 

Dec 19, 2014

Range Resources reports record gas flow from Utica shale well
 

Range Resources Corp. believes the initial natural gas flow rate for its exploratory Utica shale well in Washington County, Pennsylvania is a record for any shale developer in the Appalachian basin, reports the Pittsburgh Business Times. The newspaper says the Fort Worth, Texas-based company reported its Claysville Sportsman's Club No. 1 well posted a record initial flow rate of 59 million cubic feet of natural gas per day. Range Resources’ officials also said that they believe the test confirms the company's interpretation of the underlying geology of its southwestern Pennsylvania acreage. For more, read the full story.
 


 
Posted by M. Warnock in  Pennsylvania   |  Permalink

 

Dec 18, 2014

FERC signs off on pipeline to move Marcellus gas to New England, New York
 

U.S. energy regulators have approved a $700 million pipeline project designed to bring cheap natural gas from shale wells in Pennsylvania to higher priced markets in New England and New York, reports the Pipeline & Gas Journal. The industry publication says the project's backers, including Williams Partners LP and Cabot Oil & Gas Corp., have reported that the Federal Energy Regulatory Commission (FERC) has signed off on the 124-mile Constitution Pipeline that will run from Pennsylvania's Susquehanna County to the existing Tennessee and Iroquois pipelines in Wright, New York. The project is the first to be approved out of a number of proposals designed to bring Marcellus shale gas to New York and New England. For more, read the full story.
 


 
Posted by M. Warnock in  Pennsylvania   |  Permalink

 

Dec 17, 2014

Natural gas from Pennsylvania will be exported to India
 

The Pittsburgh Business Times reports that a natural gas company in India has signed a long-term agreement to buy gas sourced from shale fields in Pennsylvania. According to the newspaper, the midstream subsidiary of Washington, D.C.-based WGL Holdings Inc. will sell between 3.4 million and 4.3 million cubic feet of natural gas to India's leading natural gas company, Gail Ltd., over the next 20 years. The gas will be transported via pipeline to Dominion's Cove Point export facility on Chesapeake Bay in Maryland where it will be liquefied and shipped overseas. For more, read the full story.

 


 
Posted by M. Warnock in  Pennsylvania   |  Permalink

 

Dec 16, 2014

Drop in oil prices may signal slowdown in global economy
 

The New York Times reports that oil prices have continued to drop with mounting evidence that the frenzy of American oil production would continue well into 2015 even while growth in global demand is declining. The newspaper says the swoon in oil prices led to a steep decline in equities on December 12, as investors feared that declining energy demand meant the global economy was slowing. “People are scared that the drop in oil demand is the first leg down for the global economy that had been led by the growth in the emerging markets,” Nancy T. Schmitt, president of Taum Sauk Investments, told the Times. For more, read the full story.
 


 
Posted by M. Warnock in  United States   |  Permalink

 

Dec 16, 2014

Ohio pipeline project given green light by federal agency
 

Federal regulators have approved a $468.5 million pipeline project that will send natural gas from the Utica shale play in eastern Ohio to the Gulf Coast, reports Columbus Business First. The newspaper says the Federal Energy Regulatory Commission (FERC) recently signed off on the project by Texas Eastern, a subsidiary of Houston-based Spectra Energy Corp. The pipeline, slated for completion by the end of 2015, will stretch from the Kensington gas processing plant in Columbiana County, Ohio, through Carroll, Jefferson and Belmont counties before tying into a Texas Eastern interconnection in Monroe County. For more, read the full story.
 


 
Posted by M. Warnock in  Ohio   |  Permalink

 

Dec 15, 2014

Expert predicts Utica shale play will be productive for 50 years
 

The Akron Beacon Journal reports that an energy analyst is predicting that Ohio’s Utica shale play will produce vast quantities of natural gas and liquids for the next 50 years. “Ohio is going to be very, very busy for a very long time,” Irene Haas of Wunder­lich Securities said at the recent Ohio Oil and Gas Association’s Oilfield Expo 2014 and Safety Congress. The newspaper reports that Haas also said shale drillers in Ohio are starting to move away from the so-called wet gas window and moving eastward toward the Ohio River to tap highly productive gas wells in Belmont and Monroe counties. For more, read the full story.
 


 
Posted by M. Warnock in  Ohio   |  Permalink

 

Dec 15, 2014

Pipeline companies working to move natural gas out of Northeast
 

Spurred by growing natural gas production in Pennsylvania, West Virginia and Ohio, the pipeline industry is planning to modify its systems to allow bi-directional flow that could move up to 8.3 billion cubic feet of gas per day out of the Northeast region, reports the U.S. Energy Information Administration (EIA). For more, read the full EIA report.
 


 
Posted by M. Warnock in  Ohio  Pennsylvania  West Virginia   |  Permalink

 

Dec 12, 2014

‘Cracker’ projects advance as Appalachia becomes petrochemical hot spot
 

The Appalachian region has emerged as a hot spot for potential petrochemical projects, with three companies vying for position in Pennsylvania, West Virginia and Ohio, reports the Youngstown Business Journal.  The newspaper says that progress is being made on the development of: (i) Royal Dutch Shell’s proposed ethane cracker plant in Beaver County, Pennsylvania; (ii) a cracker facility by Brazilian energy companies Odebrecht and Braskem in Wood County, W.Va.; and (iii) a project by Appalachian Resins in Monroe County, Ohio. According to the Business Journal, the companies are drawn to the Appalachian region by the gas resources in the Marcellus and Utica shale plays. For more, read the full story. More articles related to cracker plants can be found here.
 


 
Posted by M. Warnock in  Ohio  Pennsylvania  West Virginia   |  Permalink

 

Dec 12, 2014

Report: U.S. shale oil to remain profitable despite oil price plunge
 

Shale Gas International reports that analysts at Colorado-based IHS Inc. are saying that the vast majority of U.S. shale oil deposits will continue to be profitable despite the drop in oil prices in the world market. According to the shale industry news site, a new IHS report says about 80 percent of potential gross U.S. tight-oil capacity additions in 2015 have a break-even price ranging from $50 to $69 a barrel, and would remain resilient at West Texas Intermediate prices of $70 a barrel. IHS also estimates tight-oil production growth at about 700,000 barrels per day in 2015 at an average price of $77 a barrel. For more, read the full story.
 


 
Posted by M. Warnock in  United States   |  Permalink

 

Dec 11, 2014

Natural gas gaining ground on coal in West Virginia
 

Natural gas is showing signs of supplanting coal as an energy source in West Virginia, reports Farm and Dairy. Citing research from Forbes magazine, the newspaper says production reports show West Virginia’s coal industry has waned since its peak in 2008, while natural gas drilling activity has increased substantially. For more, read the full story. The Forbes report can be found here.
 


 
Posted by M. Warnock in  West Virginia   |  Permalink

 

Dec 11, 2014

Plummeting oil prices hurting conventional wells in Pennsylvania
 

The steep slide in crude oil prices is hurting petroleum producers in Pennsylvania, with Pennsylvania Independent Oil and Gas Producers President Lou D'Amico telling the Oil City Derrick that the price drop is “putting a monkey wrench into the industry's economy.” His comment came after global crude oil prices plummeted at the end of November and the price of PennGrade, the paraffin-rich petroleum produced in shallow wells throughout the four-state Appalachian Basin, was the lowest since May 2010. The newspaper says 2014 has been especially turbulent for producers of Pennsylvania's 11,000 conventional wells, with the price of PennGrade falling from $100 per barrel in July to the recent price of $62.15 a barrel. For more, read the full story.
 


 
Posted by M. Warnock in  Pennsylvania   |  Permalink

 

Dec 10, 2014

Group negotiations on natural gas rights cool in Pennsylvania
 

While owners of oil and gas mineral rights can still gain leverage by negotiating as groups, Bloomberg Businessweek reports that such deals have become less common in Pennsylvania. That is the case, the magazine reports, now that the push to lease big chunks of land has slowed as acreage in key drilling spots is less available and low gas prices have reduced competition among producers. Energy companies reportedly are doing more business with one another, or focusing on soon-to-expire oil and gas leases. For more, read the full story.
 


 
Posted by M. Warnock in  Pennsylvania   |  Permalink

 

Dec 09, 2014

OPEC’s decision on oil output to hurt weakest players in energy business
 

The Dallas Morning News reports that the refusal by the Organization of Petroleum Exporting Countries to curb crude oil output in the face of plummeting prices has set the energy world on a painful course that will leave the weakest behind, from governments to U.S. wildcatters. But the newspaper says that U.S. oil patch executives have vowed to drill on, asserting they can still profit at oil prices well below $70 a barrel. U.S. supply is expected either to remain flat or rise by almost 1 million barrels a day in 2015, according to the International Energy Agency and ITG Investment Research, because only about 4 percent of shale production needs oil prices of $80 or more a barrel to be profitable. For more, read the full story.
 


 
Posted by M. Warnock in  United States   |  Permalink

 

Dec 08, 2014

Energy companies push for more oil and gas infrastructure in Ohio
 

Energy companies have invested $6.6 billion in midstream projects in eastern Ohio, but they continue to push for more development of infrastructure to transport and process record amounts of oil and natural gas from the Utica and Marcellus shale plays, according to Oil and Gas magazine. The magazine reports that a representative of the Ohio Oil and Gas Association told the audience at a recent Stark County Oil and Gas Partnership event that 58 wells in Ohio aren't in production as they wait for pipeline connections. Bricker & Eckler attorney Dylan Borchers also spoke at the event, saying the Ohio Power Siting Board has made it possible to fast-track two of the three main approval processes for oil and gas infrastructure projects. For more, read the full story.


 
Posted by M. Warnock in  Ohio   |  Permalink

 

Dec 08, 2014

Federal agency considers new standards on hydraulic fracturing
 

The U.S. Bureau of Land Management (BLM) is close to imposing a suite of new standards governing hydraulic fracturing on public lands, reports FuelFix.com. Citing a fall 2014 outline of rules drafted by federal agencies, the online energy news service says the proposed BLM standards are aimed at boosting the integrity of wells to ensure oil, gas and other fluids are contained within them, recovered water and other fluids are safely stored, and chemicals used in the fracturing process on public lands are disclosed. FuelFix says those rules, as well as ones on offshore drilling and methane emissions at oil and gas drilling sites, are among a number of changes under consideration by the Obama administration. For more, read the full story.
 


 
Posted by M. Warnock in  United States   |  Permalink

 

Dec 05, 2014

American Energy Minerals Holdings LLC has $500 million to expand reach in shale gas regions
 

Columbus Business First reports that American Energy Minerals Holdings LLC has raised $500 million to acquire mineral and overriding royalty interests throughout the United States. According to the newspaper, the company secured its first closing, spending $350 million to acquire 28,000 mineral acres and 29,000 acres of overriding royalty interests in four shale plays, including the Utica in Ohio. For more, read the full story.


 
Posted by M. Warnock in  Ohio   |  Permalink

 

Dec 05, 2014

Russian company accused of backing fracking protesters
 

Protests against shale gas exploration by Chevron in Romania have prompted officials there to claim that Russian energy giant Gazprom is behind the anti-fracking activists, reports the New York Times. The newspaper says that Romanian officials are claiming Gazprom is trying to prevent countries dependent on Russian natural gas from developing their own alternative supplies of energy. The Times says that sentiment is also shared by officials in Lithuania, where Chevron ran into a wave of unusually fervent protests and decided to pull out. But, Gazprom has denied accusations that it has bankrolled anti-fracking protests. For more, read the full story.
 


 
Posted by M. Warnock in  Miscellaneous   |  Permalink

 

Dec 04, 2014

MarkWest hit with $300,000 penalty for spills in eastern Ohio
 

The Columbus Dispatch reports that the Ohio Environmental Protection Agency has reached a settlement with MarkWest Energy Partners over repeated spills of drilling slurry into wetlands and streams in eastern Ohio. The newspaper says that the Colorado-based oil and natural gas pipeline company will pay more than $300,000 in fines for 19 spills that occurred between September 2012 and November 2013. Of that sum, $200,000 will go to the village of Cadiz, Ohio for upgrades to the Harrison County community’s sewer system; $95,000 to the State of Ohio; and $25,000 to researchers at Ohio State University to find ways to prevent future pipeline spills. For more, read the full story. More articles related to MarkWest can be found here.
 


 
Posted by M. Warnock in  Ohio   |  Permalink

 

Dec 03, 2014

EIA says shale gas wells take the lead for U.S. production
 

Shale gas wells accounted for more natural gas production than any other type of well in 2013, marking the first year that has happened, reports the Pittsburgh Business Times. Citing data from the U.S. Energy Information Administration (EIA), the newspaper says shale wells provided 40 percent of the gas produced in the United States in 2013. Of the shale gas states, Pennsylvania became the second largest producer with 8 billion cubic feet per day last year. EIA also said that natural gas production from the Utica shale play in Ohio is increasing but the volume remains small by comparison to other shale gas areas. For more, read the full story.
 


 
Posted by M. Warnock in  Ohio  Pennsylvania   |  Permalink

 

Dec 03, 2014

Report: New oil and gas technologies attract $7 billion in funding
 

The Akron Beacon Journal reports that a new study by Boston-based Lux Research finds that new technologies to enhance exploration and production of oil and natural gas have attracted $7 billion in funding since 2003. The research firm said waves of innovation have opened up new kinds of energy plays in shale gas, tight oil and heavy oil areas. Lux also noted that there was a surge in megadeals involving oil and gas technologies from 2010 to 2013, with investments in North America’s booming oil and gas market the runaway leader. For more, read the full story.
 


 
Posted by M. Warnock in  United States   |  Permalink

 

Dec 02, 2014

Cheap energy fueled by shale boom reshaping geopolitical landscape
 

A new age of abundant and cheap energy supplies is redrawing the world’s geopolitical landscape, reports Bloomberg News, and it is weakening the legitimacy of some governments while enhancing the power of others, including the United States. The news service says that surging U.S. oil production (driven by the shale boom) has enabled America and its allies to impose tough sanctions on Iran without having to worry much about the loss of oil imports from the Middle Eastern nation. In addition, Bloomberg says that Russia faces what President Vladimir Putin called a potentially “catastrophic” slump in prices for its oil as Russia's economy is battered by U.S. and European sanctions over its role in the Ukraine. For more, read the full story.
 


 
Posted by M. Warnock in  United States   |  Permalink

 

Dec 02, 2014

Pipeline projects will carry Ohio natural gas to much of the nation
 

Pipelines that would take natural gas found in Ohio to seemingly every part of the nation, especially the Gulf Coast region, are showing up on drawing boards with big commitments from drillers to use them, reports Columbus Business First. “Everyone keeps talking about how that's what we need, and now you're starting to see it," Bricker & Eckler energy attorney Matt Warnock told the newspaper. The projects include the $5 billion, 550-mile-long Atlantic Coast Pipeline from West Virginia to the Carolinas, the 330-mile Mountain Valley Pipeline to the mid- and south-Atlantic coast regions, and four pipelines planned by Spectra Energy Corp. to move gas from the Utica and Marcellus shale plays to the Southeast, Northeast, Midwest and Canada. For more, read the full story. More articles related to pipelines can be found here.
 


 
Posted by J. Bell in  Ohio   |  Permalink

 

Dec 01, 2014

Shell: Ethane cracker plant would have minimal impact on water, wildlife
 

Royal Dutch Shell claims the impact on drinking water and wildlife will be minimal if it proceeds with its proposed $2.5 billion ethane cracker plant in western Pennsylvania, reports the State Journal in Charleston, West Virginia. A Shell representative told the newspaper that the company has procedures in place that will not disturb osprey that nest at the 300-acre site in Beaver County, has already moved mussel beds from the Ohio River, and will have a management plan to safeguard the area's eagle population. Shell recently agreed to exercise its option and buy the river-front site from Horsehead Holding Corp. (See our November 19, 2014 blog “Shell exercises option rights to buy site for ethane cracker plant in Pennsylvania.") For more, read the full State Journal story.
 


 
Posted by M. Warnock in  Pennsylvania   |  Permalink

 

Nov 28, 2014

Antero bids $6.2 million to drill below West Virginia wildlife preserve
 

Denver-based Antero Resources has bid $6.2 million plus royalties to drill for natural gas and oil under state wildlife conservation land in Tyler County, West Virginia, reports the Observer-Reporter in Washington, Pennsylvania. Citing comments from West Virginia Commerce Secretary Keith Burdette, the newspaper says Antero’s bid includes a 20-percent royalty on what’s extracted from under Conaway Run Wildlife Management Area. This is the second time in 2014 that West Virginia officials, facing uncertain budget times, have offered to let companies drill horizontally for oil and gas under state land. (See our August 27, 2014 blog “West Virginia seeks bids for shale drilling below Ohio River.”) For more, read the full Observer-Reporter story.
 


 
Posted by M. Warnock in  West Virginia   |  Permalink

 

Nov 28, 2014

Boosted by shale, Philadelphia could rival Houston as energy transportation hub
 

Philadelphia is developing a reputation as a nexus of oil and natural gas transportation, boding well for the city’s economy, reports CNBC. The network says renewed investment and activity in the region's sprawling railway network and aging infrastructure is turning Philadelphia into a potential energy hub that some believe can rival Houston. The city is benefitting from its proximity to the Marcellus shale play and a railroad system that has made it a transit point for oil being shipped from North Dakota's Bakken shale region. For more, read the full story.
 


 
Posted by M. Warnock in  Pennsylvania   |  Permalink

 

Nov 26, 2014

Courts being asked to clarify who has final say on oil and gas activity
 

Voters in more cities are attempting to ban drilling, waste disposal and other practices associated with oil and natural gas wells, but state governments and the oil and gas industry are countering such bans with lawsuits, reports the Columbus Dispatch. At issue, says the newspaper, is the question of who gets to say where hydraulic fracturing and other oil and gas activities take place—state regulators or local governments. In Ohio, the question is currently pending before the Ohio Supreme Court in State of Ohio ex rel. Jack Morrison, Jr. v. Beck Energy Corp. For more, read the full story. More articles related to the Beck Energy case can be found here.
 


 
Posted by M. Warnock in  Ohio  Oil & Gas Litigation   |  Permalink

 

Nov 26, 2014

Private equity firms see opportunities in natural gas
 

CNBC reports that natural gas appears to be private equity's biggest play when it comes to what investors are doing now that will shape the future of energy. Blackstone Energy Partners CEO, David Foley, told the network that the low cost of natural gas compared to crude oil represents a major arbitrage opportunity for private equity firms. For more, read the full story.
 


 
Posted by M. Warnock in  United States   |  Permalink

 

Nov 25, 2014

Company testing waterless fracking technique in Utica shale play
 

Columbus Business First reports a company that uses waterless hydraulic fracturing is seeing its unique technique put to work in Ohio's Utica shale play. The newspaper says that GasFrac Energy Services Inc. reported in its third-quarter update that it has started fracturing its first well in the Utica shale formation. Multiple oil and gas companies have ownership in the well, and Business First says that they are eyeing the results to see whether the GasFrac method, which uses gelled propane instead of water, can be expanded to other Utica wells. For more, read the full story.
 


 
Posted by M. Warnock in  Ohio   |  Permalink

 

Nov 25, 2014

Halliburton and Baker Hughes deal may be start of energy takeovers
 

Bloomberg News reports that Halliburton Co.’s proposed acquisition of Baker Hughes Inc. (See our Nov. 18, 2014 blog “Report: Halliburton and Baker Hughes deal will face antitrust scrutiny”) may be just the start of takeovers of big energy companies as oil prices slump amid a U.S. supply glut. The news service says that buyers with cash to spend aren’t going to let the cheapest energy company valuations in years pass them by. In addition, acquisition targets threatened by lower oil prices may become more willing sellers, according to Bloomberg. For more, read the full story.


 
Posted by M. Warnock in  United States   |  Permalink

 

Nov 24, 2014

Hilcorp is ready to step up drilling in Utica shale play’s northern tier
 

Hilcorp Energy Co., the most active driller in the northern tier of the Utica shale play in eastern Ohio and western Pennsylvania, is poised to begin aggressive development of its leasehold acreage in the Brinker field in Columbiana County, Ohio, reports the Youngstown Business Journal. Citing data from the Ohio Department of Natural Resources (ODNR), the newspaper says that Hilcorp recently applied for 25 new horizontal well permits that target three sites in Fairfield Township in the northern section of Columbiana County. For more, read the full story. More articles related to Hilcorp can be found here.
 


 
Posted by M. Warnock in  Ohio   |  Permalink

 

Nov 24, 2014

Marcellus developers to stay the course even as they struggle with low prices, high costs
 

Oil and natural gas companies say shale development is a long-term game even as they struggle with low commodity prices and high capital costs, reports the Pittsburgh Post-Gazette. The newspaper says that is why some of the most prolific producers in the Marcellus shale play are still spending more than they take in, nearly a decade into shale development in Pennsylvania. Nick DeIuliis, CEO of Consol Energy Inc., told the Post-Gazette his company is not making decisions on today’s oil and gas prices but on future trends. “As long as our cost structure creates margins above the cost of capital, we’re going to continue drilling,” he said. For more, read the full story.
 


 
Posted by M. Warnock in  Pennsylvania   |  Permalink

 

Nov 21, 2014

Ergon purchases petroleum storage facility in Ironton, Ohio
 

Mississippi-based Ergon Inc. has announced it has purchased a petroleum storage facility in Ironton, Ohio that will improve the company’s ability to buy and transport crude oil in the Ohio River Valley region. The company said in a press release that the operation consists of existing storage tanks with capacity of more than 100,000 barrels of oil, a dock and approximately 47 acres next to the Ohio River. Ergon also has an oil refinery in Newell, West Virginia along the Ohio River. For more, read the full release.
 


 
Posted by M. Warnock in  Ohio   |  Permalink

 

Nov 21, 2014

WPX Energy plans to sell Marcellus assets because of pricing issues
 

Tulsa, Okla.-based WPX Energy Inc. is shopping its Marcellus shale assets in Pennsylvania as it looks to exit the Appalachian basin because of pricing issues, reports the Pittsburgh Business Times. The newspaper says WPX Energy CEO Richard Muncrief recently told analysts that the company’s Marcellus acreage can’t compete economically with its oil and gas assets in the Williston and Gallup regions in the western United States. With too much natural gas and not enough pipeline capacity to carry it to market, prices in the Marcellus have been weak, with the Business Times noting that Marcellus producers are getting $1.50 to $2 less for their gas than what it is selling for at the Henry Hub in Louisiana. For more, read the full story.
 


 
Posted by M. Warnock in  Pennsylvania   |  Permalink

 

Nov 20, 2014

EV Energy Partners looks to sell acreage in Utica shale play
 

EV Energy Partners (EVEP) will be looking to sell its acreage in the Utica shale play in 2015, along with its interest in related natural gas-processing facilities, reports the Massillon Independent. The newspaper says that EV Energy Partners CEO Mark Houser recently told investors that enough wells are producing to show the Utica has become a proven gas play, particularly in Carroll County, Ohio. The company has a working interest in 173,000 Utica acres and also owns 21 percent of the Utica East Ohio system of gas-processing plants in Carroll, Columbiana and Harrison counties. For more, read the full story.
 


 
Posted by M. Warnock in  Ohio   |  Permalink

 

Nov 20, 2014

Landowners group negotiates oil and gas lease worth more than $100 million
 

A regional landowners' group in West Virginia and Pennsylvania has negotiated a joint oil and natural gas lease that allegedly will be worth more than $100 million to the landowners, reports the Pittsburgh Business Times. The newspaper says the group represents landowners in Marshall and Ohio counties in West Virginia as well as in Greene County, Pennsylvania. For more, read the full story.
 


 
Posted by M. Warnock in  Pennsylvania  West Virginia   |  Permalink

 

Nov 19, 2014

Man killed in explosion at oil and gas pump site in eastern Ohio
 

The Columbus Dispatch reports that a Virginia man working on an oil and natural gas pump at a site in Noble County, Ohio died in an explosion on November 12. The newspaper says that Norman Butler, 48, was an electrical contractor working on a pump operated by Blue Racer Midstream. He reportedly was testing and calibrating electrical components on the pump. A Blue Racer spokeswoman said the company has not determined the cause of the blast. For more, read the full story.
 


 
Posted by M. Warnock in  Ohio   |  Permalink

 

Nov 19, 2014

Ohio State and WVU team to do field study of shale gas sites
 

Ohio State University will work with West Virginia University to conduct what WVU says is the first long-term, comprehensive field study of shale gas sites, reports Columbus Business First. The newspaper says the U.S. Department of Energy awarded the universities a five-year, $11 million grant to establish a new field site and research lab in Morgantown, West Virginia. Researchers at the new Marcellus Shale Energy and Environment Laboratory will look for best practices in all stages of shale development. For more, read the full story.
 


 
Posted by M. Warnock in  Ohio  West Virginia   |  Permalink

 

Nov 19, 2014

Shell exercises option rights to buy site for ethane cracker plant in Pennsylvania
 

State officials in Pennsylvania said Royal Dutch Shell’s recent decision to exercise its option rights to buy the former Horsehead Holding Corp. facility in Monaca, Pennsylvania for its proposed ethane cracker plant is another encouraging sign, reports the Pittsburgh Business Times. "It's some of the best news we've heard about the project in quite some time," said state Rep. Jim Christiana. But, a Shell spokeswoman told the newspaper that the recent development should not be taken to mean that Shell has made its final decision for the multibillion-dollar ethane cracker. For more, read the full story. More articles related to the Shell cracker project can be found here.
 


 
Posted by M. Warnock in  Pennsylvania   |  Permalink

 

Nov 18, 2014

Pennsylvania landowners to get more notice when gas leases expire
 

A bill signed into law by Pennsylvania Gov. Tom Corbett on Oct. 22 will give landowners with natural gas leases more notice of when those leases are set to expire, reports Farm and Dairy. Sponsored by state Rep. Tina Pickett, House Bill 402 addresses instances when a lease with no renewal clause has expired, and the landowner intends to sign a new lease with another natural gas developer. Farm and Dairy says that Rep. Pickett contends landowners are being asked for a release of their property before being permitted to enter into any new lease with another company, resulting in unnecessary delays. The Pennsylvania Farm Bureau supported the legislation, but according to Farm and Dairy, some gas industry representatives question its equity. For more, read the full story.
 


 
Posted by D. Gerken in  Pennsylvania   |  Permalink

 

Nov 18, 2014

Report: Halliburton and Baker Hughes deal will face antitrust scrutiny
 

Halliburton has agreed to buy its rival Baker Hughes for about $34.6 billion, uniting two big oilfield services providers in a friendly deal only days after a hostile takeover battle appeared to be brewing, reports the New York Times. But the newspaper says there are questions about whether the takeover will survive antitrust scrutiny, given the level of consolidation that it promises within the oil production services business. The Times also says a merger would help the two companies, both based in Houston, compete better against oilfield services leader Schlumberger. For more, read the full story.
 


 
Posted by M. Warnock in  United States   |  Permalink

 

Nov 17, 2014

Rex Energy invests $88.3 million in Utica and Marcellus shale plays
 

Rex Energy's wells in Carroll County, Ohio are producing more condensate than expected, and the company's Utica shale drilling next year will focus on that liquids-rich part of its acreage, reports the Canton Repository. The newspaper says Rex invested $88.3 million in its Utica and Marcellus operations during the third quarter of 2014. That included nine Utica shale wells that were put in service in Carroll County where Rex is reporting strong improvements in natural gas liquids production. For more, read the full story. More articles related to Rex Energy can be found here.
 


 
Posted by M. Warnock in  Ohio   |  Permalink

 

Nov 17, 2014

Sunoco to spend $2.5 billion on second pipeline for Marcellus, Utica shale plays
 

The Philadelphia Business Journal reports that Sunoco Logistics plans to invest $2.5 billion in a second pipeline that will deliver natural gas liquids from the Marcellus and Utica shale regions to Sunoco’s Marcus Hook Industrial Complex on the Delaware River near Philadelphia. The newspaper says the new Mariner East 2 pipeline will run parallel to the smaller Mariner East pipeline that Sunoco said is slated to begin propane service by the end of 2014. Mariner East 2, expected to be operational by the end of 2016, will run from Ohio through West Virginia, Pennsylvania and Delaware and transport propane, butane and ethane. For more, read the full story.
 


 
Posted by M. Warnock in  Ohio  Pennsylvania  West Virginia   |  Permalink

 

Nov 14, 2014

British government takes step toward shale gas development
 

The New York Times reports that the British government has taken another step to encourage the development of a shale gas industry and overcome public opposition to hydraulic fracturing. The Times says the government will establish a sovereign wealth fund that would draw on proceeds from extracting natural gas from shale even though no shale production is likely to occur in the near future. Studies have shown that Great Britain has shale gas potential, but whether the gas is commercially exploitable will not be known until more wells are drilled and tested. For more, read the full story.
 


 
Posted by M. Warnock in  Miscellaneous   |  Permalink

 

Nov 14, 2014

Federal agency says U.S. oil production at its highest since July 1986
 

A federal agency says that U.S. crude oil production averaged an estimated 8.7 million barrels per day (bbl/d) in September, the highest monthly production since July 1986. The report from the U.S. Energy Information Administration (EIA) also says that total crude oil production is expected to average 9.5 million bbl/d in 2015, which would be the highest annual production since 1970. The EIA reports that natural gas liquids production is expected to increase from an average of 2.6 million bbl/d in 2013 to 3.2 million bbl/d in 2015. For more, read the full report.
 


 
Posted by M. Warnock in  United States   |  Permalink

 

Nov 13, 2014

With oil prices dropping, top U.S. producers look to tighten spending
 

Reuters reports that top U.S. oil producers, which already were reining in spending before crude prices started to slip in June 2014, are now looking to trim more fat from their budgets while reminding investors they must spend to grow. The news service says that Exxon Mobil Corp. recently announced it would keep its current spending plan intact, although it is about 15 percent less than in 2013. In addition, Reuters says that ConocoPhillips will spend less money next year, and that Chevron Corp. said it is looking for budget "flexibility." For more, read the full story.
 


 
Posted by M. Warnock in  United States   |  Permalink

 

Nov 12, 2014

Judge’s order puts gas drilling on hold at West Virginia site
 

A Houston company’s plans to hydraulically fracture natural gas wells near a chemical plant in Marshall County, West Virginia are on hold, pending a hearing before a local judge, reports the Charleston Gazette. The newspaper says that Marshall County Circuit Judge David Hummel Jr. recently issued a temporary restraining order that blocks additional fracturing activities by Gastar Exploration Inc. for wells located near Axiall Corp.’s plant in Natrium, West Virginia. In a four-page order, Judge Hummel noted that previous fracturing efforts in the area caused “significant harm” to Axiall, and that the chemical maker faced a “significant” likelihood of “irreparable harm” from such additional activity. According to the Gazette, Axiall is concerned that Gastar’s wells could lead to a repeat of an incident in 2013 that Axiall blames on the use of frack fluids by another company. For more, read the full story. Judge Hummel’s court order can be found here.
 


 
Posted by M. Warnock in  Oil & Gas Litigation  West Virginia   |  Permalink

 

Nov 11, 2014

Shale drillers employ ‘down-spacing’ to boost oil production
 

U.S. shale producers are cramming more wells into the best spots in their production fields in a move that may help keep the drilling boom going as oil prices plunge, Bloomberg reports. The news service says the technique, known as “down-spacing,” aims to pull more oil at less cost from each field, allowing companies to boost profits, attract more investment dollars and arrange loans needed to continue drilling. Energy companies see closely-packed wells as their best chance to add billions of barrels of oil to domestic production that’s already the highest in a quarter century, according to Bloomberg. For more, read the full story.
 


 
Posted by M. Warnock in  United States   |  Permalink

 

Nov 10, 2014

Election Day was mixed bag for votes on fracking bans, including in Ohio
 

Opponents to oil and gas drilling experienced mixed results on Election Day in regards to local proposals to ban or limit hydraulic fracturing, including four ballot measures in Ohio, three in California, and a closely watched one in Texas, reports the New York Times. Voters in Denton, Texas approved a ballot proposal to ban hydraulic fracturing, marking the first time a municipality in that oil-rich state has approved such a prohibition. The Times reports that proposed fracking bans were defeated in Youngstown, Gates Mills, and Kent, Ohio, but approved in Athens, the home of Ohio University. In addition, California voters in San Benito and Mendocino counties passed fracking bans, but a similar initiative was defeated in Santa Barbara County. For more, read the full story.
 


 
Posted by M. Warnock in  United States   |  Permalink

 

Nov 10, 2014

Gulfport’s revenue gain driven by production in Utica shale play
 

Gulfport Energy Corp.’s production in the Utica shale play has contributed to a 52.6 percent increase in revenue over the past year, reports Bloomberg BusinessWeek. The magazine notes that the Oklahoma City-based oil and natural gas company has amassed a leading position in the Utica play in Ohio and West Virginia over the past couple of years, with 184,500 acres under lease at the time of its earnings call in August 2014. For more, read the full story. More articles related to Gulfport can be found here.
 


 
Posted by M. Warnock in  Ohio  West Virginia   |  Permalink

 

Nov 07, 2014

Blue Racer ready to open gas processing unit in Monroe County, Ohio
 

The first natural gas processing unit at the new Berne complex in Monroe County, Ohio, is expected to open later this month, reports Columbus Business First. The newspaper says the unit, which has the capacity to process 200 million cubic feet of gas per day, should be a boon to the chronically underdeveloped infrastructure in the Utica shale play. Blue Racer Midstream LLC, the company developing the Monroe County project, has also started construction on a second processing unit at the Berne complex that should be in service in April 2015, according to a company spokeswoman. For more, read the full story. More articles related to Blue Racer Midstream can be found here.
 


 
Posted by M. Warnock in  Ohio   |  Permalink

 

Nov 06, 2014

Company seeks to exclude witnesses in dispute over drilling of Ohio well
 

In a dispute over damages to an oil and gas well, attorneys for Express Energy Services Operating L.P. (“Express”) have asked an Ohio federal court to exclude expert witnesses testifying in favor of the defendant, Hall Drilling LLC (“Hall”), reports Mealey’s Fracking Report. Express had filed suit in the Monroe County, Ohio, Court of Common Pleas, alleging Hall breached its contract with Express for well-drilling services. Hall removed the case to the U.S. District Court for the Southern District of Ohio (Express Energy Services Operating LP v. Hall Drilling LLC, S.D. Ohio Case No. 2:14-cv-0204) and filed counterclaims alleging Express was negligent in providing well-casing services. Express is arguing that Hall should not be allowed to present its expert witnesses because they did not observe any of the alleged damage to the well.
 


 
Posted by D. Gerken in  Ohio  Oil & Gas Litigation   |  Permalink

 

Nov 06, 2014

Merger will make pipeline company dominant in Marcellus shale play
 

Oklahoma-based Williams Partners LP’s pending merger with Access Midstream Partners LP will make the combined company the dominant pipeline provider in the Marcellus shale play, reports the Tulsa World. The newspaper says the two sides have been working on the merger since Williams acquired control of Access Midstream earlier this year in a $6 billion deal. (See our June 24, 2014 blog “Williams Partners to acquire Access Midstream.") Williams hopes to complete the merger by January 2015. For more, read the full story.
 


 
Posted by M. Warnock in  Pennsylvania  West Virginia   |  Permalink

 

Nov 06, 2014

Saudi Arabia's strategy drives down price of U.S. crude oil
 

The New York Times reports that the recent drop in the price of U.S. crude oil below the symbolic $80-a-barrel threshold came as Saudi Arabia tries to shore up its dwindling exports to the United States by cutting its prices. The newspaper says the move by the Saudis, and deepening fall in oil prices, are both the result of the oil-drilling boom in the United States. The hike in drilling has lifted production by more than 70 percent over the last six years and reduced the nation’s oil imports to roughly half of what they once were. For more, read the full story.
 


 
Posted by M. Warnock in  United States   |  Permalink

 

Nov 05, 2014

Judge says bankruptcy trustee may sell debtors’ oil and gas mineral rights
 

An Ohio federal bankruptcy judge recently granted a bankruptcy trustee’s motion seeking to sell a debtor couple’s oil and gas mineral rights on grounds that the rights are property of the bankruptcy estate and not protected under homestead exemption provisions. The case, In Re: Helen Way, et. al, No. 12-60209, N.D. Ohio Bkcy.; 2014 Bankr., involves two Carroll County parcels of land owned by Helen and David Way, who had filed for Chapter 7 bankruptcy in 2012. Judge Russ Kendig ruled that Ohio’s homestead exemption covers the surface rights to the parcels because the “debtors use both legal parcels as a residence.”  However, Judge Kendig held that the landowners’ oil and gas interests “below their homestead” do “not qualify for homestead protection,” noting that “mineral rights do not contribute to a debtor’s use of land as a residence.”
 


 
Posted by D. Gerken in  Ohio  Oil & Gas Litigation   |  Permalink

 

Nov 05, 2014

Report: Mining fine-particle sand used in hydraulic fracturing poses threat to health, environment, economy
 

A new report from a Massachusetts-based think tank says mining of fine-particle sand needed for hydraulic fracturing of oil and natural gas wells poses a little-understood threat to human health, the environment, and local economies. The report by the Civil Society Institute's Boston Action Research project looked at the mining of so-called “frac sand” in Wisconsin and Minnesota where such operations are concentrated. The report cited a number of concerns about the effect of fine-particle sand mining, including health issues related to silica dust, impacts on water quality, potential declines in local property values, and decreased life spans of roads and other infrastructure. For more, read the full report.
 


 
Posted by D. Gerken in  United States   |  Permalink

 

Nov 04, 2014

New Pennsylvania laws to impact oil and gas industry
 

A new law signed recently by Pennsylvania Gov. Tom Corbett will require oil and natural gas drillers to file monthly production reports with the Pennsylvania Department of Environmental Protection, reports the Scranton Times-Tribune. In addition, the newspaper says that Corbett signed a law that will require drillers to provide “surrender” documents when a lease expires or is terminated to help clear up confusion on when a lease end. For more, read the full story.
 


 
Posted by M. Warnock in  Pennsylvania   |  Permalink

 

Nov 03, 2014

Developer wants to build LNG plant along Ohio River
 

Natural gas fuels veteran Robert Petsinger wants to build a liquefied natural gas (LNG) production facility along the Ohio River, reports the Pittsburgh Business Times. The newspaper says Petsinger has formed Marcellus Marketing Inc. to build the plant, which would fill a growing demand for LNG as a fuel for heavy-duty engines. Petsinger said a site for the LNG plant has been selected, but declined to disclose the location. For more, read the full story.
 


 
Posted by M. Warnock in  Pennsylvania   |  Permalink

 

Nov 03, 2014

Kasich vows to renew push to hike Ohio severance tax
 

Ohio Gov. John Kasich is ready to revive his effort to increase severance taxes on oil and natural gas production in Ohio, reports the Columbus Dispatch. Speaking at a recent event in Columbus, Kasich called the current 20-cents-a-barrel severance tax on oil “a total and complete rip-off to the people of this state.” The Dispatch reports that Kasich said he would use the higher tax revenue to help communities where hydraulic fracturing is taking place and give an income tax cut to Ohioans. Kasich’s previous efforts to raise severance taxes have stalled in the Ohio General Assembly. For more read the full story. More articles related to the severance tax can be found here.
 


 
Posted by M. Warnock in  Ohio   |  Permalink

 

Nov 03, 2014

Pipeline fire in eastern Ohio damages woodland
 

The Columbus Dispatch reports that a pipeline carrying condensate caught fire in eastern Ohio on Oct. 27, burning several acres of Monroe County woodland before pipeline pressure dropped enough for the fire to extinguish itself. A Monroe County official said no one was injured, and no residents had to leave their homes. The Dispatch says the pipeline runs between eastern Ohio and a natural-gas processing plant in Natrium, West Virginia. For more, read the full story.
 


 
Posted by M. Warnock in  Ohio   |  Permalink

 

Oct 31, 2014

Pennsylvania seeks record penalty from EQT for fracking damages
 

Reuters reports that Pennsylvania regulators are seeking a record $4.5 million penalty from EQT Corp. for damages allegedly caused by the release of hydraulic fracturing fluids from a natural gas drilling site in the Marcellus shale region. The news service says the Pennsylvania Department of Environmental Protection (DEP) filed the complaint with the Environmental Hearing Board, requesting the civil penalty for what DEP called a "major pollution incident" in 2012 in Tioga County. An EQT attorney told Reuters that the timing of the DEP complaint is suspect and the “exorbitant proposed penalty is inconsistent with both past and recent agency practice." For more, read the full story.
 


 
Posted by D. Gerken in  Oil & Gas Litigation  Pennsylvania   |  Permalink

 

Oct 31, 2014

Texas judge denies new trial in $2.9 million fracking verdict
 

Texas State Court Judge Mark Greenberg recently denied a request for a new trial by the company hit with a $2.9 million jury verdict for damages allegedly caused by its hydraulic fracturing operations, according to Mealey’s Fracking Report. Aruba Petroleum Inc. had sought a new trial after a jury awarded the damages to landowners Lisa and Robert Parr on April 22, 2014. In Parr v. Aruba Petroleum, Inc., No. 11-1650, Texas Law No. 5, Dallas Co., the couple claimed that Aruba’s drilling for oil and natural gas exposed them and their land to benzene, toluene and other chemicals used in hydraulic fracturing. Mealey’s says Greenberg gave no reasoning for his decision to deny a new trial. A CNN story about the jury award can be found here.
 


 
Posted by D. Gerken in  Oil & Gas Litigation   |  Permalink

 

Oct 30, 2014

Improved drilling techniques drive production gains in U.S. shale plays
 

The U.S. shale boom is getting even bigger with advances in drilling techniques that are making oil and natural gas wells more productive, reports the Youngstown Vindicator. The newspaper says more efficient drilling techniques have helped Texas more than double its oil production in the past three years. Citing data from the U.S. Energy Information Administration, the Vindicator also says five of the country’s six major shale areas have seen increased production per rig in the last few years, with the Marcellus shale play in Pennsylvania leading the way for natural gas. For more, read the full story.
 


 
Posted by M. Warnock in  United States   |  Permalink

 

Oct 30, 2014

OPEC pumps up oil production to see how U.S. shale drillers respond
 

The Organization of Petroleum Exporting Countries (OPEC) is resisting pressure to cut oil production as it tests how low prices must go to make U.S. shale oil unprofitable, according to Bloomberg. The news service says OPEC boosted crude oil output by the most in 13 months in September 2014, even as crude plunged into a bear market and demand growth weakens to a five-year low. While OPEC has acted as a “swing producer” of oil over the past decade, it is now letting oil slide to see if North American production can withstand lower prices. Bloomberg says that so far, U.S. shale drillers are showing no signs of cracking. For more, read the full story.
 


 
Posted by M. Warnock in  United States   |  Permalink

 

Oct 29, 2014

Chevron donates $20 million for education, work-force efforts in shale region
 

Chevron Corp. is giving $20 million to shale-rich areas in Pennsylvania, Ohio and West Virginia to boost work-force development and science, technology and math education, reports the Pittsburgh Business Times. The newspaper says the donation to the Appalachia Partnership Institute builds on Chevron's existing partnership for K-12 science, technology and math programs in the three states where oil and gas development is booming. Chevron Appalachia President Nigel Hearne said the Appalachia Partnership Initiative will act as a catalyst for social investment that addresses work-force development and builds a new energy economy. For more, read the full story. More articles related to Chevron can be found here.
 


 
Posted by M. Warnock in  Ohio  Pennsylvania  West Virginia   |  Permalink

 

Oct 29, 2014

Investors betting on small towns in middle of oil and gas boom
 

Carrollton, Ohio, the oil and gas boom town in the Utica shale play, is prominently featured in a Business Insider story on a new wave of investors betting on small-town oil and gas drilling. Among the investors profiled is Drill Capital’s Farid Guindo, whose New York City-based asset management firm has built hotels in eastern Ohio. (See our July 30, 2014 blog “New York firm moves forward on hotels in Utica shale play.”) The  Business Insider story states: “Locals (in Carrollton) only recently realized oil and natural gas, and lots of it — and everything that comes with an oil boom, including dreamers like Farid Guindo.” For more read the full story.
 


 
Posted by M. Warnock in  Ohio   |  Permalink

 

Oct 28, 2014

Banker says big drop in oil prices is not cause for panic by drillers
 

An investment banker told the Dallas Business Journal that well-managed oil and gas drilling companies should not panic despite the recent decline of crude oil prices by more than $25 a barrel. "Absolutely not," said David Mahmood chairman for Allegiance Capital Corp., a Dallas-based investment bank that specializes in mergers and acquisitions. While noting that drillers in expensive, tight shale formations will feel the price drop first, Mahmood says management teams that are experienced and planned ahead for drops in commodity prices will weather the storm. For more, read the full story.
 


 
Posted by M. Warnock in  United States   |  Permalink

 

Oct 28, 2014

Study: Marcellus shale activity boosts construction spending by 60 percent
 

A new study by the Oil and Natural Gas Industry Labor-Management Committee showed that spending in the Marcellus shale region on construction and maintenance activities grew by more than 60 percent between 2012 and 2013, and drove a 40 percent increase in construction jobs in eight trades. The American Petroleum Institute says the study reaffirms that responsible domestic energy production is fueling the nation’s economic recovery. “The U.S. energy boom is lifting up the middle class and lowering costs for American families,” said API Executive Vice President Louis Finkel, noting that workers in the oil and gas industry are earning about seven times the federal minimum wage. The study can be found here.
 


 
Posted by M. Warnock in  Pennsylvania   |  Permalink

 

Oct 27, 2014

Oil and gas producers lobby White House to halt fracking rule
 

Bloomberg says representatives of Exxon Mobil Corp., Halliburton, Chesapeake Energy Corp. and other oil and natural gas producers have urged White House officials to not proceed with a final rule to regulate hydraulic fracturing on federal and Indian lands. The proposed rule (RIN 1004-AE26), which has been in the works since 2012, focuses on well integrity, chemical disclosure, and flow-back water. Bloomberg says the American Petroleum Institute (API) indicates that the rule will have a significant impact on the oil and gas industry, and that its impact has not been adequately analyzed. For more, read the full story.
 


 
Posted by M. Warnock in  United States   |  Permalink

 

Oct 27, 2014

Pipeline expansion would move Ohio natural gas to Louisiana
 

Natural gas pulled from Ohio’s Utica shale play could be moved to the Gulf Coast with the expansion of an existing pipeline by Kentucky-based Texas Gas Transmission LLC, reports the Akron Beacon-Journal. The newspaper says the Ohio-Louisiana Access Project would run from Lebanon (in southwest Ohio) to Perrysville, Louisiana. The company says that, pending approval by the Federal Energy Regulatory Commission, construction would begin in August 2015 and the pipeline would go into service in June 2016. For more, read the full story.
 


 
Posted by M. Warnock in  Ohio   |  Permalink

 

Oct 24, 2014

Ohio banks cashing in on deposits from oil and gas boom
 

Some banks in eastern Ohio are seeing dramatic increases in deposits by customers as landowners there receive large sums of money from oil and gas drillers and local businesses see more activity, according to Columbus Business First. Citing data from the Federal Deposit Insurance Corp., the newspaper reports that in Monroe County, home to five of Ohio’s most productive natural gas wells, bank deposits grew by 77 percent over the past five years to $203 million. Deposits in Noble, Belmont and Harrison counties, which are also seeing much leasing and drilling activity, beat the state average for deposits over the five-year period as well. For more, read the full story.
 


 
Posted by M. Warnock in  Ohio   |  Permalink

 

Oct 23, 2014

More pipelines could drive gas production to record highs in Ohio, Pennsylvania
 

Natural gas production in eastern Ohio and western Pennsylvania could reach record levels next year because more pipeline capacity is coming on line across the country, reports the Youngstown Business Journal. Sami Yahya, an energy analyst with Denver-based Bentek LLC, told the newspaper there should be a production uptick in November because of the additional pipelines. Bentek is forecasting that production in the Northeast, which includes eastern Ohio, western Pennsylvania and northern West Virginia, will reach 18.5 billion cubic feet per day in the next couple of months compared to the 16.7 billion cubic feet per day now being produced. For more, read the full story.
 


 
Posted by M. Warnock in  Ohio  Pennsylvania   |  Permalink

 

Oct 23, 2014

Shale boom brings $3-a-gallon gasoline in sight for holiday drivers
 

Bloomberg reports that U.S. drivers are closer to seeing $3-a-gallon gasoline in the coming holiday season than they’ve been in four years as New York-traded futures are selling for $1 a gallon below retail prices. The news service says gasoline prices are sliding as oil trades at the lowest price levels since 2012. Bloomberg notes that U.S. output of crude oil, which makes up about two-thirds of the cost of gasoline, has surged to a 28-year high as drillers pull record volumes out of shale formations from North Dakota to Texas. That is contributing to a glut of oil as global demand growth slows. For more, read the full story.
 


 
Posted by M. Warnock in  United States   |  Permalink

 

 

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