Tuesday, May 1, 2012

PA Marcellus News Digest 5/1/12

PA Marcellus News Digest
April 27 - May 1, 2012


Cabot Oil & Gas Provides Operations Update, Reports Success in Marcellus, Marmaton and Eagle Ford
April 25
HOUSTON, April 25, 2012 /PRNewswire via COMTEX/ --Cabot Oil & Gas Corporation (NYSE: COG) today announced the successful commencement of Marcellus production in its 7-mile step-out to the east at the Zick well pad, and success with longer laterals in the Lathrop area. Additionally, the Company reported three Marmaton well results, along with the performance of a down-spacing test in the Eagle Ford.

Cabot Oil & Gas Corporation Announces First Quarter Profits, Record Quarterly Production Volumes
April 25
HOUSTON, April 25, 2012 /PRNewswire via COMTEX/ --Cabot Oil & Gas Corporation (NYSE: COG) today announced an improvement in first quarter profits over last year, driven primarily from continued expansion of the Company's production base, with both oil and natural gas volumes setting new Company production records.
The Company posted net income of $18.3 million, or $0.09 per share, cash flow from operations of $131.8 million and discretionary cash flow of $138.5 million for the first quarter of 2012. This compares to the first quarter of 2011 when the Company reported net income of $12.9 million, or $0.06 per share, cash flow from operations of $91.2 million and discretionary cash flow of $112.3 million. Excluding the effect of certain selected items detailed in the tables below, first quarter 2012 net income was $28.5 million, or $0.14 per share, compared to $20.7 million, or $0.10 per share, in first quarter 2011.

MSC Releases First Recommended Practice for Responsible Natural Gas Development
First guidance document outlines recommendations for site planning, development and restoration
April 26
Canonsburg, PA – Since its founding in 2008, the Marcellus Shale Coalition (MSC) has worked collaboratively with key stakeholders to achieve a set of common goals: enhance the region’s economy, responsibly develop natural gas, and advocate for increased use of this clean-burning energy source. The MSC’s Guiding Principles make this commitment clear while also committing the coalition and its members to continuous improvement and transparency across all operations, engaging in a fact-based dialogue with the community, and the implementation of state-of-the-art environmental controls at well sites and compressor stations.

House Democrats to unveil plan to fix flawed Marcellus Shale law
April 27
HARRISBURG– The House Democratic Caucus will unveil its plan to fix Governor Tom Corbett’s flawed, anti-taxpayer, anti-middle-class giveaway to the multi-billion-dollar Marcellus Shale natural gas drilling industry (Act 13 of 2012).

DEP Announces Air Quality Awareness Week
DEP Newsroom
April 30
HARRISBURG -- Pennsylvania will join states across the nation in recognizing April 30 through May 4 as Air Quality Awareness Week, the Department of Environmental Protection announced today.
Throughout the week, air quality partnerships across the state will hold events teaching the public how to stay safe on air quality action days and how to cut down on air pollution.


Sierra Club rally at the Pennsylvania State Capitol
John C. Whitehead
(photo group)

Questions raised about Pa. drilling law injunction
Centre Daily Times
April 26
The Pennsylvania Public Utility Commission wants answers from a court before it moves forward with its role in carrying out Pennsylvania's new law regulating the rapid growth of natural gas exploration

As SEC investigation begins, Chesapeake ends executive's controversial loan program
Erich Schwartzel
April 26
Chesapeake Energy said today it was ending a controversial investment program that allowed its top executive to borrow and mortgage against personal stakes in his company's wells.

Brother of state representative accused of stealing opponent's sign
Bill Reed
April 26
The brother of state Rep. Marguerite Quinn, R-Bucks, stole a campaign sign outside a Doylestown Borough polling place Tuesday that criticized her and supported her Democratic opponent, a poll worker said Thursday.

Washington, Greene lead region in Marcellus permits
Pittsburgh Business Times
Ethan Lott
April 25
Bradford County is the most active for companies receiving permits to drill in the Marcellus Shale in Pennsylvania, with Washington and Greene counties having the most permits regionally.

Big energy companies getting ready for profitable drilling in our region
Meadville Tribune
Keith Gushard
April 26
MEADVILLE — It’s not if, but when natural gas drilling activity will increase in Crawford County, according to some local industry watchers.

Official: City can handle water sale
Drilling firm ups request to 600,000 gallons per day
Titusville Herald
Mary Hill
April 27
The possible sale of Titusville's water for the purpose of drilling shale gas wells is expected to be discussed at city council's work session on Tuesday.
According to Randy Nebel, Public Works director, the Hunt Marcellus Group is now asking the city for an agreement to purchase a potential 600,000 gallons of bulk water a day for the extraction of shale gas — 200,000 more gallons than the company had originally proposed to purchase.

Trouble With the Top Man
NY Times
Clifford Krauss
April 26
HOUSTON  — Aubrey K. McClendon, Chesapeake Energy’s audacious chairman and chief executive, has ridden the busts and booms in natural gas like a rodeo cowboy. He became a billionaire as the company he co-founded aggressively outbid competitors for land leases and drilled highly productive wells in virtually every major shale gas field in the country. And he acquired trophy assets like an N.B.A. team and a $12 million antique map collection.

What does 'frack' mean to you?
Philly Burbs
Christina Kristofic
April 27
Republican Sean Corr didn’t like it when he saw signs that said his sister, Republican state Rep. Marguerite Quinn, “fracked you.”

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