Consol Becomes Latest Driller to Abandon Northern Portion of Utica Shale

By -
From the Tribune Chronicle:
Consol Energy Inc. is no longer a tenant at the Columbiana County Port Authority's industrial park in Leetonia. 
The news came to light during last week's port authority meeting, when the board agreed to lease the space formerly occupied by Consol to another company. 
Port authority CEO Tracy Drake said afterwards that the CNX Gas Co., Consol's natural gas division, advised him in writing the company was declining to renew its annual lease after it expired on March 31. 
Drake said he called Consol officials immediately to determine if they were dissatisfied with the building or the lease. "They said they were happy with the building but they indicated it was an operational move," he said. 
Consol/CNX agreed in March 2012 to begin leasing 10,000 square feet of office space at the World Trade Park in Leetonia, which was later increased by 2,610 square feet, with the annual lease payments totaling $252,199. 
The location was to serve as Consol's field office as the company increased its oil and gas development efforts in eastern Ohio. Consol officials said at the time they intended to use the local office to focus on developing property under lease in Mahoning, Trumbull and Portage counties. In recent months BP and Halcon Energy Corp. announced they were pulling out of those areas, and Consol and Chesapeake Energy said it was cutting back on its oil and gas exploration in northern Ohio.
You can read the rest of the article by clicking here.

Connect with us on Facebook and Twitter!

Popular posts from this blog

Fracktivist in Dimock Releases Carefully Edited Video, Refuses to Release the Rest

By -
Image
From Energy in Depth: There is something very strange going on along Carter Road, in Dimock, Pennsylvania, and I’m not speaking of natural gas, methane migration, contamination, litigation or even the extensive water testing there by the EPA and others.  No, I’m talking about a new “Watergate” conspiracy, complete with 18 minutes of missing tape (well, video, actually). It seems the ever-present Green Party member and  naturist   Vera Scroggins  (a/k/a  Vera Duerga ) has posted a video of Craig Sautner meeting with the EPA.  Mysteriously, the video is but 14 seconds in length, cutting off conversation in what is obviously mid-stream.  It raises a question Craig Sautner, like  Ronald Reagan in Kings Row , might have asked, “Where’s the rest of me?’  Carter Road, isn’t Kings Row, of course, (at least not until you arrive at  the mansion Scott Ely, one of the Dimock litigants, is building with his royalty money ), but there appears to be a whole lot of film editing going on there to fi
Read more

The Second Largest Oil and Gas Merger - Cabot and Cimarex

By -
Image
       Due to investor pressure, the U.S shale drillers are being pushed to improve financial and operational performance after a few years of poor returns. Even though the industry has improved its numbers, when compared to last year, investors still want more to be done for them to earn more money.      That's why two mid-tier shale drillers, Cabot and Climarex, have decided to merge in order to eliminate $100 million in annual costs, which means more money for the investors. This all-stock transaction is valued at about $7.4 billion, which is relatively high for the oil and gas sector.      The new entity will be renamed and the headquarters located in Houston, Texas. Cabot shareholders will own 49.5 percent of the new entity, and Climarex the rest.       The Cimarex-Cabot merger will address the investor's demand for a higher amount of returning cash. The initial plan is to pay a 50-cent-per-share special dividend on closing the deal while offering a quarterly variable div
Read more

Is a Strong Oil Demand Expected This Year?

By -
Image
  According to the world's largest oil traders, global oil demand is set for a rebound. Between now and the end of 2022, global consumption is expected to increase by up to 8 million barrels each day. Vitol Group, the world's largest oil trader, supports this statement.  In an interview with Bloomberg, Vitol's chief executive Russell Hardy said, "We'll need all eight cylinders to get through 2022". This, of course, is due to the lower than average demand for oil at the moment. Reopening economies and Asian markets will create a strong demand rebound by the end of this year and in 2022.  Although the demand for jet fuel will slowly increase, it will still be below average at the end of the year. Nevertheless, a surge in petrochemicals will offset the expected delay in jet fuel demand. Last year, the oil surplus reached a record of 1 billion barrels. This excess is already more than halfway drained, and experts believe it will be depleted by the third quarter th
Read more