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Friday, October 31, 2014

Mega Link Blowout for 10/31/14: Utica Shale Summit, Winter's Effect on Gas Prices in Ohio, Severance Tax Fight, and Much Much More

Gas & Oil:  Utica Summit II: Risks Must Be Managed   -   "Christopher Guith, who leads the development of the Energy Institute's policies related to oil and gas and nuclear energy for the U.S. Chamber of Commerce, said during a recent Utica Summit II event that while there is a lot of good news related to oil and gas development, there are also a few storm clouds forming..."

Pittsburgh Post-Gazette:  Bans on Fracking Up For Vote in Utica Shale   -   "In this fall’s midterm races, hydraulic fracturing enjoys political support from many conservatives and liberals. President Barack Obama often touts it as a reason for new found energy independence. Pennsylvania Gov. Tom Corbett, a Republican, and Tom Wolf, his Democratic challenger, have generally disagreed only on how to tax it. Yet pockets of resistance to the extraction technique commonly known as fracking, which has revolutionized the oil and gas industry, have appeared in..."

Columbus Business First:  Ohio Gov. John Kasich Says Proposed Severance Tax "a Complete and Total Ripoff"   -   "Ohio Gov. John Kasich had strong words for the oil and gas industry in a Tuesday candidate forum. The state legislature has feuded over how much the raise the state's oil and gas severance tax during..."

The Intelligencer/Wheeling News-Register:  Leak Roared Like Jet Engine   -   "“It sounded like a jet engine, or a real strong wind. We’re about 2.5 miles away, and it was still very loud,” Jefferson County Road 26 resident Joe Felix said. “My wife said she heard a bang, and then the jet engine sound began.” On Wednesday, American Energy officials joined regulators with the Ohio Department of Natural Resources and the Ohio Environmental Protection Agency at the well site near the Mingo Sportsmen’s Club, where specialists with Boots & Coots International Well Control Inc. successfully shut off the well that began leaking methane some time Tuesday..."

The Columbus Dispatch:  Eastern Ohio Pipeline Hauling Toxic Mix Catches Fire   -   "A pipeline carrying condensate, a toxic substance produced during natural gas and oil processing, caught fire in eastern Ohio early this morning. It burned several acres of Monroe County woodland before the pipeline pressure dropped low enough for the fire to burn itself out. No one was injured, and..."

Gas & Oil:  Higher Gas Prices Expected This Winter   -   "The U.S. Energy Information Administration (EIA) expects higher prices this winter for consumers using natural gas to heat their homes. But Ohioans could be paying less than consumers living in other parts of the country. Much of the country east of the Rocky Mountains experienced record low temperatures last winter, and those temperatures led to..."

Shale Play:  Oil, Rail Industries Want 7 Years to Fix Tank Cars   -   "The oil and railroad industries are urging federal regulators to allow them as long as seven years to upgrade existing tank cars that transport highly volatile crude oil, a top oil industry official said last month. The cars have ruptured and spilled oil during collisions, leading to intense fires. Jack Gerard, president of the American Petroleum Institute, told reporters..."

Natural Gas Now:  The Freaky CELDF and Its Radical Designs   -   "There are few fractivist groups more radical or freaky than the Community Environmental Legal Defense Fund (CELDF). We’ve written about them several times, including here, here and here, all of which are important to read to get a full understanding of just how freaky the organization is. They’re the folks who propose to overrule the Patriot Act, abolish corporations and grant plants and trees the right to sue, all by..."

Coshocton Tribune:  Man Injured in Oil Fracking Explosion   -   "One man was injured in an explosion last night at an oil fracking site near Quaker City. The man, whose name has not yet been released, was transported via medical helicopter to..."

Akron Beacon Journal:  Company plans to ship Ohio natural gas to Louisiana by adding capacity to pipelines   -   "Natural gas pulled from Ohio’s Utica shale could be moved to the Gulf Coast with the expansion of an existing pipeline. Kentucky-based Texas Gas Transmission LLC has proposed adding north-to-south capacity to its existing 690-mile pipeline system. It would retain..."

Press release:  Noble Energy Announces Third Quarter 2014 Results   -   "Noble Energy, Inc. (NYSE:NBL) announced today third quarter 2014 net income of $419 million, or $1.12 per diluted share. Excluding the impact of certain items, which would typically not be considered by analysts in published earnings estimates, third quarter 2014 adjusted income(1)was $110 million, or $0.28 per diluted share. Discretionary cash flow(1) was $811 million..."

Press release:  CONSOL Energy Reports Third Quarter Results   -   "CONSOL Energy Inc. (NYSE: CNX) had adjusted net income1 in the 2014 third quarter of $20 million, or $0.09 per share, after adjusting for unusual items, which are listed in the EBITDA reconciliation table on page 11. Adjusted EBITDA1 was $236 million for the 2014 third quarter, compared to $178 millionin the year-earlier quarter. Cash flow from operations..."

Times Reporter:  Projects in Tuscarawas, Harrison, Coshocton counties to move ahead if ODNR OKs grant fund requests   -   "The Ohio Department of Natural Resources is seeking more than $7.7 million in federal Abandoned Mine Land Grant funds for cleanup projects in 2015 in 16 counties, including Tuscarawas, Harrison and Coshocton counties. The projects will move ahead if the money is appropriated by Congress, said Jim Bishop,..."

Houston Chronicle:  Weinstein: Ban on oil exports has outlived its usefulness   -   "Partly because of President Barack Obama's indecision on approving the Keystone XL pipeline, Canada is now looking at Europe as a major potential market for its growing output of crude oil. To that end, a pipeline is under construction that will bring oil from Alberta and Saskatchewan to export terminals in Canada's Atlantic Provinces. Because of a recent ruling by the European Union that oil from the Alberta oil sands would be treated..."

Reuters:  Breakeven oil prices for U.S. shale: analyst estimates   -   "A sharp decline in oil prices over thepast four months has called into question the sustainability of North American shale production. Global benchmark Brent crude has fallen about 25 percent since June due to oversupply, weakening demand and indications that..."

Press release:  MarkWest Energy Partners Increases Quarterly Cash Distribution and 2014 Distributable Cash Flow Forecast   -   "MarkWest Energy Partners, L.P. (NYSE: MWE) (“MarkWest” or “the Partnership”) today announced that the Board of Directors of the General Partner of MarkWest Energy Partners, L.P., declared a cash distribution of $0.89 per common unit for the third quarter of 2014, for an implied annual rate of $3.56 per..."

WSIL TV:  Landowner Speaks Out About Fracking Lawsuit   -   "A group from Wayne County says they're fed up with state leaders, so they'll take them to court to get fracking. Illinois approved hydraulic fracturing more than a year ago. Lawmakers have spent months..."

Press release:  Hess Reports Estimated Results for the Third Quarter of 2014   -   "Hess Corporation (NYSE:HES) today reported net income of $1,008 million for the quarter ended September 30, 2014. Adjusted net income, which excludes items affecting comparability, was $377 million or $1.24 per common share, compared with $405 million or $1.18 per share in the year-ago..."


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