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Friday, April 29, 2016

04/29/16 Links of the Day: Oil & Gas Expo in Belmont County, New Pipeline Safety Bill Approved, and More

Bloomberg:  Schlumberger CEO Sees 'Full-Scale Cash Crisis' in Oil Sector   -   "Schlumberger Ltd. cut more jobs in the first quarter as the world’s largest provider of oilfield services sees the industry in an unprecedented downturn. The global headcount dropped to 93,000 at the end of the first quarter with the..."

Business Journal Daily:  ODNR Officials Tout Well Oversight at Chamber Event   -   "The plugging of the injection well blamed for a dozen tremors of the Mahoning Valley in 2011 should be on its way to being completed, an official with the Ohio Department of Natural Resources said Tuesday. The plugging of the Northstar No. 1 well, one of the assets of the former D&L Energy, went through the appeals process..."

WTOV News:  Oil and Gas Expo Draws Thousands to Belmont County   -   "It's an industry meeting of the minds each year; the annual Belmont County Oil and Gas Expo is underway. Belmont County has hosted the expo for five years now. The event draws thousands of people to the area. More than 100 businesses signed on to take part in..."

Forbes:  Why Pipelines Could Soon Feel the Next Devastating Phase of the Oil Bust   -    "When oil and natural gas prices began their swan dive in 2014 and continued their descent in 2015, the casualties seemed obvious. Exploration and production companies would need to file for bankruptcy protection and restructure en masse. Banks that financed these companies would need..."

Press release:  Range Announces First Quarter 2016 Results   -   "Commenting, Jeff Ventura, the Company's CEO said, "Range continues to achieve excellent operational results with unit costs declining by 10% year-over-year and significant operational efficiency gains being realized. The improvements in our unit cost structure combined with our best-in-class well costs make Range resilient..."

Press release:  EV Energy Partners Announces Suspension of Cash Distribution, Repurchase of Senior Notes and Schedules First Quarter 2016 Earnings Release   -   "EV Energy Partners, L.P. (Nasdaq:EVEP) today announced that it has elected to suspend distributions to unit holders, effective immediately. As part of the amendment to its senior secured credit facility signed earlier this month, the Partnership was authorized to use up to $35 million of balance sheet cash or available borrowing base capacity to repurchase..."

Press release:  EQT Reports First Quarter 2016 Earnings   -   "EQT Corporation (NYSE: EQT) today announced first quarter 2016 net income attributable to EQT of $5.6 million, or $0.04 per diluted share (EPS), compared to earnings of $173.4 million, or $1.14 per diluted share for the first quarter of 2015. Adjusted net income was $10.5 million in the first quarter..."

Press release:  EQT Current 2016 Operational Forecast   -   "EQT Corporation (NYSE: EQT) issued a 2016 capital expenditure (CAPEX) forecast of $1.0 billion, excluding business development, land acquisitions and Midstream capital associated with planned asset dropdowns in 2016; and including $820 million for..."

Press Connects:  MYSTERY OF SICK FOALS: Was fracking to blame on PA farm?   -   "From a mile away, Allerage Farm’s magnificent barn can be seen amid rail fences, rolling pastures and red and white outbuildings on a hill rising some 1,500 feet from the Susquehanna River basin. Drawing near, the Bradford County, Pennsylvania postcard..."

Natural Gas Now:  Tom Wilber Trashes Fracking with Foal Fairy Tale   -   "Tom Wilber is a good writer, if only it wasn’t fracking fairy tales that he wrote. He’s a fractivist groupie. I like his writing style because it flows so naturally, which is, I suppose, why he’s so good at telling fairy tales. It’s like he’s right there with you in your living room doing a master storyteller routine, complete with a full repertoire of voice modulations, wild gestures and big eyes, pulling you..."

NGI:  Pipeline Safety Bill Unanimously Approved by House Energy Committee   -   "After tweaking a controversial section on emergency orders, the House Energy and Commerce (E&C) Committee unanimously approved a pipeline safety bill to reauthorize the Natural Gas Pipeline Safety Act for five years, beginning in..."

NGI:  House Republicans, State Regulators Skewer BLM Over Flaring, Venting Rules   -   "House Republicans and state regulators sparred with Democrats and the Department of Interior’s (DOI) Bureau of Land Management (BLM) at a hearing Wednesday to discuss proposed rules governing flaring and venting of associated natural gas on public and tribal lands, with both sides in open disagreement..."

Press release:  Hess Reports Estimated Results for the First Quarter of 2016   -   "Hess Corporation (NYSE: HES) today reported a net loss of $509 million, or $1.72 per common share, in the first quarter of 2016 compared with a net loss of $389 million, or $1.37 per common share, in the first quarter of 2015. On an adjusted basis, first quarter 2015 adjusted net loss was $279 million. Lower realized selling prices reduced..."

Seeking Alpha:  Hess (HES) John B. Hess on Q1 2016 Results - Earnings Call Transcript   -   "Our strategy in this lower for longer price environment is guided by three principles: preserve our balance sheet, preserve our operating capabilities and preserve our growth options. To preserve our balance sheet, on February 4, we successfully executed a capital raise of $1.6 billion through common and mandatory convertible preferred stock..."

Press release:  Antero Resources Reports First Quarter 2016 Financial Results and Increases Production Guidance   -   "Antero Resources Corporation (NYSE: AR) ("Antero" or the "Company") today released its first quarter 2016 financial results and announced increased 2016 production guidance. The relevant consolidated financial statements are included in Antero's Quarterly Report on Form 10-Q for the quarter ended March 31, 2016, which has been filed with..."

Natural Gas Now:  An Insane Dimock Verdict Gets Challenged   -    "Cabot Oil & Gas has filed its detailed challenge of the Dimock verdict with the court and the introduction is a thing of beauty. We have reproduced it below for interested readers and highly encourage all to review it and also peruse the entire filing, which may be found here. The Dimock verdict was, as Cabot’s attorney’s demonstrate, “an aberrant result..."

SNL:  EPA Wants Closer Look at Energy Transfer's Rover Gas Pipeline   -   "The U.S. EPA requested more involvement from federal and state agencies in feedback on FERC's draft environment impact statement for three connected Energy Transfer Partners LP natural gas pipeline projects. In response to a draft environmental impact statement, or EIS, released April 18, EPA recommended further efforts to remedy the "insufficient information" provided in the draft..."

Press release:  CONSOL Energy Reports First Quarter Results; Record Quarterly E&P Production of 97.5 Bcfe; Total E&P Division Cash Costs of $1.33 Per Mcfe; Borrowing Base Reaffirmed at $2 billion; Liquidity Increases to $1.3 billion

Seeking Alpha:  CONSOL Energy (CNX) Nicholas J. DeIuliis on Q1 2016 Results – Earnings Call Transcript   -   "We’re starting to see the dry Utica Shale play into the mix and help further lower cost. And we expect the exciting play to become a much bigger part of our future development program. Now, as for our gas hedging program, we layered in a substantial amount of hedges in the out-years. By layering in these hedges, we’re able to lock in our revenue..."

Huffington Post:  Fossil Fuel Companies Need to Become Renewable Energy Companies   -   "It seems clear that Exxon Mobil and other parts of the fossil fuel industry have tried to suppress the science of climate change. I am not surprised that these companies acted in their short-term self-interest, and I expect them to continue to advance those interests. Their deception is disappointing and..."

Press release:  Southwestern Energy Announces First Quarter 2016 Financial And Operating Results   -   "We began the year by leveraging the momentum built by our operational teams in 2015 and are making good progress executing on our strategic initiatives to position the Company for long-term value creation," remarked Bill Way, President and Chief Executive Officer of Southwestern Energy. "While adjusting activity levels to align with the commodity prices, we exceeded guidance on production volumes and associated costs by..."


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