12/10/15 Links of the Day: Chesapeake Problems Pile Higher, Oil Continues to Fall, and More

EQT:  EQT Announces 2016 Operational Forecast   -   "The Company plans to drill five deep Utica wells with an average lateral length of 5,200 feet; and based on results, may drill up to an additional five wells. EQT owns approximately 400,000 net acres that the Company believes to be prospective for the deep Utica..."

The Intelligencer/Wheeling News-Register:  Demolition Begins at Burger Site; Deal Not Finalized   -   "FirstEnergy Corp. officials hope to return the closed R.E. Burger power plant site to an open greenspace less than one year from now in preparation for selling the 150-acre site for construction of the $5.7 billion PTT Global Chemical ethane cracker..."

PDC Energy:  PDC Energy Announces 2016 Capital Budget of $450 to $500 Million; Anticipates 35% to 40% Annual Production Growth With Projected Year-End 2016 Debt to EBITDA of Approximately 1.4x   -   "Early in 2016, PDC plans to spend approximately $34 million in the Utica to drill, complete and turn-in-line five wells. The planned activity will focus on further delineation of its southern acreage, determining the impact of well-orientation on productivity and testing improved capital efficiency of 10,000 foot laterals. All wells in the 2016 budget are expected to provide a rate-of-return in excess of..."

The Daily Caller:  Hillary Supported Fracking in Africa, No More in the U.S.   -   "Hillary Clinton was a major force behind bringing fracking to African countries during her tenure as Secretary of State, although she now opposes fracking in..."

Forbes:  A Glimmer of Hope Amid the Oil Glut Gloom   -   "WTI oil futures prices are below $38 but there is a glimmer of hope in EIA’s Short-Term Energy Outlook (STEO) released today–world consumption increased in November and supply fell. OPEC did what everyone expected..."

Oilpro:  Halli-Baker's Anti-Trust Headache Becomes A Migraine - A New Challenge Emerges   -   "Since the Halliburton - Baker Hughes merger was announced more than a year ago, anti-trust concerns have plagued the deal's path to closing. Regulators from the US DOJ to the EU Commission have scrutinized the deal, seeking more information than normal from the companies given..."

Akron Beacon Journal:  Drilling Rigs in Appalachian Basin Drop from 132 to 64 in Year   -   "The number of drilling works working in the Appalachian Basin continues to drop. A year ago, Ohio, West Virginia and Pennsylvania had 132 rigs at work: 46 in Ohio, 55 in Pennsylvania and 31 in West Virginia, according to data from Baker Hughes, the well service..."

Associated Press:  Pennsylvania Sues Chesapeake Energy Over "Deceptive" Leases   -   "Pennsylvania's attorney general sued one of the nation's largest producers of natural gas on Wednesday over claims it cheated at least 4,000 landowners who signed drilling leases with the company. Oklahoma City-based Chesapeake Energy Corp. tricked landowners into signing industry-friendly leases..."

Seeking Alpha:  It's Time to Stop Drilling - Or It's a Race to the Bottom   -   "As everyone knows, oil and gas prices have recently taken yet another and substantial leg lower. As I predicted in my Seeking Alpha piece of December 2014 (Saudi Arabia: Do The Math), domestic shale producers have proved to be a resilient bunch. Despite the plunge..."

Daily Jeffersonian:  The Future of Shale Discussed at December Guernsey Energy Coalition Meeting in Cambridge   -   "Questions about the uncertainty of the gas and oil boom rebound, energy, the economy and environmental issues, the long term outlook for natural gas development in the Marcellus and Utica shale formations, and the growing demand for energy from developing countries were a few of the topics..."

Drilling Info:  Make the Oil and Gas Downturn Work for You   -   "Even for glass-half-full type of people, the oil and gas downturn is lasting longer than we wish. And for those that are the glass-half-empty type, the slump in prices has lasted so long that you may be passed the bury your head in the sand strategy and on to “something has to be done.” Either way, the scary headlines keep..."

Fuel Fix:  OPEC Report and U.S. Dollar Tag-Team to Pummel Crude Once More   -    "One hundred and eighty-five years after the birth of American poet Emily Dickinson, and OPEC has been waxing lyrical today in its latest monthly oil report. The cartel has tweaked its oil demand growth expectations up slightly this year to 1.53 million barrels per day, an increase of..."

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