Post Tagged with: "Marcellus"

Seeking Shale Play Minerals & Royalties

Seeking Shale Play Minerals & Royalties

The following information is provided by Energy Advisors Group Inc. (EAG), formerly PLS Divestment Services. All inquiries on the following listings should be directed to EAG. EnerCom Inc. is not a brokerage firm and does not endorse or facilitate any transactions. Deal Summary Energy Advisors Group is assisting a mineral & royalty holding company seeking acquisitions of any size in the major US basins especially in plays such as the Permian Basin, Ark-La-Tex (Haynesville) and Appalachia (Utica, Marcellus). WANTED: MINERALS & ROYALTIES PERMIAN, EAST TEXAS, MARCELLUS, PENNSYLVANIA & WEST VIRGINIA BUYER SEEKING MINERALS, ORRI & RI Preference for Off Market Opportunities $50MM+ in Capital Ready to Deploy Asset Highlights: WANTED: MINERALS & ROYALTIES PERMIAN, EAST TEXAS PENNSYLVANIA & WEST VIRGINIA MARCELLUS & UTICA BUYER SEEKING MINERALS, ORRI & RI Buyer Has $50MM+ Ready to Deploy BUYER SEEKS NEGOTIATED DEALS Click here to view the online data room or visit www.energyadvisors.com/deals to view[Read More…]

Source: Crestwood Equity Partners

Crestwood Bolsters its Midstream Assets in the Bakken

By Tyler Losier, Energy Reporter, Oil & Gas 360 Commercial operations begin at the Bear Den II processing plant Crestwood Equity Partners LP (stock ticker: CEQP), a Houston-based master limited partnership, has begun commercial operations at its Bear Den II processing plant in Watford City, North Dakota. The Bear Den II facility is a 120 million cubic feet per day cryogenic processing plant located adjacent to Crestwood’s 30 million cubic feet per day Bear Den I plant, which has been in service since 2018. Bear Den II, still in its start-up phase, is currently producing approximately 65 million cubic feet per day. Once it reaches full capacity, Crestwood expects the facility to be able to support 100% of the gas volumes f… Login or click here to subscribe Username or E-mail Password Remember Me     Forgot Password

Source: Summit Midstream Partners LP

Summit Midstream Appoints New President and CEO

By Tyler Losier, Energy Reporter, Oil & Gas 360 Summit Midstream Partners appoints J. Heath Deneke as president, CEO and board member Summit Midstream Partners LP (stock ticker: SMLP), a master limited partnership located in The Woodlands, Texas, has appointed J. Heath Deneke to serve as its president and chief executive officer, effective September 16, 2019. Deneke was also nominated to serve on the board of directors for Summit Midstream GP LLC, the general partner of Summit Midstream Partners LP. He will replace Leonard Mallett, who has been serving as interim president and CEO for Summit since February 2019. Mallet will stay on as Summit’s chief operations officer, and will report to Deneke directly. “I am excited t… Login or click here to subscribe

Enbridge to Keep Kentucky Gas Pipe Shut for at Least a Week After Blast

Enbridge to Keep Kentucky Gas Pipe Shut for at Least a Week After Blast

From Reuters Canadian energy company Enbridge Inc said the section of its Texas Eastern pipeline in Kentucky that exploded on Thursday, killing one person, will remain shut through at least Aug. 12. Enbridge said in a notice to customers Monday afternoon it is working with federal and state officials investigating the incident and has not estimated when the damaged section of pipe will return to service. The U.S. National Transportation Safety Board has assumed control of the incident site in Kentucky and Enbridge said it is supporting that investigation. The blast, near Danville, Kentucky, was the second so far this year on the Texas Eastern system following an explosion in Ohio in January that injured at least two people. It was also the third big blast for Enbridge in less than a year following an explosion in British Columbia on its Westcoast system in October. Traders noted the Kentucky blast[Read More…]

Source: Lime Rock Resources

Buyer Revealed in Range’s $634 Million Appalachian Asset Sale

By Tyler Losier, Energy Reporter, Oil & Gas 360 Lime Rock Resources purchases 350,000 net surface acres of overriding royalty interests from Range Resources Corporation Lime Rock Resources, the E&P arm of private equity firm Lime Rock Partners, has closed on the acquisition of a non-operated overriding royalty interest (ORRI) in 350,000 net surface acres of the Marcellus shale, representing the company’s first procurement in the Appalachian basin. The ORRI is being sold by Range Resources (stock ticker: RRC) as part of the company’s divestiture of $634 million worth of Appalachian assets announced last week. Up until this point, the identity of the buyers involved in these transactions had not been disclosed. Source:… Login or click here to subscribe

Range Sells Appalachian Assets for $634 Million

Range Sells Appalachian Assets for $634 Million

By Tyler Losier, Energy Reporter, Oil & Gas 360 Range sells royalties in 350,000 net surface acres for $600 million, 20,000 non-producing acres for $34 million Range Resources Corporation (stock ticker: RRC), a Fort Worth-based independent E&P, has agreed to sell a 2% proportionately reduced overriding royalty interest in 350,000 net surface acres of its southwest Appalachian Basin assets. The deal, which is comprised of two separate transactions with an unnamed buyer, is expected to provide Range with total gross proceeds of $600 million. In June, Range closed the sale of 20,000 non-producing acres in Pennsylvania’s northwestern Armstrong country as well, also to an unnamed buyer, for a purchase price of $34 million. … Login or click here to subscribe

TransCanada acquired several natural gas assets in the United States, including the Hickory Bend Gathering System and Cryogenic Processing Plant, in Ohio, as part of the Columbia Pipeline Group acquisition in 2016.

TC Energy Unloads Columbia Midstream for $1.3 Billion

By Tyler Losier, Energy Reporter, Oil & Gas 360 UGI subsidiary to acquire Columbia Midstream from TC Energy subsidiary UGI Corporation (stock ticker: UGI) subsidiary UGI Energy Services has signed a definitive agreement to acquire the equity interests of Columbia Midstream Group (CMG) from a subsidiary of TC Energy Corporation (stock ticker: TRP) for approximately $1.275 billion. The assets owned by CMG include five gathering systems with a capacity of roughly 2,675,000 MMBtu per day and 240 miles of pipeline, located in the southwestern region of the Appalachian Basin. UGI expects that the transaction will be EPS neutral in the 2020 fiscal year, and accretive beginning in the 2021 fiscal year, excluding transaction and integ… Login or click here to subscribe

Williams Trades 35% Stake in Pipelines for $1.33 Billion

Williams Trades 35% Stake in Pipelines for $1.33 Billion

By Tyler Losier, Energy Reporter, Oil & Gas 360 New $3.8 Billion JV in the Marcellus/Utica Williams (stock ticker: WMB), an energy infrastructure company headquartered in Oklahoma, completed the formation of a $3.8 billion joint venture today with the Canada Pension Plan Investment Board (CPPIB). As part of the deal, which was first announced back in March, CPPIB trades approximately $1.33 billion for a 35% ownership stake in the Williams owned and operated Ohio Valley Midstream system in the western Marcellus and the Utica East Ohio Midstream system in the Utica shale play. Source: Williams Upon closing, Williams will retain a 65% ownership interest and operate the combined business. The money from CPPIB is being us… Login or click here to subscribe

Equals to Merge

Equals to Merge

By Tyler Losier, Energy Reporter, Oil & Gas 360 Oilfield service consolidation rolls on C&J Energy Services (stock ticker: CJ) and Keane Group, Inc. (stock ticker: FRAC) have entered into a definitive agreement to combine in an all-stock merger of equals. Upon close, the merger will create a well completion and production services company with a presence in most active U.S. basins. The deal was unanimously approved by both company’s boards of directors, in addition to the special committee of the Keane board.   Personnel High-ranking personnel at the new company include: Chairman of the Board – Patrick Murray (former C&J chairman of the board) President/CEO – Robert Drummond (former Keane CEO) Exe… Login or click here to subscribe

Marcellus and Utica Region Will Supply Nearly Half of Nation’s Natural Gas by 2040: IHS

Marcellus and Utica Region Will Supply Nearly Half of Nation’s Natural Gas by 2040: IHS

Natural gas liquids production in the Marcellus and Utica formations expected to nearly double in Ohio, Pennsylvania and West Virginia, drawing petrochemical expansion According to a new study from IHS Markit, the Marcellus and Utica shale formations’ production will increase exponentially in the next two decades, driving petrochemical growth in the region. Natural gas from the tri-state region of Ohio, Pennsylvania and West Virginia will supply 45 percent of the nation’s production by 2040, up from 31 percent this year, according to the IHS study. The production of the highly lucrative natural gas liquids ethane, propane and butane (LPG) is expected to nearly double in the same period, accounting for 19 percent of the nation’s total by… Login or click here to subscribe

Marcellus Producer Joins Oil Heavyweights in Cutting 2019 Spending

Marcellus Producer Joins Oil Heavyweights in Cutting 2019 Spending

Antero CapEx down 15% from 2018 levels The recent decrease in oil prices has driven many companies to curtail capital spending plans, as Permian heavyweights Diamondback Energy (stock ticker: FANG) and Parsley Energy (stock ticker: PE) have both announced slow spending. This shift is not constrained to merely oil producers, however, as Antero Resources’ (stock ticker: AR) spending plan reveals. Antero intends to spend between $1.1 and $1.25 billion in 2019, below its forecasted 2018 spending. Antero currently estimates it will spend $1.35 to $1.4 billion in 2018, so this new spending plan represents a drop of 15% at the midpoint. Previous analyst estimates predicted a significant increase in Antero’s spending in 2019, so this release re… Login or click here to subscribe

Hi-Crush will Supply Northern White Frac Sand to Chesapeake’s Marcellus and PRB Ops

Hi-Crush will Supply Northern White Frac Sand to Chesapeake’s Marcellus and PRB Ops

Chesapeake Energy (stock ticker: CHK) has signed up with Hi-Crush Partners LP (stock ticker: HCLP) for a new, long-term frac sand supply agreement for the in-basin purchase of Northern White frac sand to support Chesapeake’s completions program in the Marcellus and Powder River basins. Hi-Crush Partners announced a long-term contract with Chesapeake Energy to supply Northern White sand to Chesapeake’s Marcellus and PRB Ops. Hi-Crush sells a substantial portion of its frac sand on long-term contracts which have current terms expiring between 2018 and 2024. “As of October 1, 2018, the average remaining contract terms of our long-term contracts was 2 years with remaining terms ranging from 3 to 75 months,” Hi-Crush said in a Q3 filing. … Login or click here to subscribe

Range Appoints Director

Range Appoints Director

November 01, 2018 16:40 ET | Source: Range Resources Corporation FORT WORTH, Texas, Nov. 01, 2018 (GLOBE NEWSWIRE) — RANGE RESOURCES CORPORATION (NYSE: RRC) announced today that Steve Gray has been appointed to the Company’s Board of Directors. Mr. Gray’s appointment is effective October 30, and was mutually agreed upon by the Company’s Board of Directors and SailingStone Capital Partners, LLC. Mr. Gray will serve on the Board’s compensation committee. Previously, Mr. Gray served as a founder, director and Chief Executive Officer of RSP Permian Inc. from their inception in 2010 to 2018. When RSP Permian merged with Concho Resources Inc., he joined Concho’s Board of Directors and currently serves on the Reserves Committee. Prior to forming RSP Permian, Mr. Gray founded several successful oil and gas ventures spanning nearly 20 years in partnerships with Natural Gas Partners, an Irving, Texas based private equity company.  Prior to going into business for himself, Mr. Gray spent 11 years[Read More…]

November 2, 2018 - 12:26 pm Closing Bell Story, Corporate Governance
Source: Southwestern Energy

Southwestern Q3: Heard on the Call

Southwestern Energy (ticker: SWN) reported its Q3 results and held its Q3 earnings call today, providing more information about Northeastern Appalachian dynamics, NGL production growth, and also discussed the merits of liquid-rich wells. Highlights from the Q3 results include: Generated positive net cash flow after capital investment; full year capital guidance unchanged Reported net cash provided by operating activities of $307 million and net cash flow of $355 million, 45% and 43% higher, respectively Produced 252 Bcfe, including a 22% increase in Appalachia to 187 Bcfe Achieved record liquids production of 67.1 MBbls per day including 56.3 MBbls per day of NGLs and 10.8 MBbls per day of oil Captured $2.51 per Mcfe wei… Login or click here to subscribe

October 26, 2018 - 5:53 pm Closing Bell Story, Earnings
Cabot Updates Ops, Executes Agreements on Leidy South

Cabot Updates Ops, Executes Agreements on Leidy South

Houston-based Cabot Oil & Gas (ticker: COG) provided an operational update for its third quarter yesterday, in light of the in-service date delay for the Atlantic Sunrise Project from August 2018 to October 6, 2018. Notable points in the operational update: Expected net production for 3Q 2018 of 2,029 Mmcfe/d. 7% sequential increase in daily net production relative to 2Q 2018. 19% increase relative to the prior-year comparable quarter on divestiture-adjusted basis.   Current gross operated production volumes above 2.6 Bcf/d. Means increase of over 400 Mmcf/d. 19% increase relative to the average daily gross volumes during 2Q 2018.   Natural gas price realizations for 3Q 2018 expe… Login or click here to subscribe

October 9, 2018 - 2:48 pm Closing Bell Story, Finance
Frac Sand, You Are Now Free to Move about the Marcellus/Utica via Rail and Barge

Frac Sand, You Are Now Free to Move about the Marcellus/Utica via Rail and Barge

Appalachian region’s first unit train/barge transloading facility up and running In the heart of the Marcellus and Utica shale formations is a project called Long Ridge Energy Terminal. Long Ridge is owned by Fortress Transportation and Infrastructure Investors Ltd (NYSE: FTAI), which is managed by Fortress Investment Group (NYSE: FIG). Long Ridge offers natural gas liquids storage and transloading, and frac sand transloading. The logistics facility, located on 1,660 acres in Monroe County, Ohio and Wetzel County, West Virginia, has completed its rail loop track construction project, opening the door for three unit trains of frac sand and other commodities to be transported. Long Ridge is the only terminal in the Appalachian Basin with both unit train and barge transloading capabilities. The sand transloading infrastructure includes: Two barge docks on the Ohio River with docking capacity of up to 48 barges 12-mile short-line railroad into the terminal that provides access[Read More…]

EQT Records $2.3 Billion Non-Cash Impairment Charge

EQT Records $2.3 Billion Non-Cash Impairment Charge

EQT Corporation (ticker: EQT) reported a net loss of income attributable to EQT of $1,586 million, or $(5.99) per diluted earnings per share. The net loss attributable to EQT for the first quarter of 2018 was impacted by an impairment charge of $2.3 billion associated with the Huron and Permian Plays, increases in other operating costs, lower gains on derivatives not designated as hedges and higher interest expense. According to EQT, this more than offset higher revenue from an 88% increase in sales volume, lower corporate income taxes, and higher pipeline and net marketing services revenue. In Q1 2018, the company had average daily sales volumes of 3,967 MMcfe/d and capital expenditures in the quarter were $675 million. Wells spud and turned-in-line Wells drilled (spud) Marcellus Upper Devonian Ohio Utica (net) Q1 2018 24 2 6 2018 Forecast 134 16 25 Q2 2018 Forecast 35 – 40 3 – 5[Read More…]

Eclipse Resources Plans 33 Super Laterals for 2018

Eclipse Resources Plans 33 Super Laterals for 2018

Eclipse Resources Corporation (ticker: ECR) had a net income for 2017 of $8.5 million, or $0.03 per share. For reference, the company had a net loss of $206.7 million, or $(0.86) per share for 2016. The fourth quarter of 2017 showed a net loss of $13.1 million, or $(0.05) per share. In Q4 2016 the company had a net loss of $62.083 million, or $(0.24) per share. Average net daily production for Q4 2017 was 311.7 MMcfe/d and consisted of 74% natural gas and 26% liquids. Production for the full year of 2017 was 310.7 MMcfe/d and consisted of 77% natural gas and 23% liquids. Capital expenditures for 2017 were $314.1 million, including $246.4 million for drilling and completions, $10.5 million for midstream expenditures, $55.9 million for land-related expenditures and $1.3 million for corporate-related expenditures. Fourth quarter 2017 capital expenditures were $32.3 million, including $21.8 million for drilling and completions,[Read More…]

Range Resources Earns $333 Million in 2017, Plans $941 Million CapEx

Range Resources Earns $333 Million in 2017, Plans $941 Million CapEx

Range Resources Corporation (ticker: RRC) produced 1,444 MMcf/d of natural gas, 106,038 Bbls/d of NGLs and 15,007 BPD of crude oil and condensate in Q4 2017. Also in Q4 2017, the company had a net income of $221.185 million, or $0.89 per share. This compares to a net loss of $160.709 million, or $(0.66) per share in Q4 2016. For the full year of 2017, Range produced 1,343 MMcf/d of natural gas, 97,834 Bbls/d of NGLs and 13,115 BPD of crude oil and condensate. In 2017, Range had a net income of $333.146 million, or $1.34 per share. This compares to a net loss of $521.388 million, or $(2.75) per share for the full year of 2016. Appalachia Production for the fourth quarter of 2017 averaged approximately 1,799 net MMcfe/d from the Appalachia division, a 27% increase over the prior year. Included in this amount was over 100,000 BPD of[Read More…]

Cabot Oil & Gas Earns $100 Million in 2017, Plans $950 Million 2018 CapEx

Cabot Oil & Gas Earns $100 Million in 2017, Plans $950 Million 2018 CapEx

Cabot Oil & Gas Corporation (ticker: COG) produced 685.3 Bcfe in 2017. The production mix consisted of 655.6 Bcf of natural gas, 4,440.9 Mbbls of crude oil and condensate and 512.1 Mbbls of NGLs. Cabot incurred a total of $757.2 million of capital expenditures in 2017, including $637.2 million of drilling and facilities capital associated with drilling 91 gross (82.5 net) wells and completing 105 gross (94.2 net) wells. Additionally, $102.3 million of leasehold acquisition capital was spent in association with the company’s leasing efforts in two new exploratory operating areas, and $17.7 million of other capital was spent, Cabot said. The company also contributed $57.0 million to its equity pipeline investments in 2017. Full year 2017 net income was $100.4 million, or $0.22 per share, compared to a net loss of $417.1 million, or $(0.91) per share, in 2016. Fourth quarter 2017 net loss was $44.4 million, or $(0.10)[Read More…]

Hi-Crush Sells 8.93 Million Tons of Frac Sand in 2017

Hi-Crush Sells 8.93 Million Tons of Frac Sand in 2017

Hi-Crush Partners LP (ticker: HCLP) reported its Q4 and full year 2017 results. Revenues for the fourth quarter of 2017 totaled $216.5 million on sales of 2,985,115 tons of frac sand. This compares to $167.6 million of revenues on sales of 2,456,195 tons of frac sand in the third quarter of 2017. “Hi-Crush’s performance in the fourth quarter is the result of a year of strategic planning and focused execution,” said CEO Robert E. Rasmus. “We acted quickly, proactively and also took advantage of an improved environment in the frac sand space. From the first quarter, with our purchase of Whitehall and the development of our Permian Basin Kermit facility, to the fourth quarter, when we achieved full utilization at our Kermit facility, while placing into service our Pecos terminal and our tenth PropStreamTM crew, our team worked tirelessly to get us where we are today.” Q4 2017 Average sales[Read More…]

Antero Resources: Longer, Faster Marcellus Laterals

Antero Resources: Longer, Faster Marcellus Laterals

Antero spent $1.28 billion on drilling and completions in 2017, producing an average of 2,253 MMcfe/d Full-year and Q4 2017 spending Antero Resources (ticker: AR) spent $1.282 billion on drilling and completions in 2017. The company invested $204 million for land, excluding $176 million for proved property acquisitions, $346 million for gathering and compression systems and $195 million for water infrastructure projects, including $123 million for the Antero Clearwater Treatment Facility. Antero’s drilling and completion capital expenditures for Q4 2017 was $335 million. The company invested $22 million for land, $92 million for gathering and compression systems and $51 million for water infrastructure projects, including $25 million for the Antero Clearwater Treatment Facility. Production and income For 2017, Antero’s net daily production averaged 2,253 MMcfe/d, including 105,470 Bbl/d of liquids (28%). Reported net income was $615 million, or $1.94 per diluted share Net income for the fourth quarter of 2017[Read More…]

EQT Sets a Record in the Marcellus

EQT Sets a Record in the Marcellus

EQT announces $2.4 Billion CapEx which it expects to fund entirely from cash flow Earlier this week Pittsburgh-based EQT Corporation (ticker: EQT) turned in line the longest lateral completed to date by any operator in the Marcellus. The Haywood H18 well in Washington County, PA has a completed lateral length of 17,400 feet and will develop 42 Bcfe of reserves. Laterals of this length are projected to have development costs of $0.36/Mcfe and will generate an IRR greater than 70% at $3.00 NYMEX. EQT said it plans to drill 27 Marcellus wells at 17,000 feet or longer in 2018. CapEx for 2018 EQT also announced its 2018 capital expenditure forecast of $2.4 billion, which includes $2.2 billion for well development and $150 million for acreage fill-ins and bolt-on leasing. Based on current pricing and synergy capture, the 2018 drilling program is expected to be fully funded through adjusted operating cash[Read More…]

Kalnin Ventures Buys Sixth Marcellus Position for $105 Million

Kalnin Ventures Buys Sixth Marcellus Position for $105 Million

Kalnin Ventures LLC announced today that an affiliate of its BKV Oil and Gas Capital Partners, LP fund has entered into purchase and sale agreements with respect to the fund’s sixth acquisition in thirty months in the Northeast portion of the Marcellus Shale. Kalnin said it expects the deal to close by the end of December 2017. The Fund is financially backed by its sole investor, Banpu Pcl, a Thailand-based coal mining and power-generation company with total assets of approximately $7 billion. The transaction with Warren Resources, Inc. includes Warren’s entire Northeast Marcellus position and is valued at $105 million, with potential of two additional payments of $3.75 million each over the next two years, depending on natural gas prices. This acquisition takes the Fund’s acquisition tally up to $522 million invested in the Marcellus to date. According to Warren Resources’ website, the company has 6,982 gross (5,289 net) contiguous[Read More…]

Source: WPX

EQT Corporation Q3: $402 Million Net Cash from Operations, Adds 35 Net Wells

Mountain Valley Pipeline project expected to receive remaining permits and approvals in Q4 2017, with construction to commence soon after EQT Corporation (ticker: EQT) released its Q3 earnings report today. EQT Q3 Highlights and financial results Production sales volume was 5% higher than Q3 2016 Average realized price was 26% higher than Q3 2016 Received FERC Certificate for Mountain Valley Pipeline Three Months Ended September 30, 2017 ($ millions, except EPS)   2017 2016 Difference Net Income/(Loss) Attributable to EQT $ 23.3 $ (8.0 ) $ 31.3 Adjusted Net Income/(Loss) Attributable to EQT (a non-GAAP measure) $ 20.8 $ (47.9 ) $ 68.7 Diluted Earnings Per Share (EPS) $ 0.13 $ (0.05 ) $ 0.18 Adjusted Earnings Per Diluted Share (EPS) (a non-GAAP measure) $ 0.12 $ (0.28 ) $ 0.40 Net Cash Provided by Operating Activities $ 402.4 $ 274.3 $ 128.1 Adjusted Operating Cash Flow Attributable to EQT(a[Read More…]

Range Resources Corporation Releases Q3 Results

Range Resources Corporation Releases Q3 Results

RRC: the last of Range Resource’s natural gas transportation projects are coming on line Q3 Stats Year to date 2017 GAAP net income was $112 million, or $0.45 per diluted share, compared to a net loss of $361 million, or $2.10 per share in the comparable period of 2016 Year to date net cash provided from operating activities (GAAP) was $601 million, compared to $206 million in the comparable period of 2016, an improvement of 192% while year to date cash flow from operations before changes in working capital, (non-GAAP), reached $656 million, compared to $316 million, an improvement of 108% Two recently completed Marcellus super-rich pads were brought on line with average per well 24-hour IPs of 41.3 MMcfe/day, containing 64% liquids, with 20% being condensate Record Q3 production totaled 1.99 Bcfe/day, an increase of 32% compared to the prior-year quarter NGL pre-hedge realized prices improved to $16.93 per[Read More…]

Exclusive Video Interview with Range Resources Chairman, President & CEO Jeff Ventura

Exclusive Video Interview with Range Resources Chairman, President & CEO Jeff Ventura

Range Resources: generating average recoveries in the Marcellus between 2.5 – 3 Bcf per 1000 feet of lateral At its recent 2017 The Oil & Gas Conference®, EnerCom’s Oil & Gas 360® conducted an exclusive video interview with Marcellus producer Range Resources (ticker: RRC) Chairman, President & CEO Jeff Ventura. Credited with discovering and launching the Marcellus shale play, Range operates primarily in two large core areas: the Marcellus Shale in Pennsylvania and the Lower Cotton Valley in Northern Louisiana. Range develops its acreage in both the Marcellus Shale and North Louisiana with an eye toward improving well results through the use of technology and detailed analysis of its properties. Range has nearly one million net acres across Pennsylvania, most of which has stacked pay potential for the Marcellus, Utica and Upper Devonian shale formations. It also has approximately 220,000 net acres in Northern Louisiana, which has stacked pay potential[Read More…]

Range Resources Q2 2017: $70 Million Net Income Reverses Last Year’s Loss

Range Resources Q2 2017: $70 Million Net Income Reverses Last Year’s Loss

Production approaching 2 Bcfe per day During its second quarter of 2017, Range Resources (ticker: RRC) reported a net income of $70 million as compared to a net loss of $225 million a year ago. The company’s cash margins grew to $1.09 per Mcfe up from $0.70 per Mcfe in Q2, 2016. Range reached a new record in production at an average of 1.945 Bcfe per day—37% higher than the production for Q2, 2016.  The company highlighted a seven-well pad in the liquids-rich portion of the Marcellus with an average initial production of approximately 29.1 Mmcfe per day, 73% liquids. The company also highlighted a dry gas four-well pad on the eastern edge of the Marcellus with average production rates averaged 30.0 Mmcfe per day. Range’s second quarter capital expenditures totaled $280 million for drilling and completion operations for 35 (32 net) wells. The company also spent $8.6 million on[Read More…]

Energy Transfer Partners Sells $1.5 Billion Stake in Rover Pipeline Project to Blackstone

Energy Transfer Partners Sells $1.5 Billion Stake in Rover Pipeline Project to Blackstone

Two subsidiaries of Energy Transfer Partners (ticker: ETP), Energy Transfer Interstate Holdings, LLC and ET Rover Pipeline LLC, announced July 31 that they would be selling a 49.9% interest in HoldCo, which owns a 65% interest in the Rover Pipeline—amounting to a 32.44% stake of the pipeline. The sale of the pipeline interest is going to Blackstone Energy Partners and Blackstone Capital Partners for $1.57 billion. The Rover Pipeline is a 700-mile long pipeline that will increase carrying capacity out of the Marcellus and Utica plays by approximately 3.25 Bcf per day. The pipeline will be carrying some gas to Canada for processing and re-sale to U.S. and Canadian markets, and some gas immediately to U.S. markets.

August 1, 2017 - 3:26 pm Closing Bell Story, Midstream, Oil and Gas 360 Articles
Marcellus Leaders are Presenting at EneCom’s The Oil & Gas Conference® 22 in Denver

Marcellus Leaders are Presenting at EneCom’s The Oil & Gas Conference® 22 in Denver

When Range Resources (ticker: RRC) completed the Renz #1 well in Pennsylvania, the Marcellus play was proven to be a viable resource play for natural gas. That was back in 2004. Today many of the large U.S. independents operate in the Marcellus, a vast shale formation that stretches from southwestern Virginia to southern New York. The play’s prospective area is approximately 72,000 square miles. The EIA estimates the Marcellus’ proven reserves value at about 77.2 Tcf, as of 2015. The formation produces dry natural gas out of the northeastern Pennsylvania portion, but becomes more liquids rich as it trends southwest. In some areas, the Marcellus is as thick as 900 feet and with typical thickness varying between 200 and 600 feet. With a significant amount of gas available for production, one obstacle to further development of the Marcellus is the ability for producers to move gas out of the area.[Read More…]