November 4, 2015 |
Weak realized natural-gas prices appear to be inhibiting production growth in the Marcellus Shale region, Fitch Ratings said Monday. The rating service said several key Marcellus producers are lowering 2016 production expectations because of low energy prices. Six Marcellus producers reported that production-weighted gas prices for the third quarter averaged $2.07 per thousand cubic feet, less than full-cycle costs estimated at $2.50 per unit. "Marcellus producers continue to pursue lower costs and improved efficiencies to remain competitive," Fitch said in a statement.
September 19, 2015 |
In an assist to the shale-gas industry, the speaker of Pennsylvania's House said Thursday that Republicans will propose a "Keystone Energy Zone" to extend tax breaks to gas-hungry manufacturers. Rep. Mike Turzai (R., Allegheny), speaking on the final day of the Marcellus Shale Coalition's two-day conference in Philadelphia, disclosed the tax-break concept as a counterpoint to Gov. Wolf's plan to create a natural-gas severance tax. "Let's quit talking about this severance tax, and let's talk about how we improve usage," Turzai said during an onstage discussion with David J. Spigelmyer, the coalition's president, and K. Scott Roy, a Range Resources Corp.
September 18, 2015 |
Except for a cluster of protesters outside, everybody at the Shale Insight 2015 conference at the Convention Center on Wednesday seemed to be on board with the concept of a Philadelphia energy hub. Representatives of industry, labor, and government said Pennsylvania's Marcellus Shale natural gas production could represent a tremendous economic opportunity for Philadelphia at the end of the pipeline - if only there were enough pipelines. "Despite the fact that this area of greater Philadelphia is relatively close to where that gas is being produced, there is grossly insufficient infrastructure to move that gas from the point of production to the point of consumption," said John Walsh, chief executive of UGI Corp., the Valley Forge energy company that has proposed a $1.1 billion pipeline from Pennsylvania to New Jersey.
September 17, 2015 |
After shifting its annual conference to Western Pennsylvania last year, the shale-gas industry returns to Philadelphia on Wednesday for a two-day gathering amid an economic climate substantially subdued from the industry's early go-go years. The Shale Insight 2015 conference at the Convention Center, sponsored by the Marcellus Shale Coalition, is placing an emphasis on the industry's ties to the Philadelphia region as a potential energy hub, if the pipelines to deliver shale-gas products can be built.
July 15, 2015 |
HARRISBURG - Gov. Wolf emerged from closed-door budget talks Monday saying he was "stunned" by what he called "the continued intransigence" of a top Republican legislator opposed to a new tax on natural-gas drillers. Wolf said House Speaker Mike Turzai (R., Allegheny), one of the legislature's most vocal opponents of the severance tax proposal, "would rather do good things for his friends in the oil and gas industry than help find a way to fund schools. " "We are not going to have a good future in Pennsylvania until we figure out how to fund schools," the governor said.
July 12, 2015 |
The shale gas industry and allies of Gov. Wolf ratcheted up rhetoric this week over a key component of the state's stalemated budget debate: Imposition of a severance tax on natural gas production. The Marcellus Shale Coalition says the proposed tax is the harshest in a series of hostile actions the Wolf administration has taken against the gas industry, one of the state's better-performing economic sectors in the last decade. "Since Gov. Wolf was elected, he has been talking about this industry being successful, but his actions really don't match the words," said David Spigelmyer, president of the coalition.
July 11, 2015 |
American Water Works Company, Inc. of Voorhees on Thursday completed its acquisition of Marcellus Shale water-service provider Keystone Clearwater Solutions of Hershey, Pa. The acquisition, announced in June, values Keystone at $130 million. American is acquiring 95 percent of the stock for $123.5 million. Keystone, founded in 2009, is owned by Rex Energy Corp., a shale-gas producer based in State College. Rex Energy's 60-percent share of the company will generate net proceeds of $66 million, which it says it will use to reduce debt and for general corporate purposes.
February 19, 2015 |
Despite low gas prices and a reduction in drill rigs, Marcellus Shale producers generated nearly 4 trillion cubic feet of natural gas in Pennsylvania last year, up 28 percent from the previous year, according to state figures. Exploration companies produced 2.08 trillion cubic feet of gas from 5,960 "unconventional" shale wells during the second half of 2014, up 10 percent from the first half of 2014. During all of 2013, Pennsylvania unconventional wells produced 3.1 trillion cubic feet of gas. Cabot Oil & Gas Corp.
February 2, 2015 |
SERGEANTSVILLE, N.J. - A blanket of snow overlay the idyllic landscape of farms, stone walls, and New Jersey's oldest surviving covered bridge last week. Alix Bacon, a regional manager for the New Jersey Conservation Foundation, swept her arm across the postcard vista. "All of this is preserved," said Bacon, whose organization played a key role in securing the development rights to maintain the region's rural character. Last year, a consortium of utilities announced plans to build the 110-mile PennEast Pipeline to deliver natural gas from Pennsylvania's Marcellus Shale region to an interconnection near Trenton.
January 26, 2015 |
The slowdown in domestic oil drilling is spilling over into the Marcellus Shale natural-gas region. Several large drilling companies have announced plans to reduce 2015 capital-spending plans in Appalachia in response to low energy prices. Some producers and service companies have already announced layoffs. "There's a tightening of capital," said David J. Spigelmyer, president of the Marcellus Shale Coalition, the industry trade group. "Cap-ex [capital expenditure] programs have declined fairly significantly here in the first quarter.