Capital Discipline By E&Ps May Summon Investors

As the end of the first quarter of 2018 nears, analysts see the trend of E&Ps seeking to return more capital increasing, according to a recent report from Guggenheim Securities LLC. Likewise, a research report from Morgan Stanley energy analysts highlights upstream capital discipline and rising North American energy cash returns. The potential outcome: renewed interest from investors previously turned off by the sector’s practice of outspending cash flow.
Source: Daily Dose of ShaleDirectories.com News

https://www.shaledirectories.com/blog/capital-discipline-by-eampampps-may-summon-investors/

Australian E&Ps With US Focus Top The Charts

Australian investors with an appetite for U.S. oil and gas plays have enjoyed a veritable financial feast on the Australian Securities Exchange (ASX) from two standout stocks starring at the top of the annual and quarterly performance charts. The industry may just be beginning to raise its head above the parapet, but green shoots have given rise to a fully-fledged recovery in the Australian oil and gas sector with four straight quarters of growth culminating in 17% market cap growth in the year to Jan. 31. The return of sunnier dispositions, as revealed by Australian Oil & Gas Research, was characteristically led by the $6 billion cap top-tier companies, which grew 16% during this period, but the real stock stars were the next tier First Division players (market cap greater than $100 million) which expanded by a fist-pumping 63%.
Source: Daily Dose of ShaleDirectories.com News

https://www.shaledirectories.com/blog/australian-eampampps-with-us-focus-top-the-charts/

Shell Warns Of Future LNG Supply Crunch

Tens of billions of dollars of new investment is needed in LNG projects to avoid a supply crunch in the 2020s, Royal Dutch Shell has warned. The global market is still absorbing supplies from a wave of LNG megaprojects built in Australia over recent years, as well as the emergence of the U.S. as a net gas exporter for the first time in more than half a century. But Shell, one of the world’s largest suppliers of LNG, said renewed investment was needed to meet surging demand from China and other developing countries.
Source: Daily Dose of ShaleDirectories.com News

https://www.shaledirectories.com/blog/shell-warns-of-future-lng-supply-crunch/

Working gas pulled from storage totals 100+ Bcf for 9th straight week

The volume of working gas pulled from storage during the week ended Feb. 16, totaled more than 100 billion cubic feet (Bcf) for the ninth consecutive week, the Energy Information Administration reported.

Working gas remaining in storage after 124 Bcf was withdrawn from storage during the week ended Feb. 16, totaled 1.76 trillion cubic feet (Tcf), down from 1.88 Tcf one week earlier. (All numbers are rounded.)

The latest EIA total was down 609 Bcf, or 25.7%, from 2.37 Tcf underground one year ago, and was down 412 Bcf, or 19.0%, from the five-year average of 2.17 Tcf, Kallanish Energy reports.

All five regions EIA divides the Lower 48 U.S. states into to track stored working gas reported a week-to-week drop in product. The largest withdrawal was in the Midwest Region, where 40 Bcf, or 8.5%, of working gas was pulled, leaving 428 Bcf remained in storage.

The latest Midwest total is down 188 Bcf, or 30.5%, from the year-ago total of 610 Bcf, and down 103 Bcf, or 19.4%, from the five-year average of 531 Bcf, EIA reported.

The South Central Region recorded 35 Bcf, or 5.4%, was pulled from storage during the week ended Feb. 16, with working gas remaining fall to 614 Bcf, down from 649 Bcf in place for the week ended Feb. 9.

The South Central total was down 348 Bcf, or 36.2% from the year-ago total of 962 Bcf, and was down 209 Bcf, or 25.4%, from the five-year average of 823 Bcf.

Source: Daily Dose of ShaleDirectories.com News

https://www.shaledirectories.com/blog/working-gas-pulled-from-storage-totals-100-bcf-for-9th-straight-week/

Snow Dance Worked But Science Behind It Doesn’t

A couple of weeks ago anti-fracking activists thought it would be amusing to host “Dance for Snow” events around Colorado to try and take advantage of a dry winter in Colorado. Participants were encouraged to register their events on 350.org, but as of now just one is listed in Denver.

Ironically, between the time they posted their promotional video and their event this weekend, Denver and the state of Colorado have been locked in cold spell with Denver receiving around 5” of snow this week, and another 2” expected tonight, with about 2-6” expected to fall Saturday morning in the Denver metro area. In the mountains, in places like Wolf Creek, 38” of snow came down in the last 72 hours this week, adding to Colorado’s snowpack.

If it snowed because of their dance, then we owe them a big thank you!

This isn’t the first time that activists have been treated to snow and cold conditions when trying to make their point. Recall the climate march last year, or the protest at the Lakewood office of the Bureau of Land Management (BLM), and in Boulder, CU Denver fossil fuel divestment activists protested by camping out in tents on top of snow.

Par for the course, anti-fracking activists are adding to their strong track record of impeccable timing when it comes to planning these types of climate events that claim fossil fuels development is increasing climate change. Saturday’s “Dance for Snow” event will only add to the list of climate rally fails, as it’s been a chilly (record-breaking cold) and snowy week in Denver.

Getting the Science Wrong:

In the promo video, a great line from “the snow dance” song says, “don’t weigh me down with science, and your constant need for proof.” Although this is meant to be a “silly” promo video, the scary truth is that the basis of the Colorado People’s Climate Justice Platform, which is a major part of the “Dance for Snow” event on Saturday, really does disregard science.

Source: Youtube

The Colorado’s People’s Climate Justice Platform touts the 2018 Colorado setback ballot initiative, fossil fuel divestment and promotes a rapid shift to a 100 percent renewable platform, all of which do nothing to move the needle on climate change.

Reality check, here in Colorado, a recent EPA report says that oil and gas methane emissions are down 47% in the four corners region, an area known by environmentalist as a “hot spot.” The recent increased use of natural gas — thanks to hydraulic fracturing — has made dramatic declines in air pollution.

EID Climate has noted that the United States is a global leader in reducing greenhouse gas emissions – a feat that is directly attributable to increased production and use of clean-burning natural gas.

The U.N. Intergovernmental Panel on Climate Change (IPCC), widely regarded as the definitive voice on global warming, affirmed the climate benefits of natural gas in its 2014 Fifth Assessment Report, including the important role that fracking has played:

“A key development since AR4 is the rapid deployment of hydraulic fracturing and horizontal drilling technologies, which has increased and diversified the gas supply and allowed for a more extensive switching of power and heat production from coal to gas (IEA, 2012b); this is an important reason for a reduction of GHG emissions in the United States.” 

The International Energy Agency (IEA) has also credited natural gas for helping the United States be among the world leaders in reducing emissions:

“The biggest drop came from the United States, where carbon dioxide emissions fell 3%, or 160 million tonnes, while the economy grew by 1.6%. The decline was driven by a surge in shale gas supplies and more attractive renewable power that displaced coal. Emissions in the United States last year were at their lowest level since 1992, a period during which the economy grew by 80%.”

Meanwhile, the U.S. Energy Information Administration (EIA) has shown how the carbon dioxide emissions savings we’ve gotten from increased natural gas use is about 72 percent greater than what we’ve saved by using so-called “non-carbon” energy sources, like renewables. Since 2005, natural gas has prevented over two billion metric tons of carbon dioxide from being emitted.

Click here to enlarge image

The Colorado oil and gas industry added $31 billion to the state’s economy in 2015 and supported 232,900 jobs, accounting for seven percent of total state employment. According to the Denver Business Journal, oil and natural gas production in Colorado also contributed $202 million to local school districts through property tax payments.

Conclusion:

The People’s Climate Justice Platform and the “Dance for Snow” event is just another attempt by national ban fracking groups to deliver the false message that somehow fracking is the crux of the world’s problems when in fact oil and gas development has helped drive electricity costs to record lows, contributed to lowered U.S. carbon emissions, and has helped to drive many economies, especially in the west.

Source: Daily Dose of ShaleDirectories.com News

https://www.shaledirectories.com/blog/snow-dance-worked-but-science-behind-it-doesnt/

Marketed: Suemaur Exploration & Production South Texas Operations, Leasehold

The following information is provided by EnergyNet. All inquiries on the following listings should be directed to EnergyNet. Hart Energy is not a brokerage firm and does not endorse or facilitate any transactions. Suemaur Exploration & Production LLC et al are selling their operated working interest in 26 wells, plus associated leasehold acreage, located in Brooks, Hidalgo, Nueces and Willacy counties, Texas.
Source: Daily Dose of ShaleDirectories.com News

https://www.shaledirectories.com/blog/marketed-suemaur-exploration-ampamp-production-south-texas-operations-leasehold/

Marketed: Laredo Petroleum Permian Basin Wells, Associated Leasehold

The following information is provided by EnergyNet. All inquiries on the following listings should be directed to EnergyNet. Hart Energy is not a brokerage firm and does not endorse or facilitate any transactions. Laredo Petroleum Inc. is selling its operated and nonoperated working interests in 20 wells, plus associated leasehold acreage, all located in Glasscock County, Texas.
Source: Daily Dose of ShaleDirectories.com News

https://www.shaledirectories.com/blog/marketed-laredo-petroleum-permian-basin-wells-associated-leasehold/

Diversified Gas & Oil Strikes Two Appalachian Deals For $180 Million

In an investor presentation in January, Diversified Gas & Oil Plc. (DGO) gave its acquisition targets the code names “007” and “Mountaineer” — adding a touch of intrigue to the $180 million it’s staking in the Appalachian Basin. In mid-February, the company said it entered an agreement to buy its “007” target, Alliance Petroleum, a subsidiary of Lake Fork Resources Acquisition, for $95 million. The deal includes $70 million cash and the assumption of $25 million of debt. The deal will add 13,000 producing, operated wells in Pennsylvania, West Virginia and Ohio, according to DGO, which is traded on the London Stock Exchange (AIM) and has a head office in Birmingham, Ala. In a second February deal, DGO said it acquired 11,000 producing, operated wells — its “Mountaineer” target—from CNX Resources Corp. (NYSE: CNX) for $85 million. The transactions, both of which DGO expects to close in March, will increase the company’s HBP position to about 4 million acres, a 147% increase from its 1.6 million-acre legacy assets.
Source: Daily Dose of ShaleDirectories.com News

https://www.shaledirectories.com/blog/diversified-gas-ampamp-oil-strikes-two-appalachian-deals-for-180-million/

Riverstone: Three Rivers To Sell All Delaware Basin Assets

Three Rivers Operating Company III LLC, a private E&P with a 57,000-net-acre position in the Delaware Basin, is being sold nearly a year after it was first put on the market. Private-equity backer Riverstone Holdings LLC said it agreed to the “sale of 100% of the assets” in Culberson and Reeves counties, Texas, held by Three Rivers, also known as 3ROC. Riverstone did not disclose the terms of the deal or the buyer. Three Rivers, based in Austin, produced more than 10,000 barrels of oil equivalent per day (boe/d) in January. The sale follows a gas dedication agreement by the company in December, the terms of which were also withheld. Riverstone said that when the transaction closes, subsidiary Riverstone Energy Ltd. (REL) will realize gross proceeds of about $205 million. REL said in a Feb. 17 press release that it will receive a gross multiple of 2.2x based on its $94 million investment in the company and a gross IRR of 49%.
Source: Daily Dose of ShaleDirectories.com News

https://www.shaledirectories.com/blog/riverstone-three-rivers-to-sell-all-delaware-basin-assets/

Marketed: 100+ Well Package, Mineral/Royalty Interests, Appalachia

The following information is provided by EnergyNet. All inquiries on the following listings should be directed to EnergyNet. Hart Energy is not a brokerage firm and does not endorse or facilitate any transactions. Braxton Minerals III LLC is selling its royalty interests (producing minerals) and non-participating royalty interests in one hundred plus (100+) wells, plus non-producing minerals, all located in Doddridge, Marshall, Ritchie, Tyler and Wetzel Counties, West Virginia and Greene County, Pennsylvania.
Source: Daily Dose of ShaleDirectories.com News

https://www.shaledirectories.com/blog/marketed-100-well-package-mineral-royalty-interests-appalachia/

EDF’s Misleading Marcellus Methane Report Based on Outdated Study That Overestimated Emissions

The Environmental Defense Fund (EDF) released an analysis this week that claims, “Pennsylvania’s oil and gas companies emit at least five-times more methane pollution than they report to the state.” But EDF’s analysis is misleading, considering it’s based on an outdated report that overestimated emissions and the fact that only the unconventional oil and gas industry – which represents 82 percent of new wells drilled since 2015 and 72 percent of the wells drilled in 2015 – is required to report emissions to the Pennsylvania Department of Environmental Protection (DEP). The unconventional industry is also the only industry that is targeted by the new proposed methane emissions regulations.

The latter said, it is far more relevant that Pennsylvania’s unconventional oil and gas industry has been steadily reducing its methane emissions since reporting began in 2012, and recent sampling has shown that methane leakages rates in the Marcellus are “very low.” That’s significant, considering the unconventional industry represented a mere 18 percent of new wells drilled from 2000 to 2015 before jumping to 82 percent from 2015 to 2018, with production skyrocketing to more than five trillion cubic feet of natural gas annually.

Read the full post on EIDClimate.com.

Source: Daily Dose of ShaleDirectories.com News

https://www.shaledirectories.com/blog/edfs-misleading-marcellus-methane-report-based-on-outdated-study-that-overestimated-emissions/

US Sets Largest Offshore Oil, Gas Lease Auction For March

The Trump administration on Feb. 16 said it would offer the largest oil and gas offshore auction in U.S. history on March 21 for areas in federal waters off the Gulf Coast, less than a year after a similar sale yielded little corporate interest. The Interior Department said it would offer 77.3 million acres (31.3 mln hectares) offshore Texas, Louisiana, Mississippi, Alabama and Florida for oil and gas development, an auction that includes all available unleased areas in the Gulf of Mexico. The blocks are from 5 km to 372 km (3 miles to 231 miles) offshore and in waters 3 m to 3,390 m (9 ft to 11,115 ft) deep. The department announced the auction in October, without an exact date. The sale is in support of President Donald Trump's so-called America First Offshore Energy Strategy, which aims to reduce energy imports and boost jobs in the industry.
Source: Daily Dose of ShaleDirectories.com News

https://www.shaledirectories.com/blog/us-sets-largest-offshore-oil-gas-lease-auction-for-march/

Granite Construction To Acquire Layne Christensen In $565 Million Stock Deal

Watsonville, Calif.-based Granite Construction Inc. and The Woodlands, Texas-based Layne Christensen Co. announced Feb. 14 that they have entered into a definitive agreement whereby Granite will acquire all of the outstanding shares of Layne in a stock-for-stock transaction valued at $565 million, including the assumption of net debt. The transaction, which was unanimously approved by the boards of directors of both companies, is expected to close in second-quarter 2018.
Source: Daily Dose of ShaleDirectories.com News

https://www.shaledirectories.com/blog/granite-construction-to-acquire-layne-christensen-in-565-million-stock-deal/

‘Ban Fracking’ Initiative Would Impact Conventional Oil & Gas Development In Florida

EID has been following the progress of Senate Bill 462 as it makes its way through the Florida Senate.  What is clear after the first hearing on the proposed legislation to ban fracking in Florida is that this all-too-familiar effort is based on the same flawed arguments as the previous attempts to do so.

The most outlandish claim this year is that this bill will not impact Florida’s existing oil and gas industry – an industry that has been safely operating in the Sunshine State for more than 70 years. Make no mistake: this bill – and its companion bill in the House – would negatively affect conventional oil and gas development in Florida.

You see, the proposed bills would not only ban fracking – a well stimulation technique NOT being used in Florida today AND the same well stimulation technique used routinely to safely develop 69 percent of America’s oil and natural gas wells – but also other forms of necessary well stimulation.  These other forms of well stimulation have been safely and routinely used on wells in Florida throughout its long history of, predominantly, oil development.

If these practices are banned they will cripple Florida’s oil and gas industry – inhibiting its ability to improve the performance of existing wells, develop new wells or invest in future development. And that equates to significant losses for the state and local communities, including tax revenues, jobs, royalties and lease payments.  Such impacts could lead to situations similar to what has occurred in the Delaware River Basin in Pennsylvania and in New York where parties that feel a ban is an attack on their private rights have taken their grievances to the courts seeking compensation.

But here’s the clincher: the “ban fracking” effort is based on a misinformation campaign designed to instill fear of potential risks that have not come to pass in areas with significant oil and gas development.

Let’s take a look at the facts that debunk the most misleading claims made by the bill’s proponents:

FACT: Fracking is not causing higher infant mortality, lower birthweights or birth defects.

One of the most repeated claims during the hearing was that there are studies showing that fracking is causing more infant deaths, lower birthweights and birth defects in newborns. But it’s not.

In Pennsylvania’s six most heavily drilled (and fracked) counties, where many of these studies have been focused, state Department of Health data actually show that infant mortality rates have improved at a greater rate than the state as a whole in the years since shale development took off.

The most recent study on infant birthweights in the Marcellus – which was partially funded by the MacArthur Foundation, a group that has provided anti-fracking Earthworks and Natural Resources Defense Council $10 million since 1978 – took no actual exposure samples and was unable to show a causal link between fracking and birthweights in the region. In fact, the authors noted in the study that the mothers they studied were “younger, less likely to have been married at the time of the birth, and less educated— characteristics that might lead to worse infant health outcomes even in the absence of fracturing.”

Further, data from the study actually showed that mothers further from the well site (2-3 kilometers) were more likely to have babies with low birthweight than those closer to the well site (1-2 kilometers) – a direct contradiction to the topline findings.

A 2015 Johns Hopkins study on premature births was another case of contradictory data, where premature birth rates near well sites fell below national averages, and researchers did not account for confounders like alcohol use and chose to disregard data from years prior to shale development.  Peers like Dr. Gilbert Ross, senior director of medicine and public health at the American Council on Science and Health were very critical of this study, saying, “There is no possible way this retrospective study could have accounted for key issues…” and, “Realistically, there is no way hydraulic fracturing could have had an impact on pregnancy outcomes.”

FACT: Fracking is not negatively impacting tourism and agriculture in states with significant oil and gas.

EID recently analyzed tourism data across the top oil and gas producing states across the country and along the Gulf Coast, including Florida. The data showed that tourism is thriving alongside the oil and gas industry in these states.

Agriculture has also benefited from shale development. Looking at Pennsylvania again, a 2015 Bradford County Conservation District (BCCD) study that analyzed farms in Bradford County from 2007 to 2012 found that during this time period, the county had 1,106 shale wells drilled – more than 75% of the 1,400 plus wells in the county today.

Some of the study’s topline findings include:

• Total number of farms increased 11.8 percent (from 1,457 to 1,629)
• Total farm acreage increased 15.5 percent (from 266,635 to 307,990 acres)
• The estimated market value of land and buildings per farm increased 25.3 percent (from $558,698 to $700,259)

As PA Farm Country Radio host Dave Williams wrote in a 2017 Lebanon Daily News opinion piece that was chock full of information on the many ways shale has been beneficial to Pennsylvania’s agricultural industry:

“Put it all together and there’s simply no doubt: the shale revolution has been a huge boost for Pennsylvania agriculture.”

Conclusion

Other issues were brought up at the hearing that are also frequently mentioned by “ban fracking” activists – everything from injection wells and earthquakes to water quantity worries to disclosure of chemicals, and even a concern about methane leaks.

But here’s the thing. The primary cause of Oklahoma’s earthquakes has been wastewater disposal — a completely separate process from fracking — and they have been reduced 82 percent since their peak in 2015, thanks to collaborative efforts from industry, government and academia. The amount of water being used in oil and gas development in “drought-stricken California” has been a non-issue, and in 2015 both the Government Accountability Office and Duke University found that fracking accounts for less than one percent of total U.S. water consumption.

Contrary to popular belief in Florida, the industry is regulated by the Community Right-to-Know Act (passed in 1986), which mandates that detailed product information sheets be drawn up, updated, and made immediately available to first-response and emergency personnel in case of an accident on-site. And most companies do disclose fracking solutions on FracFocus.org or similar state disclosure sites.

Further, just last week the Environmental Protection Agency’s latest draft Greenhouse Gas Inventory found that oil and gas methane emissions continue to fall, and have done so since 1990, even as U.S. oil and gas production are shattering previous records.

Fear of the unknown is understandable, but the decision to allow oil and gas development within Florida’s borders – because these efforts to ban fracking are, in fact, a ban on all oil and gas development – is not a choice between the environment and economy.  This industry has safely operated in Florida for decades and will continue to do so regardless if fracking is ever used.

Source: Daily Dose of ShaleDirectories.com News

https://www.shaledirectories.com/blog/ban-fracking-initiative-would-impact-conventional-oil-amp-gas-development-in-florida/

New EPA Data Show Oil and Gas Methane Emissions Fell from 2015 to 2016

The U.S. Environmental Protection Agency (EPA) released its draft 2018 Greenhouse Gas Inventory (GHGI) this week, and this latest data show that oil and natural gas system methane emissions declined from 2015 to 2016, continuing a downward trend since 1990 that has come at the same time production has skyrocketed.

Visit EIDClimate.org to read the full blog post.

Source: Daily Dose of ShaleDirectories.com News

https://www.shaledirectories.com/blog/new-epa-data-show-oil-and-gas-methane-emissions-fell-from-2015-to-2016/

Hess Sees Gains In Bakken With New Completion Design

A new completion design with 60 sliding sleeve stages and proppant loading of 140,000 pounds per stage is boosting EUR rates by as much as 15% in the Bakken shale play for Hess Corp. (NYSE: HES). The improvement in both EUR and IP 180 productivity prompted Hess to increase the EUR estimate for its Bakken acreage to 2 billion barrels of oil equivalent (Bboe) from 1.7 Bboe, Greg Hill, president and COO of Hess, told analysts on an earnings call this week. “Wells brought online in 2018 are expected to deliver an average EUR of greater than 1 million barrels of oil equivalent and generate returns of 40% to 50% at a $50 per barrel WTI,” Hill said. “In addition, we’ve increased by 25% the number of wells that can deliver a 15% return or higher at $50 per barrel WTI to 1,780 wells, which represents more than 60% of our remaining well inventory.”
Source: Daily Dose of ShaleDirectories.com News

https://www.shaledirectories.com/blog/hess-sees-gains-in-bakken-with-new-completion-design/

Noted Petroleum Geologist John J. Amoruso Dies

Noted Houston geologist John J. Amoruso passed away Jan. 29 at age 87. The AAPG Foundation was scheduled to honor him later this year with its highest award—the L. Austin Weeks Memorial Medal—at its annual convention in Salt Lake City in May. Amoruso had previously served as AAPG president in 1982-83 and was awarded the Michel T. Halbouty Outstanding Leadership Award from the organization in 2007, among many other industry awards and recognition. He also received the Col. Edwin Drake Legendary Oilman Award from the Petroleum History Institute in 2013. Amoruso had a lifelong love of and career in geology after receiving his master’s degree in geology from the University of Michigan. He began his career with Pan American Petroleum (later it become Amoco), but went independent in 1969. He was active exploring in several states and discovered numerous fields.
Source: Daily Dose of ShaleDirectories.com News

https://www.shaledirectories.com/blog/noted-petroleum-geologist-john-j-amoruso-dies/

Marcellus Impact Fee For 2017 Projected to Be $46 Million More Than 2016

Pennsylvania’s Independent Fiscal Office (IFO) recently released projections for the 2017 Act 13 Impact Fee that will be disbursed in April 2018. Based on these projections, the Commonwealth can expect just under $219.4 million — a $46 million-plus increase over the 2016 disbursement ($173,259,000). This will bring the total amount paid in Impact Fees since 2011 to nearly $1.5 billion.

Note: 2011 distribution was $204,210,000 and 2012 was $202,472,000.

Marcellus Shale Coalition president Dave Spigelmyer issued the following statement about the report and the Impact Fees overall:

“Pennsylvania’s natural gas tax provides critical funding for community and environmental programs across the Commonwealth. This report, along with strong support from local leaders, demonstrates the benefits and effectiveness of this tax, which will total nearly $1.5 billion since 2012. Additional and higher energy taxes jeopardize these local benefits and jobs, along with the significant cost-savings that families are seeing in their natural gas and electricity costs.”

As Spigelmyer mentioned and can be seen from the above chart, the bulk of this “critical funding” goes to the local municipalities and counties with shale development.  For instance, the two counties with the most wells drilled in the state — Bradford and Washington — have received about $33.9 million and $26.5 million, respectively, in 2011-2016 disbursements.

Further, those amounts don’t even include Impact Fee money distributed to individual municipalities within those counties. Municipalities in Bradford and Washington counties received an additional $4.4 million and $5.7 million, respectively, in the 2016 disbursement alone.

Every county in the state receives some portion of the Impact Fee, but there is no denying that the majority of this money stays in the communities where – as the name of the tax implies – there has been the most shale development or impact. And that money has helped those counties and communities to make significant improvements.

Pa. Rep. Jonathon Fritz testified at the recent Delaware River Basin Commission (DRBC) Hearing in Waymart on the differences in this distribution between counties in his district with shale development, such as Susquehanna, and those that don’t have shale development, such as Wayne County:

 “Wayne County receives approximately $100,000 per year in Act 13 monies – that’s versus $8 million in Susquehanna County. Folks, $8 million in a rural economy, that translates into real tax relief.” (emphasis added)

The DRBC, of course, has prohibited Wayne County from developing its potential shale resources via a de facto fracking moratorium that could soon become a permanent ban.

Pennsylvania Rep. John Fritz testifying on proposed @DRBC1961 #fracking #ban https://t.co/3mOGFbKxwW

— EIDMarcellus (@EIDMarcellus) January 23, 2018

The Pennsylvania Public Utility Commission will issue the official Impact Fee distribution amounts in April, and if these projections are accurate, these monies will once again provide an important source of revenue for the Commonwealth, particularly in Marcellus Shale counties and municipalities.

Source: Daily Dose of ShaleDirectories.com News

https://www.shaledirectories.com/blog/marcellus-impact-fee-for-2017-projected-to-be-46-million-more-than-2016/