Fight Over Alaska Arctic Drilling Has Just Begun, Opponents Vow

U.S. Senator Lisa Murkowski, an Alaska Republican, won a decades-long battle Dec. 20 to open part of an Arctic wildlife reserve in her state to oil and gas drilling, but Democratic senators and conservationists vow the war has only begun. The tax bill passed by Congress contains language pushed by Murkowski and supported by President Donald Trump to hold two lease sales in the 1.5 million-acre 1002 area on the northern coastal plain of the Arctic National Wildlife Refuge (ANWR). Democrats and environmentalists deplore the prospect of development in ANWR, home to polar and grizzly bears, 200 species of birds, and where Gwich’in natives depend on migrating herds of porcupine caribou.
Source: Daily Dose of ShaleDirectories.com News

https://www.shaledirectories.com/blog/fight-over-alaska-arctic-drilling-has-just-begun-opponents-vow/

Linn Energy To Sell Oklahoma Waterflood, Texas Panhandle Assets For $122 Million

Linn Energy Inc. (OTC: LNGG) said Dec. 19 it will close out an already blockbuster 2017 of A&D activity with yet another asset sale as it continues the transformation it embarked on earlier this year. The Houston-based company agreed to sell its Oklahoma waterflood and Texas Panhandle properties to an undisclosed buyer for $122 million. Combined the assets cover roughly 179,000 net acres with net production of about 5,200 barrels of oil equivalent per day (boe/d) for third-quarter 2017. Since exiting bankruptcy reorganization in February 2017, Linn has focused on transforming itself from an MLP with assets scattered across the Lower 48 to a streamlined, growth-oriented E&P. As a result, the company has divested or agreed to sell more than $1.6 billion in noncore assets so far this year.
Source: Daily Dose of ShaleDirectories.com News

https://www.shaledirectories.com/blog/linn-energy-to-sell-oklahoma-waterflood-texas-panhandle-assets-for-122-million/

McDermott and CB&I Agree To Combine In $6 Billion transaction

Upon completion of the transaction, McDermott shareholders will own approximately 53% of the combined company on a fully diluted basis and CB&I shareholders will own approximately 47%, according to the a press release. Under the terms of the business combination agreement (BCA), CB&I shareholders will be entitled to receive 2.47221 shares of McDermott common stock for each share of CB&I common stock owned (or 0.82407 shares if McDermott effects a planned three-to-one reverse stock split prior to closing), subject to any withholding taxes. The estimated enterprise value of the transaction is approximately $6 billion, based on the closing share price of McDermott on Dec. 15.
Source: Daily Dose of ShaleDirectories.com News

https://www.shaledirectories.com/blog/mcdermott-and-cbampampi-agree-to-combine-in-6-billion-transaction/

Noble, CNX Settle Legal Dispute With Marcellus Midstream Sale

In hopes of continuing its planned Appalachia exit, Noble Energy Inc. (NYSE: NBL) reached an agreement on Dec. 15 with CNX Resources Corp. (NYSE: CNX) to sell its Marcellus midstream assets, quickly resolving a lingering legal dispute between the two companies. In the agreement, CNX Resources will acquire Noble’s 50% interest in CONE Gathering LLC, which owns the general partner of CONE Midstream Partners LP (NYSE: CNNX), for $305 million cash. Noble will retain its 21.7 million common limited partner units in CONE Midstream with plans to divest them over the next few years, according to a company press release. As a result of the transaction with CNX, Noble terminated its prior agreement to divest its entire Marcellus midstream holdings to Wheeling Creek Midstream LLC, a portfolio company of Quantum Energy Partners, for $765 million. That particular deal came under fire when CNX, which holds a 50% interest in CONE Gathering, filed a suit to enjoin Noble’s transaction with Wheeling Creek.
Source: Daily Dose of ShaleDirectories.com News

https://www.shaledirectories.com/blog/noble-cnx-settle-legal-dispute-with-marcellus-midstream-sale/

TorcUP Introduces the VOLTA Battery

The VOLTA Battery-Powered Torque Wrench is the newest addition to TorcUP, Inc.’s extensive line of industrial bolting tools.  Power-driven by a Lithium Ion 6.2 Ah re-chargeable battery, the VOLTA combines cutting-edge technology with the freedom and flexibility of cordless operation making it ideal for the oil and gas industry. The VOLTA’s precision-engineered, brushless motor delivers efficiency, longer run-time and extended durability, while its configurable torque range capabilities ensure ease of use and repeatability. The tool’s internal brushless technology also allows the wrench to run cooler, providing bolting application safety and versatility in harsh environments like well sites and pipelines in the Marcellus and Utica shale plays as well as shale plays in Texas, North Dakota and Colorado. Additional features include digital display, torque memory settings, automatic reaction arm release and ft/lb to Nm conversion.  The VOLTA is available in two drive sizes (3/4” and 1”) and four models with a torque ranges from 120 ft/lbs to 3, 000 ft/lbs. TorcUP, Inc. has been providing industrial torque and bolting solutions since 1996. We offer worldwide sales, support and service. All of our tools are proudly Made In USA. Visit www.torcup.com to view our full product line. For more information, contact: Jessica Wise TorcUP, Inc. (610) 250-5800 ext. 124 jessicaw@torcup.com www.torcup.com

https://www.shaledirectories.com/blog/?p=3653

Dissecting the Frasier Institute Report

Fast Facts Intro:

• Report ranks 97 international jurisdictions that collectively represent 52 percent of proved oil and gas reserves worldwide and 66 percent of global oil and gas production. The rankings do not take into account the amount of proved reserves in a jurisdiction.
• Completing this report were 333 oil and gas executives and managers responded to this year’s survey, which evaluates jurisdictions based on investment factors
• The investment factors are highly influenced by Policy Perception Indexes (PPL) which include but not limited to fiscal terms, taxation, environmental regulations, regulatory costs, consistency and enforcement, political stability, quality of infrastructure and geology, and availability of a skilled workforce
• Among the 15 jurisdictions with the largest petroleum reserves worldwide, Texas is number one, followed by United Arab Emirates, Alberta(Canada), Kuwait and Egypt.
• Among regions, Venezuela is number one, Europe finished second to the United States, followed by Canada and Australia. Globally, every region except Africa, Canada, Latin America and the Caribbean experienced declines in investment attractiveness, according to the survey.
• This year, U.S. states comprise six of the top 10 jurisdictions around the world:Texas (1^st), Oklahoma  (2^nd  ), North Dakota (3^rd), West Virginia (5^th), Kansas(6 th) and  Wyoming (9^th).
• California and nine foreign jurisdictions are the least attractive (investment) jurisdictions for oil and gas investments and their PPI rankings reflect it.

“With oil and gas investors losing confidence around the world, it’s crucial for policymakers to pursue sound regulatory and tax regimes—and perhaps most importantly stable environmental protections —that attract, not deter, petroleum investments,” Green said.  He further explains, “This year the United States experienced a two-point decline in its weighted score. Despite this, the United States remains the region with the most attractive policy environment for investment in upstream oil and gas.” (emphasis added) Kenneth Green, the Fraser Institute’s senior director of natural resource studies and co-author of the 2017 Global Petroleum Survey, said, “Texas and Oklahoma have, for years, been seen as the most attractive jurisdictions in the world for oil and gas investors — proof that sound regulatory policies and stable environmental protections help attract scarce investment dollars even when commodity prices are down.” Texas, Oklahoma and North Dakota, as well as Saskatchewan in Canada, are the only four jurisdictions in the world to consistently rank in the top 10 for six straight years.  These jurisdictions dominated the lists with “Policy Perception Indexes” (PPI) of 100 percent, 94.14 percent and 91.54 percent, respectively – it is West Virginia that had one of the most notable improvements in the rankings with a PPI of 90.81. According to the survey, “West Virginia jumped 17 spots this year into 5th (of 97), after placing 22nd (of 96) in 2016. This marks the first time West Virginia has been in the global top 10 in the last five years.” All told, the United States ranks high overall with 16 of the 21 U.S. jurisdictions included in the survey ranking in the top 50 percent globally. And all but three jurisdictions fell into the top two investment quintiles with PPI scores of 60 or better, as the following graphs show. So what happened to PA and OH???   It was about seven years ago at Canton Chamber of Commerce’s inaugural Utica Summit, J.P.Morgan - an international investment representative was keynote speaker.   I remember it like it was yesterday.   The essence of his presentation was – ‘there is enough natural gas in the Appalachian Region to fuel the entire east coast for 50+ years’.    In fact, he coined Marcellus as the “Marcellus Monster” with high expectations of investments globally in the Marcellus and Utica.   On the graph PA and OH have not fared well over the 2-3 years when compared to WV who jumped 17 stops – in one (1) year!   Shortly after PA’s Governor Wolfe came into office the governors of PA, OH and WV met to discuss the future of natural gas production in the Appalachian Region knowing that due to the ‘investment’ needed by the oil & gas industry the region (and their constituents ) could reach its potential only if all three states worked together.  Surprisingly – at least to me- all three governors boasted how they work with the oil & gas industry while maintaining prudent environmental stewardship.   Not sure about OH, but PA seems to have dropped the ball starting with the process of issuing permits.   And now, at the start of campaign season, Governor Wolfe is back to additional fees and a severance tax on oil and gas.   It’s been his campaign promise on his first run, not sure how much mileage he’ll get on the second run.   Already competition is gearing up to defeat Wolfe.   However, in spite of these challenges the rig count is up in PA and OH with more rigs moving in early 2018.  Pipelines in PA have been stymied with environmental activists who are believed to be funded by large foundations in PA.   Like the chicken and the egg, which came first; PA and OH may need to wait for new governors or changes to the regulation for the Appalachian Region to reach its real investment potential. Joseph Barone President Shale Directories, LLC www.shaledirectories.com jbarone@shaledirectories.com

https://www.shaledirectories.com/blog/?p=3650

Working gas in storage reverses course, grows

The volume of working natural gas in storage during the week of Dec. 1, increased for the first time in four weeks, signaling the winter storage season isn’t officially underway.

Source: Daily Dose of ShaleDirectories.com News

https://www.shaledirectories.com/blog/working-gas-in-storage-reverses-course-grows/