Range Resources lost $41.8 mill last quarter
Fort Worth-based Range Resources lost $41.8 million on revenue of $247 million in the first quarter as several one-time write-downs more than offset gains from higher revenue and lower unit costs...Range sold its Barnett Shale operations in April 2011. Its largest presence is now in the Marcellus Shale in Pennsylvania and West Virginia, where it holds more than 1 million acres and gets about 70 percent of its production.Consol Energy also down from 2011 1st quarter
CONSOL Energy Inc. CNX -3.91% , the leading diversified fuel producer in the Eastern United States, reported net income for the quarter ended March 31, 2012 of $97 million, or $0.42 per diluted share, compared to $192 million, or $0.84 per diluted share from the year-earlier quarter. EBITDA(1), a non-GAAP financial measure, was $324 million for the quarter ended March 31, 2012. This compared to $466 million in the year-earlier quarter.EQT also reports their earnings
EQT Corporation EQT +0.42% today announced first quarter 2012 earnings of $72.0 million, or $0.48 per diluted share. First quarter 2011 earnings were $122.3 million, or $0.82 per diluted share...Cabot Oil and Gas report their shale gas production
Highlights for the first quarter 2012 vs. first quarter 2011 include:-- Production sales volumes were 26% higher;-- Marcellus sales volumes were 68% higher;-- Midstream gathered volumes were 21% higher; and-- Filed with the SEC to form a Midstream Master Limited Partnership.EQT's first quarter 2012 operating income was $153.3 million, representing a 30% decrease from the same quarter in 2011. Allowing for the non-recurring items, adjusted operating income was 11% lower than 2011.
Late in the first quarter, Cabot commenced free-flowing Marcellus gas in the Zick area that represents a 7-mile step-out to the east from the nearest production. The five wells averaged 78 million cubic feet (Mmcf) per day for the last 20 days...Bradford, Tioga,Washington, Lycoming and Green Counties all had >1000 permits for Marcellus drilling
Also in the Marcellus during the first quarter, a two-well pad site with longer laterals was completed resulting in a 30-day average production level of 40 Mmcf per day. The wells were drilled with 4,500' and 5,000' laterals and completed with 19 and 21 frac stages, respectively.
The Business Times looked at state Department of Environmental Protection data on permits issued and permits issued in the past 12 months (April 10, 2011, to April 9, 2012). Five counties had more than 1,000 total permits:Public Utility Commission Delays Act 13-Related Order
- Bradford (2,288)
- Tioga (1,624)
- Washington (1,171)
- Lycoming (1,114)
- Greene (1,045).
The partial impact fee injunction issued by Commonwealth Court this month did not apply to the fee itself — only portions of Act 13 restricting municipal zoning. But “due to ambiguity” in the ruling the Public Utility Commission is delaying its “final implementation order.”
Conflicts and cooperation between gas and coal in WV
Vast quantities of coal and, increasingly, natural gas are pulled out of West Virginia's ground every day. With business and profits at stake, it's not uncommon for conflict, cooperation and other forms of interplay between the two industries.One common area of conflict is the northern region of West Virginia where both the valuable Pittsburgh coal seam and the Marcellus shale gas play lie in the same vertical plane. Typically the two industries work with each other to develop an area, said Ken Tawney, leader of the oil and gas group within the Jackson Kelly law firm.