Thursday, June 21, 2012

Penn. Marcellus News Update 6/21/12

Assembly approves bill aimed at keeping fracking waste from Pennsylvania out of New Jersey
Lawmakers have approved legislation that bans hydraulic fracturing byproducts created in other states from entering New Jersey.
The Assembly voted 56-19 for the bill Thursday.
Hydraulic fracturing, commonly known as fracking, involves blasting chemical-laced water deep into the ground.
Some lawmakers and environmentalists say public health and natural resources would be endangered if waste from processes done in Pennsylvania enters New Jersey.
From his farm nestled far from the big cities, in the wooded hills above the Monongahela and Cheat Rivers, David Headley has not heard much about the battles in Washington over regulations that Republicans say are stifling a domestic energy revolution.
At the ground level of that revolution Mr. Headley, a 53-year-old former body shop owner and unemployed bus driver, does not see any regulations at all.
For three years, he and his wife, Linda, have wrestled with the land men, natural gas drillers and pipeline builders who are turning this very sleepy corner of Western Pennsylvania into an energy boom land. The farm Mr. Headley bought in 2006 for his semiretirement has become something of a nightmare. Gas wells leak. Drilling blowouts have spewed fine, chalky bentonite into trout-stocked Georges Creek, turning it a milky white. A spring where his wife’s three horses once watered now bubbles and belches. Touched with a flame, it will ignite.
Gov. Tom Corbett on Wednesday demonstrated that he has deep support from labor unions and business advocacy groups behind him as he presses state lawmakers to approve Pennsylvania's largest-ever taxpayer-paid package of financial incentives for what he portrays as the biggest industrial investment in the state in a generation. He appeared at a Capitol news conference with several dozen union and business group representatives, as well as lawmakers from both parties, in a show of support for his proposal for a $1.7 billion tax break designed to lure an integrated petrochemical industry to a state wracked by the flight of manufacturing jobs in recent decades.
Chesa­peake Energy has agreed  to pay $1.6 mil­lion in dam­ages to three fam­i­lies in Wyalus­ing, Brad­ford County. The case may be the first Mar­cel­lus con­t­a­m­i­na­tion law­suit to get resolved with­out a nondis­clo­sure agree­ment, mean­ing the par­ties can speak freely about the case. Todd O’Malley, an attor­ney for two of the fam­i­lies, says the plain­tiffs insisted on not sign­ing a con­fi­den­tial­ity agreement.
Aqua America, Inc. (NYSE: WTR) Chairman and CEO Nicholas DeBenedictis detailed Aqua’s sustainability initiatives with respect to its growing water-energy nexus at the Citi Global Water and Renewables Investment Conference held today in New York City.  In late 2011, certain Aqua America and Penn Virginia operating subsidiaries entered into a joint venture to form Aqua — PVR Water Services, LLC to construct and operate a private pipeline system to supply fresh water to certain natural gas producers drilling in the Marcellus Shale in north-central Pennsylvania. The 18-mile steel pipeline, which cost $24 million, began servicing drillers in North-Central Pennsylvania on an as-needed basis in April this year. Phase II construction of the second 18-mile stretch began earlier this month and is expected to be completed by the end of the year. The pipeline largely parallels the trunk line of PVR’s gas gathering system in Lycoming County and will share PVR’s existing rights-of-way.
Chesapeake Energy Corporation : Announces Reconstituted Board 
Chesapeake Energy Corporation (NYSE:CHK) today announced the appointment of five new independent directors to its reconstituted nine-member Board of Directors.
Archie W. Dunham, former Chairman of ConocoPhillips and former Chief Executive Officer of Conoco, has been appointed by the Board as Chesapeake's new independent Non-Executive Chairman. Mr. Dunham has had no previous relationship with Chesapeake. Aubrey K. McClendon has relinquished the position of Chairman but remains a Director and will continue to serve as Chesapeake's Chief Executive Officer and as President.
Chesapeake's Board also appointed four other new independent directors: three proposed by Southeastern Asset Management (SAM), its largest shareholder with a 13.9% ownership stake, and one proposed by Carl C. Icahn, its second largest shareholder with a 7.6% stake. The new directors proposed by SAM are Bob G. Alexander, R. Brad Martin and Frederic M. Poses. The new director proposed by Mr. Icahn is Vincent J. Intrieri.

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