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Thursday, May 29, 2014

Shakeout Threatens Shale Patch as Frackers Go for Broke

Shakeout Threatens Shale Patch as Frackers Go for Broke

By Asjylyn Loder
Bloomburg

The U.S. shale patch is facing a shakeout as drillers struggle to keep pace with the relentless spending needed to get oil and gas out of the ground.

Shale debt has almost doubled over the last four years while revenue has gained just 5.6 percent, according to a Bloomberg News analysis of 61 shale drillers. A dozen of those wildcatters are spending at least 10 percent of their sales on interest compared with Exxon Mobil Corp.’s 0.1 percent.

“The list of companies that are financially stressed is considerable,” said Benjamin Dell, managing partner of Kimmeridge Energy, a New York-based alternative asset manager focused on energy. “Not everyone is going to survive. We’ve seen it before.”

Some investors are already bailing out. Read more...

16 comments :

Anonymous said...

Yes and who is going to clean up the mess when the gold diggers are gone and the money is gone.
I thought so.

Anonymous said...

The "mess" is never that much of a mess to begin with and it gets completely cleaned up by the company who owns the pad. Quit believing everything you read in the papers, fracing and drilling are safer and cleaner than they have ever been.

Anonymous said...

3:40 RIG PIGS MOM says-Where do these people get their info...It is so far from the TRUTH...I have NEVER seen a mess left from the Gas Drilling Companies...It ALWAYS looks better after they leave knowing that they are under the microscope and people are going to complain. We need to STAND behind these Companies and STOP making the middle easterners that HATE US rich...Now that the acting president is CLOSING ALL COAL production and use...The people complaining better HOPE they drill NONSTOP or we are going to be in BIG TROUBLE !!!

Anonymous said...

who is going to clean up the mess and the pollution years from now when these company's are gone

simple as always, THE TAXPAYERS!!

the ones who pay taxes !

Anonymous said...

HA HA HA HA!!!! What world do you live in? Why do you think PA has an orphaned well program?

Anonymous said...

Yea, right, Poster 3:40, fracing is safe and wind turbines are quite.
Money buys these untruths!
Must be your profiting in some way.
"Money for me" is a blinding sickness!

Anonymous said...

What's the procedure for "completely" cleaning a contaminated aquifer?

Anonymous said...

Yea it's all lies that fracking creates "a mess" huh?? Then explain all the drilling violations and fines handed out on a daily basis due to illegal dumping of frack waste???? Exactly. You morons are ruining nature for nothing. Gas prices just continue to rise. I hope every fracking company goes under. And before you try the "how will you cook your food or heat your house" argument, I use electricity powered by wind and solar so stick your gas in your fifth point of contact. In the words of Fred Sandford, you big dummy!!

Anonymous said...

Drill and frack on!

Anonymous said...

more propaganda watch for gas to skyrocket

Anonymous said...

I do not feel sorry for them a bit! They come here and pay outragous wages and then cry boo hoo cause they are loosing money. at the end of it all the community when they leave is a mess. The guys who worked for them now owe lots of money for cars and homes they con not afford after the drillers are gone and they want wages from the local employers that are unreal.

Anonymous said...

drill baby drill frack baby frack

Anonymous said...

Yes cheer on the demise of the drillers!!! Because the last thing Northern PA needs is jobs. Good paying blue collar jobs will not be tolerated. All young people should get on the system, live in their HUD houses, spend their EBT $ and donate their time to the artisan center. Then we can achieve a socialist utopia! Pathetic!

Anonymous said...

Kiss a frog and hug a tree. Drill Baby Drill!

Anonymous said...

This is exactly what "peak oil" (and gas) looks like. All the easy to get at stuff is either already consumed or already tapped and spoken for.

Shale gas and oil and tar sands oil are what's left. Expensive to get at and environmentally questionable practices needed to get at it.

Were it not for the environmental law exemptions granted this industry by congress in 2005, this industry wouldn't exist. It would be too expensive to operate.

Like it or not, the end of the fossil fuel economy is coming and it's bad policy and more expensive to continue to delay it.

Anonymous said...

The orphan well program would not plug an abandoned unconventional well.They are not eligible for the plugging program.
The state would only plug unconventional wells if they are abandoned on state owned land.

If unconventional wells are abandoned by operators on private land then the leaseholders will be responsible to fund the plugging.
There is no program/agency that will pay to plug abandoned unconventional wells on private land.
Even if an operator forfeited the posted plugging bond, that forfeited bond would go to the PADEP not the leaseholder to plug the unplugged well.