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Frackers could soon face mass extinction

An analyst says one-third of the companies could be bankrupt by the end of next year. Doomsday may finally be coming to the fracking industry. Despite the big drop in oil prices in the past year, there have been relatively few bankruptcies in the energy industry. That may be about to change. James West, an energy industry analyst at ISI Evercore, says months of low activity have left many of the companies in the...

Oil boom a loser for North Dakota cities, counties...

WASHINGTON — While the massive Bakken oil boom drew hordes of job seekers and international attention to the remote prairies of North Dakota and Montana in recent years, it’s turned into a money loser for most cities and counties in the region. Crime in Dunn County, N.D., in the heart of the nation’s oil boom, skyrocketed 60 percent in just three years, and the road maintenance budget soared from $1.5 million to $25 million....

Townships in Guernsey, Belmont counties are Ohio h...

Guernsey County’s Londonderry Township is the reigning hot spot for oil from Ohio’s Utica Shale. It is home to the top five oil-producing wells in Ohio in second quarter 2015, according to a new report from the Ohio Department of Natural Resources. All fives wells are owned and operated by Oklahoma-based Ascent Resources (formerly American Energy Utica), an Aubrey McClendon company. He is a former chief executive officer of...

The Shale Industry Could Be Swallowed By Its Own D...

The debt that fueled the U.S. shale boom now threatens to be its undoing. Drillers are devoting more revenue than ever to interest payments. In one example, Continental Resources Inc., the company credited with making North Dakota’s Bakken Shale one of the biggest oil-producing regions in the world, spent almost as much as Exxon Mobil Corp., a company 20 times its size. The burden is becoming heavier after oil prices fell 43...

Fracking and water: Quantity, not just quality, a ...

Even in a water-rich state like Ohio, growing water use for fracking could strain water reserves, according to new research from the FracTracker Alliance, a non-profit organization that compiles data, maps and analyses about the impacts of the oil and gas industry. FrackTracker compared the oil and gas industry’s water use within southeastern Ohio’s Muskingum Watershed Conservancy District (MWCD) to residential use in that...

BP Statistical Review of World Energy – June...

Group chief executive’s introduction By Bob Dudley Energy in 2014 – A year of change in the energy landscape. 2014, a remarkable year in the world of energy. The eerie calm that had characterized energy markets in the few years prior to 2014 came to an abrupt end last year. However, we should not be surprised or alarmed. Indeed, to someone who has worked in the energy business for over 30 years, the volatility and...

Here’s David Einhorn’s full ‘Mot...

On Monday David Einhorn kicked off the Sohn Investment Conference with his short thesis on the fracking industry. “We object to oil fracking because the investment can contaminate returns,” he said. The way he sees it, fracking is simply way too expensive a business. Companies have raised funds to finish projects that have no hope of paying themselves back. This was happening even when oil prices were high, and...

OSHA: More Scrutiny and More Penalties Possible fo...

On March 18, 2015, the Occupational Safety and Health Administration (OSHA) announced that those engaged in crude petroleum and natural gas extraction, drilling, and related support activities are engaged in “high hazard” activities and will be subject to OSHA’s Severe Violator Enforcement Program.   The program has been in effect since 2010, when it replaced the prior Enhanced Enforcement Program.  When the program started,...

Big Oil Pressured Scientists Over Fracking Wastewa...

Energy firms tried to slow science inquiries blaming them for earthquakes in Oklahoma In November 2013, Austin Holland, Oklahoma’s state seismologist, got a request that made him nervous. It was from David Boren, president of the University of Oklahoma, which houses the Oklahoma Geological Survey where Holland works. Boren, a former U.S. senator, asked Holland to his office for coffee with Harold Hamm, the billionaire...

Resistance to Gas Pipelines Spreading

HARRISBURG, Pa. – Huge pipelines intended to carry Marcellus and Utica natural gas to eastern markets are running into spreading resistance from landowners. Richmond-based Dominion Resources and its partners have filed about 100 lawsuits against landowners who are resisting surveying crews for the Atlantic Coast Pipeline. Now landowners in the path of a different pipeline, the Mountain Valley Pipeline, have filed preemptive...

Water Use for Fracking Has Skyrocketed, USGS Data ...

Wells drilled for gas drink far more chemical-laced fluids than those drilled for oil. As a concept, hydraulic fracturing has changed very little since the first wells were drilled in the late 1940s. In practice, however, what most people now know as fracking has undergone a transformation. Then, as now, a well is drilled into a shale rock formation, and then fluid is pumped in at high pressure, opening cracks that release...

Conference Conclusion: Area’s Oil & Gas...

WHEELING – Even with all the frackers, pipeliners, truckers, abstractors and others working in the Marcellus and Utica shale boom region, at least two researchers believe the industry’s impact on employment is virtually nil in the states involved. During the Federal Reserve Bank of Cleveland’s Shale Symposium on Thursday at Wheeling Jesuit University, Keystone Research Center Executive Director Steven...

Ohio oil well output doubles; natural gas triples

COLUMBUS – Oil production has more than doubled and production of natural gas has tripled in Ohio in one year, bolstering arguments by the administration of Gov. John Kasich that the industry is thriving enough to sustain a tax increase. Kasich wants to use the proceeds to reduce the state’s income tax. Statistics released Wednesday by the Ohio Department of Natural Resources showed more than 3.5 million barrels of oil...

First Nationwide Oil Worker Strike In Decades Grow...

On Friday, the local Toledo union posted on its Facebook page that the “strike is NOT about money, this is about addressing safety issues that have been ignored for way too long … 138 workers were killed on the job while extracting, producing, or supporting oil and gas in 2012 … the number was more than double that of 2009.” On Sunday, workers at two BP oil refineries in Ohio and Indiana walked out as part of a nationwide...

Turns out the U.S. oil boom was just a fairy tale

With one quick drop in the price of oil, the shale oil boom is officially bust. In less than a week, 61 oil rigs across the United States closed up shop, according to the most recent rig count from Baker Hughes. The U.S. has 1,750 oil rigs still hunting for new oil wells, but that number is expected to fall by another 400 rigs by the time spring rolls around. The whole episode is a wake-up call about just how much of a fairy...