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Reuters: Royal Dutch Shell is reviewing its holdings in the largest U.S. oil field for a potential sale, people familiar with the matter told Reuters, marking a key moment in its shift away from fossil fuels as it faces growing pressure to slash carbon emissions. The sale could be for part or all of Shell’s […]
IEEFA
Houston Chronicle ($): The worst nightmare of the oil and gas industry has come true: environmental groups are using satellites to observe and report greenhouse gas emissions from their well pads. The Environmental Defense Fund, Harvard University, Georgia Tech and the SRON Netherlands Institute for Space Research used a European Space Agency detector to take […]
Press Release, Kathy Hipple, Clark Williams-Derry and Tom Sanzillo
Tide of red ink shows little sign of ebbing any time soon for shale-focused regional gas producers
December 3, 2020 (IEEFA)—Even after cutting their capital expenditures (capex) by more than one-third from the previous year, nine shale-focused gas producers in Appalachia spent a half-billion dollars more during the third quarter on drilling and building projects than they earned from selling oil and gas. Capex investments during the third quarter were the lowest […]
Press Release, Kathy Hipple, Clark Williams-Derry and Tom Sanzillo
Nine major E&P companies collectively lost more than $1 billion over past year
September 10, 2020 (IEEFA) — Even after cutting capital expenditures to their lowest quarterly point in more than six years, nine Appalachian shale-focused gas producers continued to hemorrhage money, reporting more $134 million negative free cash flows in the second quarter of 2020. Together, they have spilled $1.1 billion in red ink over the past […]
IEEFA
CNBC: Chesapeake Energy, the poster child of the U.S. shale revolution, filed for bankruptcy protection on Sunday. The move comes as the company and industry more broadly has been rocked by a drop in oil and gas prices amid the coronavirus pandemic. Chesapeake said that $7 billion in debt will be wiped out through the […]
Press Release, Kathy Hipple, Clark Williams-Derry and Tom Sanzillo
Capex reductions, financial hedging offset plunging demand
June 25, 2020 (IEEFA)—Nine fracking-focused gas companies in Appalachia reported a positive free cash flow during the first quarter of 2020—but only after slashing capital expenditures and reporting significant revenues from financial hedging, according to a new study by the Institute for Energy Economics and Financial Analysis (IEEFA). The positive first quarter results, however, didn’t […]
IEEFA
Reuters: Chesapeake Energy Corp. is preparing to file for bankruptcy as soon as this week, said three people familiar with the matter, becoming the largest oil and gas producer to unravel after an energy market rout caused by the coronavirus outbreak. The Oklahoma City-based company, co-founded by the late wildcatter Aubrey McClendon, is in the […]
Press Release and Tim Buckley
Shareholder wealth destroyed as thermal coal goes up in smoke
December 21, 2019 (Sydney IEEFA) — A tipping point for the future of fossil fuels may have been reached this year as financial markets massively down-rated traditional energy companies, with their slumping share prices destroying “staggering” amounts of shareholder wealth. That is the view of Tim Buckley, Director of Energy Finance Studies at the Institute […]
Press Release, Kathy Hipple, Clark Williams-Derry and Tom Sanzillo
Companies perform poorly, even compared with other struggling E&Ps
November 26, 2019 (IEEFA U.S.) ‒ Faced with persistently low natural gas prices, exploration and production (E&P) companies with operations in Appalachia continued to struggle financially in the third quarter of 2019. An IEEFA analysis reveals that seven of Appalachia’s largest producers collectively spent half a billion dollars more on drilling than they realized by […]
IEEFA
CNN: Chesapeake Energy helped pioneer America’s shale natural gas revolution. Now, the company is warning that it may not survive the era of cheap gas it helped to usher in. The Oklahoma-based energy company said Tuesday in a filing to the Securities and Exchange Commission that if “depressed prices persist,” there is “substantial doubt” about […]
IEEFA U.S.: Appalachian frackers report $504M in negative free cash flow despite capex slashing
Tide of red ink shows little sign of ebbing any time soon for shale-focused regional gas producersDecember 3, 2020 (IEEFA)—Even after cutting their capital expenditures (capex) by more than one-third from the previous year, nine shale-focused gas producers in Appalachia spent a half-billion dollars more during the third quarter on drilling and building projects than they earned from selling oil and gas. Capex investments during the third quarter were the lowest […]