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Chesapeake Q3 rapport om Marcellus


21156 MrWater 30/10 2009 23:43
Oversigt

Marcellus Shale (West Virginia, Pennsylvania and New York): With approximately 1.5 million net acres, Chesapeake is the largest leasehold owner in the Marcellus Shale play that spans from northern West Virginia across much of Pennsylvania into southern New York. The company?s joint venture partner, StatoilHydro (NYSE:STO, OSE:STL), owns approximately 570,000 additional net acres of Marcellus leasehold. Chesapeake remains the most active driller and expects to become the largest gross producer of natural gas from the play by year-end 2009. During the 2009 third quarter, Chesapeake?s average daily net production of 35 mmcfe in the Marcellus increased approximately 21% over the 2009 second quarter and approximately 338% over the 2008 third quarter. Chesapeake is currently producing a company record monthly average of approximately 50 mmcfe net per day (100 mmcfe gross operated) from the Marcellus and anticipates reaching approximately 90 mmcfe net per day (180 mmcfe gross operated) by year-end 2009, approximately 220 mmcfe net per day (440 mmcfe gross operated) by year-end 2010 and approximately 390 mmcfe net per day (780 mmcfe gross operated) by year-end 2011. To further develop its 1.5 million net acres of Marcellus leasehold, Chesapeake is currently drilling with 20 operated rigs and anticipates operating an average of approximately 28 rigs in 2010 to drill approximately 170 net wells. During the first three quarters of 2009, approximately $85 million of Chesapeake?s drilling costs in the Marcellus were paid for by STO. During the 2009 fourth quarter through 2012, 75% of Chesapeake?s drilling costs in the Marcellus will be paid for by STO, or approximately $2.0 billion over the next three years.

Since January 1, 2008, Chesapeake has drilled and completed 40 company-operated horizontal wells in the Marcellus. Assuming flat NYMEX natural gas prices of $7.00 per mcf (compared to a recent 10-year NYMEX strip price of approximately $7.25 per mcf), the company?s estimated pre-tax rate of return from a 4.2 bcfe horizontal Marcellus well drilled for $4.5 million is approximately 66% excluding the benefit of drilling carries and more than 1,000% including the benefit of drilling carries. The STO drilling carries should result in Chesapeake delivering lower finding costs, higher returns on invested capital and higher production growth levels than other companies can deliver from the Marcellus. In addition, Chesapeake?s leasehold investment in the Marcellus to date has been approximately $1.5 billion, of which $1.25 billion, or 83%, has been recouped to date by selling a 32.5% interest in the company?s leasehold to STO. The company?s net investment in its Marcellus leasehold is now about $165 per net acre on average.

Two notable recent wells completed by Chesapeake in the Marcellus are as follows:

* The Clapper 2H in Susquehanna County, PA achieved a peak rate of 10.1 mmcf per day; and
* The Otten 2H in Bradford County, PA achieved a peak rate of 8.9 mmcf per day.


http://www.chk.com/News/Articles/Pages/1348563.aspx



31/10 2009 15:08 MrWater 121178



Investors upbeat about Marcellus Shale at Appalachian Gas Conference

Things are so peachy in the Marcellus Shale that neither falling gas prices nor taxes can curb the hunger of investors.

This was the mantra heard during panels with private equity firms and investment bankers at the Platts Second Annual Appalachian Gas Conference in Downtown Pittsburgh Thursday.

Michael Ryder, executive director at Morgan Stanley in New York, said favorable acreage positions and companies with local management teams will draw investors.

?Private equity investors are looking for partners,? Ryder said.

Not even a severance tax of 5 percent ? proposed by the Rendell administration but delayed after much lobbying by natural gas interests ? would stop investment, the panel agreed. In fact, it would have no impact on investment decisions, they said.

Ryder cautioned operators to ?be selective who you partner with.?

?Seek out investors with a long history of investing in energy,? he suggested.

Scott Richardson, principal at RBC Richardson Barr, an investment firm in Houston, Texas, specializing in acquisitions and divestitures, said it was expected that companies looking to develop their holdings in the Marcellus Shale would sell assets to finance the effort. However, as the capital markets opened wide for this industry in March, that hasn?t been necessary.

In fact, in 2009, only $11.2 billion of assets have been sold in the industry. Last year, that number was $45 billion.

Instead of selling, companies are forming joint ventures with well-capitalized firms looking for entry into the Marcellus.

?A lot of the big guys have been burnt by M&A,? Richardson said, ?and they realize that a joint venture is a lot more forgiving.?

The market is so strong that buyers are paying more per acre today than they were when natural gas prices were higher. Richardson attributed this dynamic to ?the scarcity premium,? meaning those who aren?t here yet, will pay more to get a spot.

That and the fact that the Marcellus Shale spans 35,000 square miles and the area where it is considered most productive keeps expanding.

The big exploration and development companies from Europe and Canada are marching to it, Richardson said, with many already making inroads.

Marathon Oil and Exxon, for example, have already begun leasing in the Marcellus, he said. Chevron is interested, according to Richardson, and on Oct. 14, Hess Corp., headquartered in New York, announced its entry into the field through a joint partnership with Newfield Exploration Co. of Houston, Texas.

?Clearly it?s better to be in October 2009 than in October 2008,? Ryder said.



31/10 2009 15:17 stengård 021179



tak for infoen mrWater... det kan blive kæmpe kæmpe...



31/10 2009 20:01 collersteen 121192



Her er CEO'en hos Cramer igår. Jeg har ikke selv fået set klippet endnu:
http://www.cnbc.com/id/33550654

Og her lidt mere nat gas - vist mest om Devon.

http://www.cnbc.com/id/33550656

Cramer var på Oklahoma University - derfor den store fokus på naturgas.
http://www.cnbc.com/id/15840232?video=1314193573&play=1

Bemærk også man nu kan se hele afsnit under videos på MadMoney's hjemmeside.
http://www.cnbc.com/id/15838459/
Det er som regel det første videoklip den pågældende dag. Kig efter datoen for upload eller titlen der så bare er "Mad Money, xx dato 2009"



5/11 2009 00:15 MrWater 021364



http://www.dec.ny.gov/energy/46288.html

DECs Høringsperiode løber nu indtil 31.12.2009.



5/11 2009 00:27 JensHorka 021365



Fuxk og pxs altså... det bliver helt sikkert fordrejet negativt nordvest for Skagerrak - men så kan man jo samle billigt op og svinge lidt længere :)



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