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Chesapeake Gasses Up For Sprint To $36.

December 18th 2011 05:48
The outlook for natural gas price realized by Chesapeake looks positive with the company’s efforts in developing its major shale plays and using natural gas as alternative to power its rigs given the rising cost of fuel.

The company also plans to invest $1 billion over the next 10 years in technologies that will drive the demand for natural gas such as setting up natural gas fueling stations at truck stops. [1] Chesapeake, the second largest U.S. natural gas producer, primarily competes with Exxon Mobil, ConocoPhillips, Anadarko, BP and Chevron.

While we expect Chesapeake’s natural gas price per gallon will increase from $4.30 in 2011 to $5.50 by the end of the our forecast period, Trefis members predict the natural gas price to rise from $4.50 to $6 during the same period. The members’ estimates imply an upside of 12% to the Trefis price estimate for Chesapeake’s stock.

We currently have a Trefis price estimate of $35.60 for Chesapeake’s stock, which is about 6% above the current market price.

Chesapeake Explores Alternatives to Power Rigs
Most of the drilling rigs owned by oil and gas producers are powered by diesel since access to electricity is expensive and at times impossible if the rigs are located in remote areas. Chesapeake is looking at natural gas as a potential energy source to fuel its rigs to counter rising fuel costs. In one such project, the company has found an innovative method to significantly increase the life of the standard lead-acid batteries.

Investments in New Technologies
Chesapeake is planning to invest $1 billion over the next decade in technologies that will spur demand for natural gas. The company currently has 6 major shale plays – Barnett, Haynesville, Bossier, Fayetteville, Marcellus, and the Eagle Ford. It plans to increase domestic onshore oil and natural gas liquids production by up to 50% with greater use of horizontal drilling and hydraulic fracturing. [1] This should give a significant boost to Chesapeake’s natural gas production volume as well as prices. As part of the $1 billion investment, Chesapeake is investing $305 million in two companies: one plans to build liquefied natural gas fueling stations at truck stops, and another plans to build a refinery to produce fuel from farm crop.

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Difference between oil and gas mineral interests, royalty interests.

December 18th 2011 05:46
The term royalties is used interchangeable to mean either oil and gas mineral interests, royalty interests, or overriding royalty interests. These three interests are similar in that they all receive revenue from the production of oil and gas from a well. They do not pay for drilling or the monthly operating expenses of the well. There is a small difference between mineral interests and royalty interests, and a greater difference between mineral interests and royalty interests and overriding royalty interests.

Mineral interests and royalty interests both involve ownership of the minerals under the ground. The main difference between the two is that the owner of a mineral interest has the right to execute leases and collect bonus payments and the owner of royalty interests does not execute leases or collect bonus payments. They both receive a portion of the income once the well is producing, but only the mineral owner receives an up-front bonus payment.

Overriding royalty interests do not require ownership of the minerals under the ground. They require ownership of a portion of the revenues generated from the production of oil and gas from a well. Like mineral interest and royalty interest owners, the owner of override royalty interests also receives a portion of the income from the production of oil and gas. The main difference is the owner of an overriding royalty interest does not own the minerals under the ground, only the proceeds from the production of minerals. Once the lease has expired and production has ceased, the overriding royalty interest expires. The owners of mineral interests and royalty interests maintain their ownership after production ceases.

An example of this would be: Bill Smith, a geologist, assisted securing leases for a well that XYZ Oil and Gas Company is going to drill. Instead of receiving a cash payment for his services, Bill may choose to receive a 1% overriding royalty interest in the well. This means, if the well is successful, Bill will receive 1% of the revenues generated from the sale of the oil and gas from this well.

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Marcellus investments booming.

December 18th 2011 05:41
Investment in the Marcellus shale natural gas field is growing faster than expected in Pennsylvania, with both the number of wells drilled and the amount of gas extracted soaring between 2009 and 2010, according to an industry-sponsored report released this week.

The Associated Press reported gas production quadrupled during that one-year period, while the number of wells in use jumped 77 percent, according to the report by the Marcellus Shale Coalition, which paid for the study.

The report estimates that this year’s production will be more than 2.5 times last year’s, and projects steady growth through 2020.

Thousands of wells have been drilled across the state in just the past few years, though not all are in production. The boom has raised environmental concerns about the use of hydraulic fracturing, a drilling technique in which water, sand and a small amount of chemicals are used to open gas-bearing shale formations deep underground.

The researchers found that natural gas production jumped from 300 million cubic feet per day to 1.3 billion from 2009 to last year. The number of wells in use nearly doubled, increasing from 595 in 2009 to 1,055 during that time.
A Penn State University expert not involved with the report said that while early production data are encouraging, long-term estimates should be viewed with caution.

Whatever happens in the future, leaseholders already are reaping benefits. The study found that companies paid about $1.85 billion in lease and royalty payments in 2010. That figure is expected to fall this year to about $1.5 billion, and then rise again in 2012.

The authors of the study were Penn State researchers Timothy Considine, Robert Watson and Seth Blumsack of the Department of Energy and Mineral Engineering. They estimated that 2,300 new wells may be drilled this year and about 2,400 more in each of the next five years.

Environmental advocates and communities where there is large-scale drilling have been pressing for an extraction tax or fee on the burgeoning industry. A commission appointed by Gov. Tom Corbett has recommended such a fee. Pennsylvania is the largest drilling state that doesn’t impose a tax or fee on natural gas extraction.

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December 24th 2011 07:08


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December 24th 2011 06:54


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December 24th 2011 06:53


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December 23rd 2011 11:20


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on Chesapeake Gasses Up For Sprint To $36.

December 23rd 2011 11:04


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