Welcome to the Vindy.com Fracking page, the Mahoning Valley's home for the latest news and information about the natural oil and gas drilling industry.
NiSource announces quarterly dividend
NiSource Inc. on March 25 announced a quarterly dividend of 25 cents per share to be paid May 20 to shareholders of record on April 30.
That represents a $1 annualized dividend, and a dividend yield of 2.86 percent, the company said.
Chesapeake spins off oil-field division
Chesapeake Energy Corp. announced last month that it will spin off its wholly-owned oil field division, Chesapeake Oilfield Operating LLC, as it looks to streamline its operations.
The spinoff will create the separate, publicly traded company Seventy Seven Energy Inc., with its own board of directors and management team. Chesapeake will not retain any ownership of the new company.
COO provides well-site services and equipment to land-based exploration and production companies in the United States’ most-active drilling plays, including the Utica Shale.
It generated $2.2 billion in revenue last year, up from $1.9 billion in 2012.
As a part of Chesapeake, COO provided drilling, hydraulic fracturing, oil field rentals, rig relocation and water transport and disposal to Chesapeake and its partners.
Once the spinoff is complete, the newly formed Seventy Seven Energy will trade on the New York Stock Exchange under the ticker symbol SSE.
Magnum Hunter drills Monroe County wells
Magnum Hunter Resources Corp. has drilled and completed three wells on the Ormet Pad in Monroe County.
The wells were drilled and cased to an average vertical depth of 5,900 feet, with a 3,900-foot average horizontal lateral.
The Ormet wells tested at a combined rate of 11,669 Mcf of natural gas, and 1,788 Bbl of condensate per day, or 3,733 barrels of oil equivalent per day.
The wells will be connected to the Eureka Hunter mainline, and the company expects production from the three Utica Shale wells to flow to sales by the end of the month.
Falcon adds rigs
Pittsburgh-based Falcon Drilling Co. LLC is adding three new rigs to its horizontal-drilling operations in the Marcellus and Utica shales.
The 250-ton MD Cowan Super Singles have been drilling Marcellus horizontal wells in northeast Pennsylvania.
Dan Donahue, Falcon’s drilling president, said the transaction would benefit operators in Ohio, allowing for efficient top-hole drilling in deeper part Ohio’s Utica Shale.
The company’s purchase now brings its total rig count to 13.