The U.S. rig count last week fell to a record low of 279, as oil and gas production plummets.
New pipeline capacity will move Marcellus and Utica gas produced by Cabot and Seneca.
Some new rigs added last month with gas plays along the Gulf Coast, primarily the Haynesville Shale, faring the best.
A day after Dominion and Duke canceled the Atlantic Coast Pipeline as litigation mounted, the industry again finds itself confounded by permitting issues.
U.S. rig count down from previous week while crude futures jump 200% over the past 10 weeks.
Dominion Energy and Duke Energy on July 5 announced the cancellation of the Atlantic Coast Pipeline due to ongoing delays and increasing cost uncertainty which threatens the economic viability of the project.
Here’s a snapshot of recent energy deals including a $5 billion divestiture by BP as the London-based major shifts its focus to low-carbon energy.
Rig count, oil production falls over the past week.
The announcement followed previous criminal findings by the grand jury against two fracking companies—Range Resources and Cabot Oil & Gas —for repeated violations of Pennsylvania environmental laws.