Newsgroup: it.politica.internazionale
Titolo: Shale bubble

 
Pare che lo shale gas and petrol run sia gia' alla fine.
 
Altra bolla, e' uscito del gas ma a prezzi che non ripagano l'investimento.
 
Occhio perche' ci sono personaggi che tentano di vendere azioni di queste 
compagnie.
 
 
Chesapeake Energy: The Next Enron?
 
The company by most accounts that typifies this shale gas boom-bust bubble 
is the much-hailed leading player in shale, Chesapeake Energy. In August 
2012 there were widespread rumors that the company would declare bankruptcy. 
That would have been embarrassing for the company that was the nation's 
second largest gas producer. It would also have signaled to the world the 
hype that was behind promotion of a "shale energy revolution" from the likes 
of Yergin and the Wall Street energy promoters looking to earn billions on 
M&A and other deals in the sector to replace their dismal real estate 
experiences.
 
In May 2012, Bill Powers of the Powers Energy Investor, wrote of Chesapeake 
(CHK by its stock symbl): "Over the past year, however, CHK's business model 
has broken down. The company's shares continue to break to 52-week lows and 
the company has a funding issue-financial speak for the company is running 
out of money. While it was able to farm-out a portion of its Utica Shale 
assets in Ohio to France's Total last year-this is remarkable given the 
accounting errors that resulted in Total receiving significantly less 
revenue from their Barnett Shale joint-venture-CHK has largely run out of 
prospective acreage to farm-out." Powers estimated a $3 billion cash 
shortfall in 2012 for the company. That comes atop already huge corporate 
debt of $11.1 billion of which $1.7 billion was a revolving line of credit. 
[31]
Powers adds, "When the off-balance sheet debt and preferred issues are added 
to the company's existing $11.1 billion of on-balance sheet debt, CHK's has 
a whopping $20.5 billion of financial obligations. Given such a high level 
of indebtedness, CHK debt is rated junk and will be for the foreseeable 
future. " He concludes, "Having America's second largest natural gas 
producer as well as its most reckless destroyer of shareholder capital 
almost completely walk away from the shale gas business is a great 
indication that today's natural gas price bubble is on the verge of popping. 
CHK has not made any money by drilling shale wells-and neither have 
virtually any of its peers-and now the dumb money has run out." [32]
Angry shareholders forced a major shakeup of the Chesapeake board last 
September after a Reuters report that CEO Aubrey McClendon had been taking 
out large loans not fully disclosed to the company's board or investors. 
McClendon was forced to resign as Chairman of the company he founded after 
details leaked out that McClendon has borrowed as much as $1.1 billion in 
the last three years by pledging his stake in the company's oil and natural 
gas wells as collateral.[33] In March 2013 the US Government Securities and 
Exchange Commission (SEC) announced that it was investigating the company 
and Chief Executive Aubrey McClendon and had issued subpoenas for 
information and testimony, among other items looking into a controversial 
program that grants McClendon a share in every well that Chesapeake 
drills.[34]
The company is in the midst of a major asset sale of an estimated $6.9 
billion to lower debt, including oil and gasfields covering roughly 2.4 
million acres. It must invest heavily in drilling new wells to deliver the 
increased production of more lucrative oil and natural gas liquids, if it is 
to avoid bankruptcy.[35] As one critical analyst of Chesapeake put it, "the 
company's complex accounting methods make it almost impossible for analysts 
and stockholders to determine what the risks really are.  The fact that the 
CEO is taking out billion-dollar loans and not openly disclosing them only 
furthers the perception that everything is not as it appears at Chesapeake - 
that the company is Enron with drilling rigs." [36]
The much-touted shale gas revolution in the USA is collapsing along with the 
stock shares of Chesapeake and other key players.
 
 
-- 
-- 
Nel Giugno 2012 Hama una strage di circa
100 persone tra cui 49 bambini va in prima pagina.
Dopo pochi giorni l'ntero mondo occidentale espelle
gli ambasciatori Siriani, senza aver prove certe.
 
Risulta in seguito che le vittime sono intere famiglie
Allawite, Scite o fedeli al governo.
 
L'intero mondo occidentale si e' sbagliato.
Volutamente... complice?
 
 

 The company by most accounts that typifies this shale gas boom-bust bubble
 
D'altra parte c'è talmente tanto petrolio e simili che non basterebbe 
tutto l'ossigeno dell'atmosfera per bruciarlo
 
 
 
 
fe...@delenda.net
 
-- 
http://delendanet.blogspot.com
 


Ebbene lo spremeremo dal mare!
 
 
-- 
Sostieni Rete ECO: 
http://rete-eco.it/2012/sostienici.html
 
 


 
Adatteremo l'organismo a respirare gas.
 
Col contatore su per il c.....o.