Net $20 billion debt – Chesapeake is in over their gases / Free Speech in Arlington TX ?

Tues. night during public comment to add a parliamentarian to conduct the City Council meetings, I asked if having a parliamentarian would prevent the mayor from limiting my freedom of speech in trying to control the content of my speech. 

While I was giving an example in the past of him interrupting, he interrupted me with “whats your point” or something sarcastic like that.
When I pointed out that he was doing “it” (interrupting me) again, he then tried to move on with the next order of business.
I had to remind him that I wasn’t done with my two minutes.
I simply stated that I would be in support of a parliamentarian if it meant that I get to have my whole “two” minutes without the mayor trying to restrict the content of my message.
No one has the right to say that I am “off topic” if I am talking about the negative effects of gas drilling when council is voting on a gas drilling agenda item.
Last week I was (rightly*) fired up about the city continuing to be investing in the high stakes of Chesapeake when I could smell a slam dunk for our council to approve wasting the citizen’s minerals on our municipal 43 acres.
Let the SEC investigations begin.  
Tuesday Chesapeake posted a $71 million net loss for the first quarter results of 2012. They also increased production in the first quarter by 18%…hmmm they told us they were decreasing production….
I have a short term prediction that by mid October, NG could fall and go lower than $1 because fracking for oil in the “gas rich” shales is all the rage right now (unless they flare off the gas glut).
Don’t look for those drillers with contract obligations to stop drilling even though we are at historical NG storage capacity.

Within two years, I predict  that once we start exporting, and once the aggregate hyperbolic production decline curves are realized (if a true effort to cut NG production is made), the price of NG will sky rocket (and so will our electric bills) due to an abrupt NG shortage. 

SO…. don’t bet the farm that we have a 100 year NG supply and retrofit everything to run on NG especially if we keep signing those 20 year contracts to export our American NG supplies. 

It is more like we have maybe 12-23 years of economically extractible reserves (not resources).  It is more like 12 years maybe less depending on if we ramp up NG usage.

Here is a wsj video where it is reported that Chesapeake has a net $12 billion debt. Liam Denning, says that Chesapeake is so leveraged that it approaches $20 billion if you count the off balance sheet obligations –  wow!

UPDATE…HERE IS A (related) DEBORH ROGERS response to this McClendon madness!

About Kim Triolo Feil

Since TX Statute 253.005 forbids drilling in heavily settled municipalities, I unsuccessfully ran for City Council Seat to try to enforce this. Since Urban Drilling, our drinking water has almost tripled for TTHM's. Before moving to Arlington in 1990, I lived in Norco’s “cancer alley”, a refinery town. It was only after Urban Drilling in Arlington did I start having health effects. After our drill site was established closest to my home, the chronic nosebleeds started. I know there are more canaries here in Arlington having reactions to our industrialized airshed (we have 55-60 padsites of gas wells). Come forward and report to me those having health issues especially if you live to the north/northwest of a drill site so I can map your health effects on this blog. My youtube account is KimFeilGood. FAIR USE NOTICE: THIS SITE MAY CONTAIN COPYRIGHTED MATERIAL THE USE OF WHICH HAS NOT ALWAYS BEEN SPECIFICALLY AUTHORIZED BY THE COPYRIGHT OWNER. MATERIAL FROM DIVERSE AND SOMETIMES TEMPORARY SOURCES IS BEING MADE AVAILABLE IN A PERMANENT UNIFIED MANNER, AS PART OF AN EFFORT TO ADVANCE UNDERSTANDING OF THE SOCIAL JUSTICE ISSUES ASSOCIATED WITH EMINENT DOMAIN AND THE PRIVATIZATION OF PUBLIC INFRASTRUCTURE (AMONG OTHER THINGS). IT IS BELIEVED THAT THIS IS A 'FAIR USE' OF THE INFORMATION AS ALLOWED UNDER SECTION 107 OF THE US COPYRIGHT LAW. IN ACCORDANCE WITH TITLE 17 USC SECTION 107, THE SITE IS MAINTAINED WITHOUT PROFIT FOR THOSE WHO ACCESS IT FOR RESEARCH AND EDUCATIONAL PURPOSES. FOR MORE INFORMATION, SEE: HTTP://WWW.LAW.CORNELL.EDU/ TO USE MATERIAL REPRODUCED ON THIS SITE FOR PURPOSES THAT GO BEYOND 'FAIR USE', PERMISSION IS REQUIRED FROM THE COPYRIGHT OWNER INDICATED WITH A NAME AND INTERNET LINK AT THE END OF EACH ITEM. (NOTE: THE TEXT OF THIS NOTICE WAS ALSO LIFTED FROM CORRIDORNEWS.BLOGSPOT.COM)
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