Financial woes mounting for shale drillers in Appalachia

first_imgFinancial woes mounting for shale drillers in Appalachia FacebookTwitterLinkedInEmailPrint分享 shale drillers are getting squeezed by low prices, and a supply glut may mean that there is little prospect of a pricing rebound anytime soon.Earlier this month, IHS Markit put out a press release entitled, “U.S. Natural Gas Price Will Fall to Levels Not Seen Since 1970s.” The firm said that persistent oversupply from the Marcellus would be “reinforced” by a surge in associated gas production from the Permian basin. That could keep average natural gas prices below $2/MMBtu next year, which would nominally be the lowest since 1995, but in real terms it would be the lowest since the 1970s.The market is set to see falling prices despite structural increases in demand from new gas-fired power plants and LNG export facilities. IHS noted that U.S. demand has climbed by 14 billion cubic feet per day (Bcf/d) in annual consumption since 2017, but supply has expanded by even more than that amount since the start of 2018.“It is simply too much too fast,” Sam Andrus, executive director of IHS Markit, said in a statement. “Drillers are now able to increase supply faster than domestic or global markets can consume it. Before market forces can correct the imbalance, here comes a fresh surge of supply from somewhere else.”The bust in gas prices create significant dangers for gas-focused shale companies. “With the news from IHS Markit that natural gas prices in the United States will drop below $2 MMBtu in 2020 and remain low through at least 2024, if not longer, heads must be exploding in the board rooms of oil and gas producers throughout the U.S. and Canada,” Tom Sanzillo and Kathy Hipple wrote in a commentary for the Institute for Energy Economics and Financial Analysis (IEEFA).The IEEFA analysts said that smaller shale gas E&Ps, which account for roughly 30 percent of production, “are likely to continue to fail.”More: “Too much too fast” gas glut crushes shale drillerslast_img read more

Introducing contactless cards to members

first_img 1SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr continue reading » Research is showing that contactless payments may have legs. If your credit union decides to move forward, here are five steps that credit unions should take to introduce contactless cards to members:1. Do your research.Many factors play into the decision to offer contactless cards. What’s important for one financial institution may not be as important for your credit union. Make sure you gain an in-depth understanding not only of the technology and its uses, but also of the market and how others have rolled it out successfully.2. Make the transition natural.Unlike with larger financial institutions, many credit unions don’t have the resources to support a “rip-and-replace” approach to transitioning to contactless payments. But the good news is you don’t have to. For most credit unions, adopting a natural re-issue strategy for contactless cards will be the best, most cost-effective approach.last_img read more

Syosset Park is Going to Be a Great Place—Someday, Maybe

first_imgSign up for our COVID-19 newsletter to stay up-to-date on the latest coronavirus news throughout New York Syosset Park is a rarity in Nassau County: It’s a large-scale development of regional significance. The proposal for the former Cerro Wire property is now slated for an environmental review by the Town of Oyster Bay, a municipality that has seen its share of troubles as of late. The process could take up to two years. So far, nothing beyond conceptual artwork and specs has been finalized.Will Long Island’s market even be able to support the finalized mixed-use plan by then? It’s a good question, among many others.When the Michigan-based Taubman Centers proposed building a luxury mall on the property by Robbins Lane and the Long Island Expressway service road, community opposition lasted for almost two decades, fueled in no small part by the Simon Property Group, their rival mall developers. In 2014, Taubman sold out to Simon, which had already bought adjacent public property from Oyster Bay Town for $32.5 million. Simon reportedly paid Taubman $230 million for the 39-acre Cerro site but the deal also included Taubman’s interest in a mall in Arizona that the two companies had jointly owned so the exact sum is hard to parse.So, who did win? Was it the Town of Oyster Bay? Supervisor John Venditto’s efforts to stop the project culminated in a 2013 referendum, which led to the sale of the Town’s 54-acre public works site adjacent to the property. Were the residents victorious? Their town is struggling to maintain its ever-dwindling coffers, and is starving for sales and property taxes to stay afloat. Or is the answer buried in the complex economics of project development in Nassau County?The new developer, Oyster Bay Development LLC, is a cooperative effort by Castagna Realty, the Albanese Organization and Simon Property Group. They’re pitching an ambitious vision for Syosset Park: 625 owned residential units, complete with 355,000 square feet of retail and 200,000 square feet of office space on 93 acres. Finer points of the proposal include “two business-style, boutique hotels” with a total of 325 rooms, 65,000 square feet of restaurant space, and 35,000 square feet of “entertainment/theater offerings.” The housing will be mixed only by type, and not by ownership: flats, condos, townhouses, “traditional cottages,” and full-sized single family homes.With project specs like these, more common to a Suffolk County proposal for somewhere along the William Floyd Parkway than in the heart of mostly built-up Nassau, one might think the new developers are too ambitious. But with memories of Taubman’s luxury mall seared into the minds of area residents, the team was smart. Syosset Park is a much better option for the community than Taubman’s original mall proposal. These developers presented an attractive development that hits all the right notes and skips any discord.It’s an interesting project—likeable even—but it counters the narrative that so many developers in our region have tied their futures (and fortunes) to: Rentals are nowhere to be seen. According to the Long Island Index, we could use at least 72,000 units to fill the need for affordable housing. This Syosset Park plan doesn’t even mention the other buzzwords: “attainable” and “workforce.”The project team knows their audience well. The Town of Oyster Bay has a notoriously low tolerance for high-density development. So, do the residents win with this project? Perhaps. They get the type of growth that they want—and they get to keep out the people that they don’t. Even better for them is that no mall will be thrust upon them.The town surely wins. After getting a cash infusion of $32.5 million for its public land, and the supposed eventual tax revenue from the retail, office and “entertainment” usage, Oyster Bay could expect more money in the coming decades. The development team comes out ahead, too. Resident opposition to the proposal was seemingly muted when it was first announced, with nary a whimper over the last year. Once the environmental review is completed, Syosset Park project will likely be approved in some shape or form.But planning in the western portion of LI is different from what happens out east. Nassau’s political power structure has been corroded with patronage and rocked by scandal, while Oyster Bay’s residents are openly questioning the integrity of the town’s planning department in the wake of its own improprieties. It’s reasonable to doubt that data and community need take precedence over insider deals and under-the-table offerings.With Syosset Park, a detailed, multi-year environmental review is a necessity because of the complex environmental issues present. From the capped landfill to the site’s former superfund status, the impact of placing residential development there must be properly assessed before any more steps are taken. But how can residents trust that the review will be sound when it’s carried out under the auspices of local governments with dubious reputations like theirs?And that’s just the environmental facet of this complex proposal. Economically, Syosset Park is a game changer thanks to the sizable introduction of market-rate housing, retail and commercial offerings. But can the Island’s already tight commercial market absorb yet another 200,000 square feet of commercial office space or 355,000 square feet of retail?Large-scale developments are cropping up from Yaphank to Islip, Ronkonkoma to Mineola. These other projects are pitching the same benefits that are supposed to accrue from Syosset Park’s completion. But it will mean nothing if the office space is vacant and the new stores are empty. And will families who move into the “walkable community” that Syosset Park is supposed to become find themselves played for suckers?So, once again, despite the latest news, Cerro Wire remains full of questions.Rich Murdocco writes about Long Island’s land use and real estate development issues. He received his Master’s in Public Policy at Stony Brook University, where he studied regional planning under Dr. Lee Koppelman, Long Island’s veteran master planner. Murdocco is a regular contributor to the Long Island Press. More of his views can be found on or follow him on Twitter @TheFoggiestIdea.last_img read more

Car crashes into building on Riverside Drive, 2nd crash on street Thursday

first_imgEarly Thursday, Binghamton Police responded to a crash on Riverside Drive. Police charged a suspect with a DWI. This is a developing story. Stay with 12 News for updates. JOHNSON CITY (WBNG) — The Johnson City Police Department has responded to a report of a car crashing into a building at 269 Riverside Dr. Thursday evening. 12 News has a crew on the way to the scene. Dispatchers were unable to comment on more information.last_img

Tioga County Veterans Service Agency makes sure all who served get a proper burial

first_imgOWEGO (WBNG) — The Director of the Tioga County Veterans Service Agency was given a solemn new responsibility at this week’s legislative meeting. That means it’s his job to coordinate funeral arrangements for county veterans who aren’t able to afford a proper burial, or don’t have family members who are able to arrange one. Director Michael Middaugh was appointed as the indigent burrial designee for Tioga County. He says all veterans took the same oath, and therefore all veterans deserve the same honors upon their death. center_img “The idea is that no veteran should ever be forgotten or ever die without getting the burial that they deserve,” he said. “Every veteran who has honorably served has the right to be buried in a national cemetery with full military honors at that time and we want to make sure that happens for any veteran in this county.” For more information on the services the agency provides, click here.last_img read more

Two dams fail in US state of Michigan, thousands evacuated

first_imgThe downtown area of Midland, a city of about 42,000 people, could soon be under approximately nine feet (three meters) of water, according to Whitmer, who warned of “historic” high flood levels.The city said on its website that 11,000 people were evacuating, and that no deaths had been reported.”Residents are strongly urged to continue evacuating,” the city said in a statement.Authorities said the Tittabawassee River that flows through Midland has reached 35 feet, well above flood stage and one foot higher than the previous record level set in 1986. The river is expected to rise another three feet before cresting.Images taken from helicopters show vast stretches of land underwater, bridges washed away, and homes and buildings flooded.The flooding disaster and the evacuation are being compounded by the coronavirus pandemic, which has forced people to observe social distancing.”It’s hard to believe that we are in the midst of a 100-year crisis — a global pandemic — and that also we’re dealing with a flooding that looks to be the worst in 500 years,” Whitmer said.The governor urged those evacuating to shelters to wear face masks and maintain social distancing when possible.Multiple rivers in Michigan — a northern state surrounded by the Great Lakes — had reached flood stage by Tuesday after up to four inches of rain fell in recent days.US President Donald Trump is scheduled to travel to Michigan, an important electoral state, on Thursday to visit an auto manufacturing plant that has been repurposed to make ventilators.The plant is in southern Michigan near its largest city, Detroit.Whitmer, with whom the president has clashed over pandemic response issues, said she intends to give Trump “a full briefing” on the breached dams and resulting flooding.Early Wednesday Trump tweeted his complaints about the state’s vote by mail efforts.The state capital Lansing, about 100 miles south of the flooding, was the scene of new demonstrations protesting the state’s stay-at-home orders.Topics : More than 10,000 residents were evacuating their homes in Michigan Wednesday after two dams failed following heavy rain and triggered what officials warned will be historic flooding.Governor Gretchen Whitmer declared a state of emergency in Midland County, site of the breached dams, in the towns of Edenville and Sanford.The National Weather Service warned of life-threatening flash flooding and joined the governor in urging people in the area to seek higher ground immediately.last_img read more

“Baby poo” coloured home no deterrent for young couple on a mission

first_img52 Lawn St, Holland Park.It was a mammoth and meticulous job — one that at times took its toll on the couple.“The hardest part was still staying married!” Ms Smith said.“It’s just so stressful.“You do argue about what should go where.“To look at it now and think ‘oh my goodness’, from where we started, it’s such a transformation, even beyond our expectations.”52 Lawn St, Holland Park. The 3D Diakrit floorplan of 52 Lawn St, Holland Park.She is most proud of the parents’ retreat they created upstairs, with the entire level dedicated to the master suite with custom walk-in robe, laundry chute and ensuite with free standing bath.The home sits on 645sq m of landscaped gardens in a quiet street opposite a park. 52 Lawn St, Holland Park.center_img 52 Lawn St, Holland Park.Kirsten and Brad Smith took one look at the “baby poo” coloured house in front of them and knew it was their next project.They looked past the yellow paint, bare yard and pokey kitchen and bathroom and saw a well-maintained, well-built home.52 Lawn St, Holland Park.Five years after buying the former housing commission property at 52 Lawn Street, Holland Park, the transformation is complete.Video Player is loading.Play VideoPlayNext playlist itemMuteCurrent Time 0:00/Duration 2:24Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -2:24 Playback Rate1xChaptersChaptersDescriptionsdescriptions off, selectedCaptionscaptions settings, opens captions settings dialogcaptions off, selectedQuality Levels720p720pHD540p540p360p360p270p270pAutoA, selectedAudio Trackdefault, selectedFullscreenThis is a modal window.Beginning of dialog window. Escape will cancel and close the window.TextColorWhiteBlackRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentBackgroundColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentTransparentWindowColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyTransparentSemi-TransparentOpaqueFont Size50%75%100%125%150%175%200%300%400%Text Edge StyleNoneRaisedDepressedUniformDropshadowFont FamilyProportional Sans-SerifMonospace Sans-SerifProportional SerifMonospace SerifCasualScriptSmall CapsReset restore all settings to the default valuesDoneClose Modal DialogEnd of dialog window.This is a modal window. This modal can be closed by pressing the Escape key or activating the close button.PlayMuteCurrent Time 0:00/Duration 0:00Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -0:00 Playback Rate1xFullscreenClose Modal DialogThis is a modal window. This modal can be closed by pressing the Escape key or activating the close button.The Reno after The Block…Julia’s dream home tour. 02:24 Related videos 02:24The Reno after The Block…Julia’s dream home tour. 01:00Selling in style – Kitchen & dining 00:43Selling in style – Playroom to bedroom00:53Selling in style – Master bedroom01:07Selling in style – Living roomThe result is a stunning family home with five bedrooms, multiple living areas and a seamless indoor/outdoor design incorporating a pool and covered deck.“We were looking for a project and this turned out to be a really big one,” Ms Smith said.“We were looking for that blank canvas and this was it.”52 Lawn St, Holland Park.The renovation took three years “on and off” and Ms Smith estimates the project would have cost about $300,000.More from newsCrowd expected as mega estate goes under the hammer7 Aug 2020Hard work, resourcefulness and $17k bring old Ipswich home back to life20 Apr 2020“We had periods of being unmotivated and running out of money,” she admits.They didn’t actually spend that much because her husband is a carpenter.52 Lawn St, Holland Park.last_img read more

5 things to look for during a home inspection: how to spot a lemon

first_imgA property open for inspection. Picture: Andrew Henshaw.THE smell of freshly cut flowers, some strategically placed cushions and soft lighting — it’s all just smoke and mirrors.These tactics are designed to seduce would-be buyers into falling in love at first sight with a home.Experts say buyers want to physically experience a property, and wise vendors work hard to turn that brief encounter into a lasting love affair.We asked Archicentre Australia director Peter Georgiev, Property Pursuit director Meighan Hetherington and Selling Houses Australia host Andrew Winter for their tips on getting the most of out of a property inspection:1. DON’T BE FOOLED BY THE DECOR“I have never bought a ‘staged’ home and never will,” Mr Winter said.“I like to know what the place will look like once all the staging has gone.”Mr Winter suggests concentrating on the actual fittings, especially in the kitchen and bathroom/s, as well as the condition of the building.“This should influence the level of any offers you make,” he said.“And unless you are buying a knock down, not taking notice of, or employing the right specialist to check, could be a costly mistake.”2. LET’S GO OUTSIDEMr Winter advises taking notice of the immediate area around the property during an inspection, such as the approach of the home or the vacant block next door.“Knowing what is happening in the locality allows you to more easily take control of the home and the area within your title as the surrounding space plays a role in the overall value of your home,” he said.Ms Hetherington agrees location is important.“We’ll check to ensure that the property isn’t on a busy road; too close to major roads or train lines; or too close to things like schools, shops, unit developments, and other commercial/industrial buildings,” she said.Block and house position are also important, according to Ms Hetherington.“Generally, we try to avoid odd shaped blocks and having the house positioned at the rear of the block, not allowing for any real useable backyard,” she said.“We also look out for ‘battle-axe’ blocks, where there is a driveway that runs down the side of the block to another property at the rear.” There are usually more open homes during spring selling season. Picture: Mark Calleja.ANDREW WINTER’S TOP 5 TIPS FOR BUYING1. Buy something you genuinely love2. Buy in an area you either know well, or, have undertaken considerable research about3. Focus on a limited geographical area, or a select number of suburbs4. Buy a property that works for you and is appropriate for the market5. Don’t be scared by bad taste decor, but be aware of structure and your immediate surrounds(Source: Andrew Winter’s Australian Real Estate Guide) A line of would-be home buyers at a property inspection. Image: AAP/Angelo Velardo.3. IDENTIFY THE RISKSCheck the flood maps! One of the first things buyer’s agents at Property Pursuit verify is whether the property is at risk of flooding.Then they check its zoning.“Ensure there are no developments under consideration or approved that would negatively affect the property,” Ms Hetherington said.4. LAYOUT AND ASPECTMs Hetherington believes the layout of a home is critical. “Typically, we’ll want to see good flow between the living spaces, kitchen and then to an outdoor space,” she said.More from newsParks and wildlife the new lust-haves post coronavirus16 hours agoNoosa’s best beachfront penthouse is about to hit the market16 hours ago“We also don’t want to see what we call a ‘back-to-front’ layout — where the living spaces are at the front of the house and the bedrooms at the back, which doesn’t allow for any natural flow from the home to the yard.”Also take note of room sizes.Ms Hetherington said the living space should be sufficient to comfortably accommodate a lounge and dining suite. She said the minimum bedroom size should ideally be 3x3m, not including the wardrobe.When it comes to aspect, a north facing rear is ideal to allow for plenty of natural light year-round. The least desirable aspect is a western facing rear — a house that is dark throughout is a real negative.5. BRING IN THE EXPERTSBuying a home is a significant, life-changing investment and one that involves relying on the work of others, according to Archicentre Australia director Peter Georgiev, who insists on getting a building and pest inspection before even considering purchasing a property.“The residential assessment service of Archicentre Australia provides an important point of difference, — architects ‘assess’ while building surveyors and paraprofessionals ‘inspect’,” he said.“An architect assessment adds to the constructional and build quality focus by considering lifestyle aspects that can only be introduced by understanding design and architectural/siting opportunities.“This is a complex area and architects are best placed to advise and assist — providing guidance on understanding the property in its Zeitgeist and neighbourhood context while being able to cast an eye into its future opportunities.”last_img read more

Alaska wave buoy gets carried away

first_imgA Spoondrift wave buoy that ACEP’s researchers deployed as part of Sandia National Laboratories project to improve real-time forecasts of available wave energy, broke free of its mooring in Alaska just a week before its scheduled retrieval.Jeremy Kasper and Stephanie Jump, the researchers Alaska Center for Energy and Power (ACEP) from traveled to Yakutat, a community along the northeast coast of the Gulf of Alaska, to retrieve the buoy, as well seafloor oceanographic moorings.The moorings were deployed as part of the Yakutat Wave Energy Project, funded by Bureau of Ocean Energy Management (BOEM). The project aims to assess the economic feasibility of installing wave energy converters in the area, as well as their potential environmental implications.The wave buoy, able to provide live updates on ocean wave heights and directions, used for the Yakutat project, was originally anchored off Cannon Beach.The solar-powered buoy broke free on September 28, 2018, and started its journey up the coast.Its built-in GPS tracking feature allowed ACEP’s Alaska Hydrokinetic Energy Research Center team to get live location updates during its adventurous cruise.A resident of Alaskan town of Cordova found the buoy more than 200 miles up north from its deployment location, and contacted the researchers early in November, after which the buoy was shipped back to the University of Alaska Fairbanks.The Yakutat Wave Energy Project will collect scientific and technical data sufficient for complete economic feasibility assessment, and establish firm scientific understanding of seabed dynamics, ambient underwater noise, and fish and marine mammal presence and habitat requirements in the project area offshore Alaska.The three-year project is expected to be completed in 2020.last_img read more

2 officers killed after gunmen attack police post in Malian capital

first_imgTwo officers were killed, when gunmen wearing turbans opened fire on police posted at a bus station, in the Malian capital, late on Wednesday. Security has now been tightened in Bamako, as concerns mount over the rising terror levels in the country. CCTV’s Maria Galang reports. Related Egypt Blast Caught on Camera: 2 Police Officers Killed Al-Shabaab claims to have killed Kenyan police officers Gunmen kill Egyptian police officers in Giza attacklast_img