Gas glut? Fine, we'll cut.
As I'd hoped, other natural gas players are following Chesapeake Energy's
On Wednesday, Petrohawk Energy
Just like Chesapeake, Petrohawk is prioritizing its tastiest targets -- the hot, hot Haynesville and the fabulous Fayetteville shale plays. The latter region is getting a brand new pipeline, courtesy of Kinder Morgan Energy Partners
In equally big news, Petrohawk managed to land a $1.1 billion credit line, up from $800 million, in a week when most bankers wouldn't lend to their grandmothers.
The following day, SandRidge Energy
SandRidge is simultaneously looking to unload some properties in the Cotton Valley/Haynesville plays of East Texas and northern Louisiana. After this year's buying binge, I would hope that XTO Energy
Going forward, I'd expect to see more of the same from additional players -- a combination of spending reductions and asset sales. With some well-cashed-up competitors out there, energy deals are far from doomed.