Making the Marcellus & Utica Discovery Work for Italian Companies

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1 Making the Marcellus & Utica Discovery Work for Italian Companies Pittsburgh-Italy Alliance Energy Forum September 17, 2012 Emanuel V. DiNatale, CPA

2 Why Pittsburgh? Location Abundant energy and water Workforce Transportation systems river, roads, rail, air Low taxes in PA and tax credit incentives Suitable work sites industrial, commercial, and residential Most livable city excellent health care, schools and universities, parks, etc.

3 Why Pittsburgh? Location Proximity to Markets Within 500 miles of more than half the U.S. Population

4 Energy Sector in Western Pennsylvania includes: Marcellus Shale Utica Shale Coal Timber Utica Shale Solar Energy Wind Energy Nuclear Energy

5 Shale Formations in the US

6 What is Marcellus Shale? A geological formation that was formed by accumulation of sediment into the sea. This formation was eventually buried over many thousands of years and compressed to produce an organic-rich black shale. The Marcellus starts at the base of the Catskills in upstate New York, stretches across the upstate toward Marcellus, New York (the town from which the formation is named) and southwest to Pennsylvania, West Virginia, and Ohio.

7 Marcellus Shale

8 Marcellus Shale Why now? Success of Barnett Shale play in Texas allows for transferring the use of hydraulic fracturing technology. Proximity to population centers in Northeastern US results in lower transportation costs. It is estimated the Marcellus shale formation contains enough natural gas to support the US natural gas consumption for the next 20 years.

9 1,751 Marcellus Wells Drilled in 2011

10 Forecasted Marcellus Activity Through 2020

11 Clean, Abundant, and Versatile Resource Heating and cooling Light duty and heavy duty transportation applications Generation of electricity Combined heat and power applications Feedstock for industries Utilization of liquids

12 What is Utica Shale? The Utica Shale is a large source rock located in the Northeast region of the US and along the Canadian border. It is between 3,000 and 7,000 feet beneath the Marcellus Shale, but extends further Northwest and Southwest. Recently, companies have run tests using horizontal drilling and hydraulic fracturing, and results indicate that the Utica Shale will be an enormous natural gas resource. Utica shale is in the early stages of development minimal information is available regarding drilling and production.

13 Utica Shale the next frontier?

14 Utica Shale, continued Bigger, deeper, and denser than Marcellus One of the last U.S. unconventional energy fields Success in the Marcellus will lead to success in the Utica Some experts predict Utica shale to be even more prolific

15 What is the Economic Impact? Economic Value Added $11.2 billion $12.8 billion $20.2 billion Taxes $1.09 billion $1.23 billion $2 billion Cumulative Employment 139, , ,420 Wells Spudded 1,405 2,300 2,497

16 How Can Italian Companies Get Involved? Ancillary Services Well equipment providers Welders, cutters, solderers, and brazers Power generation equipment for converting fossil fuels to natural gas Measurement and control instrumentation Natural gas infrastructure build out Piping, well casing, and well tubing Mechanical engineering

17 How Can Italian Companies Get Involved? Ancillary Services, continued Computer-controlled machine tool operators Machinists Software suppliers Well site construction and excavation Road construction repairs Supply chain management Water treatment and recycling Land title services

18 How Can Italian Companies Get Involved? Ancillary Services, continued Transportation and logistics Safety equipment and uniforms Investments and banking Natural gas refueling stations Real estate Hotels Restaurants

19 Italian Companies Can Get Involved by Addressing Technical Challenges: Water management for hydraulic fracturing- Providing better means of supplying, handling, and treating water Development of processing and gathering pipelines Including compression, gas treatment, and storage facilities needed to move product to consumers

20 Italian Companies Can Get Involved by Addressing Technical Challenges: Environmental, health, and safety issues involved with intense development of gas in rural communities Risk reduction and improved efficiency in shale exploration and production operations

21 How Italian Companies Can Work With the Large Oil Companies Safety must have excellent safety record Responsiveness Be on time Deliver on promises Keep equipment up-to-date Be innovative - look for ways to do things better

22 What does this mean for Italian Companies Doing Business in Western PA? Opportunity for growth for closely-held private businesses. Landowners and investors received billions of dollars in lease and bonus payments. Future royalty interest streams for investment. Decline in energy expenditures for residential, commercial, and industrial users.

23 Alpern Rosenthal s Energy Services A Top 100 Full Service Regional Accounting Firm Expertise in the energy industry can assist you as a business advisor Member of the Pennsylvania Independent Oil and Gas Association (PIOGA) PIOGA member companies drill and operate the majority of the state s crude oil and natural gas, including Marcellus Shale.

24 Alpern Rosenthal s Energy Services Provides the following services to both traditional and renewable energy arenas, and companies that services the energy industry: Accounting and auditing Tax compliance and consulting Business valuation and litigation support Financial services International services Mergers, acquisitions and transaction advisory services Business advisory and risk services

25 Alpern Rosenthal s Tax Services Innovative and effective tax planning and consulting Professional representation before taxing authorities Estate planning Employee benefits International tax niche group

26 Questions? Contact Information: Emanuel V. DiNatale, CPA Phone: (U.S.) Address: 339 Sixth Ave 8 th Floor, Pittsburgh, PA 15222

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