EQT 2018: $2.2B Loss; CEO Ridicules Rice Plan, No “Magic App”

EQT released its fourth quarter and full year 2018 update yesterday. The numbers show the company lost, on paper, $2.2 billion–but the loss was from “impairments,” writing off the value of old assets they had sold. Not an actual $2.2B out-of-pocket loss. The company, which is the largest natural gas producer in the U.S., produced 1.49 trillion cubic feet equivalent of gas in 2018, up an incredible 68% from the 888 billion cubic feet produced in 2017.
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New Details on Williams and Unpaid Pipe Contractors in Lancaster

It seems we owe an apology to Williams for the story we ran earlier this week (see PA Businesses Still Not Paid for Atlantic Sunrise Pipeline Work). We took Williams to task for the fact many of the subcontractors that did work for their contractor Welded Construction have still not been paid for work done on the Atlantic Sunrise Pipeline project. There’s far more to the story, including details on how those subcontractors can get their money.
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TransCanada Plans to Move Western Canadian Gas into New England

TransCanada has cooked up a plan to expand an existing pipeline in New England and connect it to a point in Quebec to flow gas from the opposite side of the continent, Western Canadian natural gas (over 1,000 miles away), into New England! And we can’t get a single new pipeline project approved to flow Marcellus gas a few hundred miles away into New England. Something is seriously wrong with this picture.
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Rest of Mountaineer XPress Pipeline Ready to Go Online Now

Last month the Federal Energy Regulatory Commission (FERC) gave permission to TransCanada’s Columbia Pipeline group to start up a portion of the Mountaineer XPress Pipeline in West Virginia (see FERC OK’s Mountaineer XPress Pipe to Start Up in WV). Columbia says the rest of the Mountaineer project is now ready to go online.
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Energy Stories of Interest: Fri, Feb 15, 2019

MARCELLUS/UTICA REGION: Williamsport explorers beat Ithaca winers, once again; OTHER U.S. REGIONS: India’s Petronet lines up Driftwood LNG equity investment; Waha price collapse signals worsening gas supply glut in the Permian; NATIONAL: Dominion Energy adds two new directors; Bill Barr steps down; Natural gas processing capacity in the lower 48 states; US rig count falls 15 on week to 12-month low; Upstart pitches plan for the cheapest U.S. natural gas exports; EIA adds new play production data to shale gas and tight oil reports; Can U.S. gas production keep up with demand?; Increased use of natural gas exposes U.S. to cyber attacks, FERC chairman says.
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