Antero Resources 2018 – $398M Loss, Production Up 20%

Antero Resources, one of the biggest drillers in the Marcellus/Utica region (focused on wet gas drilling), released its full year and fourth quarter 2018 update last week. The company reports 2018 daily gas equivalent production averaged a record 2.7 billion cubic feet per day (Bcf/d)–up 20% over 2017. 4Q18 production averaged 3.2 Bcf/d, up 37% over 4Q17 (and up 18% from 4Q18). However, the company’s financial performance wasn’t as stellar.
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Energy Transfer CEO Learns from “Mistakes” Made in Pa.

Earlier this week Energy Transfer, the company that built the Rover Pipeline in Ohio, the Revolution Pipeline in southwestern Pennsylvania, and the Mariner East pipelines that run from eastern OH clear across PA to Philadelphia, issued its fourth quarter and full year 2018 update. The thing that caught our attention is an admission by ET’s CEO Kelcy Warren that the company has made “mistakes” with its pipeline projects in PA, and has learned from those mistakes.
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Epsilon Energy Spending $12-$15M in NEPA Marcellus in 2019

From time to time we check in on Epsilon Energy, which concentrates most of its effort on the Marcellus in Susquehanna County, PA. The former Canadian company decided to “domesticate” itself, moving headquarters from Canada to Houston, TX last summer (see Epsilon Energy Becoming “Domesticated” – Moving from Canada to U.S.). The company reports it will spend a total of $20-$25 million on various drilling activities in 2019, with 60% of that ($12-$15 million) in the Marcellus.
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FERC Approves New England Pipeline Expansion

Map of Portland Natural Gas System (click for larger version)

Last November the Federal Energy Regulatory Commission (FERC) signaled a project by TransCanada called the Portland XPress Project (PXP) would soon get a final approval, by giving the project a favorable environmental review (see FERC Grants Portland XPress Project Environmental Approval). Not even three months later, FERC has just given final approval for the project to begin.
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Methanol Plants Huge Users of Marcellus/Utica Gas

US Methanol broke ground in September 2017 in Institute (Kanawha County), WV to build its very first methanol production plant (see US Methanol Breaks Ground on First Plant in West Virginia). Methanol plants convert natural gas into methanol, used as a chemical feedstock (raw material) to create other things, like gasoline, antifreeze, plastic bottles–even LED and LCD screens. Methanol plants use a LOT of natural gas, hence our interest.
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PA DEP Threatens to Close Equitrans Gas Storage Field in SWPA

Natural gas storage fields are an important, but often overlooked, part of the natgas ecosystem. Equitrans (nee EQT Midstream) owns a natgas storage field in Greene County, PA, in the southwest corner of the state. The state Dept. of Environmental Protection (DEP) is threatening to shut down that storage field, because of coal mining in the area.
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Westchester County Soiling Itself re NatGas Moratorium

Now that the reality has begun to sink in that there will be no magic bullet, no magic wand waved to prevent Consolidated Edison from refusing to add new customers (like hotels, apartment buildings, etc.) to its natural gas distribution system in Westchester County, NY, politicians and business leaders in the county are beginning to soil themselves. Certainly metaphorically–maybe literally.
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Energy Stories of Interest: Fri, Feb 22, 2019

MARCELLUS/UTICA REGION: Increased energy taxes do not help Pa.; OTHER U.S. REGIONS: FERC approves Calcasieu Pass LNG project construction; CEO of shale driller Pioneer Natural Resources retires abruptly; NATIONAL: FERC pens agreement to push forward pending LNG projects; U.S. shale oil and natural gas, underestimated its whole life; Media hysteria: climate change ‘heat records’ are a huge data manipulation; Bill Gates slams unreliable wind & solar: ‘Let’s quit jerking around with renewables & batteries’; INTERNATIONAL: Canada’s East Coast Sable natural gas production is no more; Kicking Mexico’s addiction to U.S. natural gas.
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