Rumor: PTT Ohio Cracker Project FID Likely Coming in September

Every now and again we traffic in rumors here on MDN, but we do so rarely and only when we trust the source of the rumor. In mid-March we brought you juicy tidbits from a highly trusted source about the PTT Global Chemical ethane cracker project in Belmont County, OH, a rumor about why a final investment decision (FID) to proceed has been delayed (see Rumor: Holdup in PTT OH Cracker Final Decision Due to Labor Rate). Our source is back, with more juicy updates, including a bombshell…
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CNX 1Q19 & Beyond: Go Big (in the Utica) AND Go Home

CNX Resources released its first quarter 2019 update yesterday, which shows the company lost $87 million, as opposed to making $527 million in profit in 1Q18. Even so, CEO Nicholas DeIuliis announced the company is upping its drilling budget from the previously announced $700 million to instead spend $885 million, largely to drill more “deep dry” Utica wells. Go big or go home!
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Equitrans “Hopes” to Complete MVP This Year, but Says “Unlikely”

Last week MDN told you that NextEra Energy, a partner in Equitrans’ 303-mile Mountain Valley Pipeline (MVP) that will run from Wetzel County, WV to the Transco Pipeline in Pittsylvania County, VA, said MVP will most likely not get finished this year (see Mountain Valley Pipe Partner Says 2019 Startup Now “Unlikely”). On a conference call to discuss first quarter 2019 results, Equitrans officials said they still “hope” to complete MVP this year, but confess it doesn’t seem “likely.” Doublespeak?
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Future of Invenergy’s Rhode Island Gas-Fired Power Plant “Uncertain”

Last September MDN told you that a new natgas-fired electric plant planned for the People’s Republic of Rhode Island in Burrillville was on life support, with antis reaching to pull the plug (see Proposed Rhode Island Gas-Fired Plant on Life Support). In March we told you the project isn’t dead quite yet (see Proposed Rhode Island Gas-Fired Plant Still has a Pulse). The pendulum has swung the other way once again, with the patient’s heart going into arrhythmia (i.e. irregular heartbeat).
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PA Republicans Launch “Energize PA” to Counter Wolf’s “Restore PA”

For months Pennsylvania Gov. Tom Wolf has been traveling around the Keystone State pretending he’s Santa Claus, pushing a plan he calls Restore PA–a plan that will get rid of lead paint in schools, fix flooding, repair old roads, give rural residents internet access, and just about any other goody you can think of. The catch? The PA legislature must pass a Marcellus-killing severance tax to pay for it. Republicans from western PA called his bluff, offering an alternative way to fund it (see PA Senators Steal Wolf’s Thunder, Propose Drilling to Fund Goodies). But no. The $4.5 billion Wolf wants MUST come from Marcellus drillers’ pockets. That’s the only “good” way to fund all his goodies.
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NYC to Face Consequences of Cuomo Decision on NESE Pipe

Andrew Cuomo has himself painted into a corner. In recent years he’s pandered to his radical/left environmental base by blocking natural gas pipelines. Another such project now must be decided, by May 16. Williams’ Northeast Supply Enhancement (NESE) project needs a water crossing permit from New York State. If Cuomo rejects the project, both Consolidated Edison and National Grid, the two utilities that supply New York City and its suburbs, including all of Long Island, with natural gas, have said they will slap a moratorium on all new gas customer hookups. Either way Andy is toast. Which way will he decide?
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Energy Stories of Interest: Wed, May 1, 2019

MARCELLUS/UTICA REGION: Is there something rotten in Dinniman country?; Senate Environmental Committee unanimously OKs renomination of Dunn as DCNR Secretary; War on natural gas will stunt economy, crush working class; OTHER U.S. REGIONS: Baker Hughes chooses Permian Basin to debut ‘electric frack’ technology; NATIONAL: BP is not on the hunt for US oil and gas deals, says CEO Bob Dudley; Warren Buffett backs Occidental’s bid for Anadarko with $10 billion investment; More U.S. LNG export projects moving toward FID; Hypothesis: Radical Greens are the great killers of our age; INTERNATIONAL: Brent could hit $100 on ‘unprecedented’ undersupply in 2020; Britain’s shale resignation; Stung by Trump’s criticisms of Russian gas deal, Germany makes its own threats; David Attenborough, dead bats and how radical Green propaganda relies on tragedy porn.
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