CNX Drills Longest Marcellus Well EVER – Big Budget Cuts in 2020

CNX Resources, formerly the CNX Gas division of CONSOL Energy, released its second quarter update yesterday. The big news is that during 2Q CNX drilled the longest new Marcellus well ever…at 19,609 feet! The company reports production jumped 10%, from 123 Bcfe last year to 135 Bcfe in 2Q19, and net income jumped 216% from $61 million last year to $193 million in 2Q19.
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PTT Buying Homes Near Proposed Cracker Plant in Belmont County

PTT Global Chemical continues to behave is if it’s going forward with building a $7.5 billion ethane cracker in Dilles Bottom (Belmont County), Ohio. The latest evidence? The company is actively buying up homes close to the proposed site. Over the past two months the company has snapped up six homes and is in discussions right now with others.
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St. Louis Marcellus/Utica Pipeline Now 97% Done, Up & Running 4Q

Flooding has caused a delay in completing the Spire STL Pipeline

In February 2017, Spire, a natural gas utility company based in St. Louis, Missouri, filed an official application with the Federal Energy Regulatory Commission to build the Spire STL Pipeline, a 65-mile, 24-inch diameter pipe that will flow 400 million cubic feet (MMcf) per day of yummy Marcellus/Utica gas from the Rockies Express (REX) pipeline to St. Louis (see Spire Files Plan with FERC to Flow Marcellus/Utica Gas to St. Louis). Construction on the project began this past December (see St. Louis Marcellus/Utica Pipeline Begins Construction). The project is already 97% complete!
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Equitrans Wants to Remain Kissin’ Cousins with EQT; MVP 85% Done

Equitrans, formerly known as EQT Midstream (formerly a division of EQT), released its second quarter update yesterday. Among the things we learned: The Mountain Valley Pipeline (MVP) project is now 85% complete and will be done and online in mid-2020. EQT (the driller) remains committed to the MVP project and contrary to false rumors, EQT is not pulling out (it would cost them north of $3 billion to do so!). The project cost for MVP will be around $5 billion–a new high.
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NatGas, Oil Industry Partnership Reduces Methane Emissions

America’s natural gas and oil industry announced “a landmark partnership” in late 2017 called the Environmental Partnership, to “accelerate improvements to environmental performance in operations across the country” (see NatGas, Oil Industry Partnership to Accelerate Methane Reductions). The first area of focus has been to reduce methane and volatile organic compound (VOC) emissions. How is it going?
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Rampant Irrationality of Rockefeller Fund in Opposing Fossil Fuels

Lee Wasserman is director of the Rockefeller Family Fund, a New York-based charity started in 1967 by heirs of oil tycoon John D. Rockefeller. Wasserman is a man-causes-global-warming Kool Aid drinker, and he uses the considerable money available to him to “fight climate change.” For a smart guy he’s really, really dumb. In a New York Times editorial last week, Wasserman paraded his ignorance for all to see by declaring the petroleum industry’s continued search for oil and gas is “rampant corporate irrationality.”
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Energy Stories of Interest: Wed, Jul 31, 2019

MARCELLUS/UTICA REGION: Unrealistic energy policies sting American consumers; CNX COO announces retirement; NY grid reliability at risk; OTHER U.S. REGIONS: California grid operator warns regulators on natural gas-fired plant retirements; Don’t let state regulators limit energy choice in California; Tesla unleashes Megapack battery to take on natural gas plants; Howell planners approve New Jersey Natural Gas training facility; NATIONAL: Flaring natural gas is the safer environmental option; Natural gas exports are giving US a key edge; Mid-decade milestone for US LNG exports; Inslee’s climate bubbles (video); INTERNATIONAL: TC Energy reaches agreement to sell Ontario natural gas-fired power plants for $2.87 billion; Surf’s Up…Second wave of LNG is here; Don’t ‘demonize’ energy firms: BP boss says climate activists should avoid polarizing society.
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