Dominion Energy 3Q – Commitment to Atlantic Coast Pipe “Unwavering”

Dominion Energy released their third quarter 2019 update late last week. The company reports earnings of $975 million ($1.17 per share), an increase of 14.2% from the previous year. Dominion, as you may know, is a huge company involved in not only the pipeline business, but the utility business. They generate and deliver electricity to millions of customers. They deliver natural gas to millions of customers. The key issue right now for us with regard to Dominion is the status of their Atlantic Coast Pipeline (ACP) project. CEO Tom Farrell says that ACP is still a go.
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Gulfport 3Q – Looking to Sell Non-Operated Utica Assets

Gulfport Energy, one of the biggest drillers in the Ohio Utica Shale (210,000 acres), concentrates its drilling in the Ohio Utica and the Oklahoma SCOOP plays. Gulport’s third quarter 2019 update shows the company produced 1,527.0 million cubic feet equivalent per day (MMcfe/d) in 3Q19, up 7% from 1,427.5 MMcfe/d produced in 3Q18. The company lost $48.8 million (31 cents per share) in 3Q19. The biggest news, for us, is Gulfport’s announcement they are shopping some of their non-operated assets in the Ohio Utica.
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NFG 4Q – Low Gas Price Good for Customers, Not for Company

National Fuel Gas Company (NFG), headquartered in Western New York (near Buffalo), is the only remaining fully integrated energy company left in the Marcellus/Utica region–maybe in the country. Meaning they are the only company that drills for the energy (oil and gas), pipelines the energy they discover to market (midstream), and is also the utility company that delivers the energy to end users. Big company. Important company. NFG’s drilling arm is called Seneca Resources, and their pipeline/midstream arm is Empire Pipeline. Last Friday NFG issued its quarterly (and full year) update. Both Seneca and Empire got talked about.
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Battle Begins to Build Another NatGas Electric Plant Near NYC

Before environmentalist wackos got really wacko in opposing *anything* remotely related to natural gas, including gas-fired powered plants, Competitive Power Ventures got their 680-megawatt CPV Valley Energy Center in Wawayanda (Orange County), NY approved and (eventually) built and online (see CPV Marcellus-Fired Elec Plant in Orange County Now Online!). Valley Energy Center encountered a LOT of resistance near the end, including some from Gov. Cuomo himself, who tried to get the already-operating plant shut down (see Judge Refuses to Shut Down Orange County, NY Gas-Fired Plant). Now the nearby Town of Newburgh (also in Orange County) wants to retire an old gas-fired power plant and build a new one right next to it. The wackos are already in overdrive against the Danskammer Energy project.
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2 Utilities Cut Enbridge Off at Knees re Mass. Compressor Station

With friends like these, who needs enemies? Two utility companies–National Grid and Eversource, both operating in Massachusetts–are the primary customers for the gas that flows through the Spectra Energy/Enbridge Atlantic Bridge pipeline project. The last piece of that project is to build a compressor station in Weymouth, MA. National Grid and Eversource now say the Weymouth compressor is not necessary–they have enough gas without it. Thanks guys! You just screwed Enbridge royally.
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EdgeMarc Tries to Stay in Chapter 11, out of Chapter 7 Bankruptcy

EdgeMarc Energy, headquartered in Canonsburg, PA (with 50,000 acres of Marcellus/Utica leases), filed for Chapter 11 bankruptcy in May, looking to sell all of the company’s assets (see EdgeMarc Energy Files for Bankruptcy, Blames Revolution Pipe). In October several EdgeMarc creditors asked the bankruptcy court judge to convert the Chapter 11 filing into a Chapter 7–which would liquidate and sell everything, in whole or in part, to the highest bidder (see EdgeMarc Creditors Ask Judge to Change Bankruptcy from Ch 11 to 7). EdgeMarc is fighting to keep the filing a Chapter 11.
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Moxie Energy CEO Aaron Samson Dies in Accident, Age 59

Aaron Teal Samson – Nov. 25, 1959 – Oct. 20, 2019

This one really hurts. A true titan in our industry and all-around superb individual, Aaron T. Samson, died on Oct. 20 at age 59 following a freak accident. Samson was CEO of Moxie Energy, a company we’ve written plenty about over the years (see our Moxie stories here). Moxie has built a number of Marcellus-fired power plants in Pennsylvania. Aaron was personally, using his own hands, building a house for a close friend (at no cost) in Michigan when he fell, injuring himself, ultimately resulting in his death.
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Shale Energy Stories of Interest: Mon, Nov 4, 2019

MARCELLUS/UTICA REGION: Southwestern Energy offers to plug abandoned well in Tioga County, PA; Allegheny County Executive Rich Fitzgerald denounces Peduto’s anti-cracker plant stance; WVU Extension offers oil & gas program to high school seniors; OTHER U.S. REGIONS: Cheniere slips to loss in third quarter; Wyoming natural gas company responds to California blackouts; NATIONAL: Rig count takes another dive; The great shale fracking slowdown has arrived; ‘America First’? Kill the Jones Act; INTERNATIONAL: Denmark green lights Russia’s Nord Stream 2 gas pipeline; Britain orders immediate moratorium on fracking due to earth tremor concerns.
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