Arsenal Heads into Chapter 11 Bankruptcy for Second Time

On Feb. 4, 2019, the parent holding company for Marcellus driller Arsenal Resources, Arsenal Energy Holdings LLC, applied for what has to be the fastest “prepackaged bankruptcy” we’ve ever heard of. They sailed through the whole process in 10 days flat (see Arsenal Energy Exits Bankruptcy in 10 Days Flat). Less than 10 months later and the company is heading back into bankruptcy. However, this time it is Arsenal Resources, the driller itself (not the holding company) that’s heading into Chapter 11 bankruptcy. Arsenal drills on acreage in northern West Virginia.
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Dirt Being Moved at PTT Ohio Ethane Cracker Site – Still no FID

Credit: WTOV (click for larger version)

It’s that time of year again, when we hear rumors that PTT Global Chemical will make a final investment decision (FID) about their $7.5 billion ethane cracker project planned for Dilles Bottom in Belmont County, OH. The decision is always “coming soon.” Hopefully. Maybe. Any day now. But maybe not until next year. Can you tell we’ve grown weary of the rumors? This time it might (underscore MIGHT) be different. This time it’s not rumor but some action that caught our interest. Steubenville, Ohio TV station WTOV has video of dirt being pushed around at the site. Which we take to be a good omen.
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UGI Completes 4th Expansion of NEPA Marcellus Gathering System

UGI Energy Services, the pipeline subsidiary of UGI Corporation (utility company) has just completed the fourth expansion of their northeastern PA pipeline gathering system called the Auburn Gathering System. In May 2018 MDN told you about UGI’s plans to add another two compressor stations and more gathering pipelines to benefit Cabot Oil & Gas (see UGI Expanding NEPA Gathering System to Flow More Cabot Gas).
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WVONGA Fall Meeting Wraps Up with Talks on Pot, Petchem

Last week the West Virginia Oil and Natural Gas Association (WVONGA) held its two-day 2019 Fall Meeting in Morgantown. We previously reported talk about WV’s new co-tenancy laws dominated the first day (see WVONGA Meeting: New Co-Tenancy Law Working, Still a Few Kinks). One of the key topics for the second day was the state’s medical cannabis program and how those in the oil and gas industry deal with it next year when a new state law goes into effect. The other key topic of the day was downstream (petrochemical) plants.
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NatGas in Storage Triples from April 1 to October 31

On April 1 of this year the U.S. exited natural gas consumption season (“winter”) with a relatively low value of 1,155 billion cubic feet (Bcf) in storage. Fast forward to October 31 and the end of the injection season, when gas is stored away for the winter months, and that number had soared more than 3X to 3,724 Bcf. Underground storage of natgas as of October 31 was 37 Bcf higher than the previous five-year end-of-October average. The U.S. Energy Information Administration, our favorite government agency, calls this year’s injection season ramp-up pace a “near-record.”
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MDN Back Online – One of “Those” Kind of Weeks

Thank you for your patience while we navigated through web server hell this week. The MDN website was finally reactivated yesterday on its new server (computer). But then, as soon as that happened, MDN’s email account went offline due to some technical explanation we don’t fully understand, having to do with domain name servers and such. So if you sent MDN (or editor Jim Willis) an email yesterday afternoon/evening, he may not have received it. Feel free to re-send any messages you sent yesterday.

Where do things stand now?…
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