The Ohio Dept. of Natural Resources (ODNR) issued fourth-quarter 2019 numbers for Utica shale oil and gas production last Friday. The numbers show new state record highs for quarterly oil and natural gas production, the most ever since quarterly reporting began in 2013. Utica oil production was up 17% over 4Q18, and Utica natural gas production was up 3.2% over 4Q18.
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Tri-State Environmental has filed for permits to build two new brine (i.e. shale wastewater) injection wells in Kirkwood Township, Belmont County, Ohio. Meanwhile, another new injection well planned for Belmont (Omni Energy), which we told you about last summer (see Belmont County Injection Well Plan Stirs Opposition from Coal Co.), continues to make progress.
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Range Resources turned in its fourth-quarter and full-year 2019 update on Friday. The company lost $1.72 billion last year, after losing $1.74 billion the year before. Ouch. The company is actively shopping its northern Louisiana shale assets hoping a sale will help reduce debt. You may recall Range bought out Memorial Resource Development Corp. (MRD) in a stock swap/debt assumption deal worth $4.4 billion back in 2016 (see Range Resources Buys Louisiana Driller in Deal Worth $4.4B).
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Southwestern Energy issued its 2019 update on Friday, with talk about what’s ahead for 2020. Southwestern is something of a unicorn. They made $891 million in profit for 2019! Even in a low price environment. Well done. Like every other Marcellus/Utica driller, Southwestern plans to spend less on drilling in 2020, yet they also say they will produce more gas, and sell it at favorable prices. What’s Southwestern’s magic?
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Last week MDN told you that PTT Global Chemical’s CEO signalled that a final investment decision (FID) on whether (or not) to build a multi-billion dollar ethane cracker in Belmont County, OH is coming by “mid-year 2020” (see PTT CEO Sends Loud & Clear Signal of Positive FID on OH Cracker). Here we are a few days later and the company has issued a statement to say activity at the site to push dirt around will soon slow down, perhaps even stop. But don’t worry, that’s NOT a sign (says the company) that they’ve lost interest in the project.
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In January MDN told you about a Franklin & Marshall College poll that showed 48% of Pennsylvania voters support a ban on fracking, while 39% oppose a ban (see Latest F&M Poll Shows 48% of PA Residents Favor Frack Ban). When you dig into the actual questions asked, it appears the poll may have been less than objective. Another poll of PA voters was released last week–this one by Muhlenberg College with questions more objective about fracking. The results show 42% of PA voters are against a frack ban while 38% would support a ban.
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Remember the term “affluenza“? The term describes people ashamed of their wealth, their privilege, of who they are. It describes people ashamed that daddy or mommy made the money and they don’t *really* deserve it. So what is it called when a fossil fuel company like British Petroleum (BP) is ashamed of what they do (produce carbon)? Maybe C-O-2-enza? Carbenza? Whatever it’s called, BP has a serious case of it. What a shame that the company that produces and sells/resells (via natural gas trading) more CO2 energy than any other company on planet earth, believes they must atone for their carbon “sins” by lobbying in favor of a tax on the very thing they produce. It’s asinine, and it’s happening in Pennsylvania.
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MARCELLUS/UTICA REGION: Utica Shale Academy students head south; NATIONAL: Coronavirus fears combine with warmer weather forecasts to send natgas below $1.70; Oil, gas operators forecast to slash E&P, project spending on coronavirus impacts; COVID-19, declining energy commodity prices and what might lie ahead; Businesses fret over potential Bernie Sanders presidency; One reason Russia might like to see Bernie Sanders elected; Was Tom Steyer’s campaign the worst in presidential history?; ‘Anointed with Oil’ review: The crude versus the refined.
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