Williams 1Q20 – Critical NESE Pipe Deadlines Next 30 Days

Williams, the midstream/pipeline giant with major operations and assets in the Marcellus Shale, released its first-quarter update and held a conference call with analysts yesterday. The company wrote down the value of several projects, including the Constitution Pipeline, which led to a paper loss of $518 million in 1Q20. That’s the bad news. The good news is that the Marcellus (which Williams calls its Northeast G&P segment) saw revenues rise 23% in 1Q20.
Continue reading

Dominion 1Q20 – Atlantic Coast Pipeline Update, Next Steps

Dominion Energy issued its first-quarter 2020 update yesterday showing the company had a paper loss (due to impairments) of $270 million in 1Q. Given the company wrote down $2.6 billion worth of assets, losing $270 million on paper seems pretty darned good. Dominion is a BIG company with lots of different businesses. It is a midstream/pipeline company, a power generation company, and a utility delivering power to end-users. Lots of fingers, lots of pies. The one thing we were looking for in this update is new info about the company’s 600-mile Atlantic Coast Pipeline (ACP) from the Marcellus/Utica to Virginia and North Carolina.
Continue reading

Shell Leases CSX Truck/Rail Terminal Near Pittsburgh for Cracker

In September 2017 to much fanfare, CSX (railroad company) announced the opening of its new Pittsburgh Intermodal Rail Terminal in McKees Rocks, PA. The new facility is a truck and railroad transloading facility connecting southwestern Pennsylvania to markets across the country and around the world. CSX said at the time, “The Pittsburgh intermodal terminal is the last key component of CSX’s National Gateway Initiative, an $850 million public-private partnership designed to create a highly efficient network of double-stack rail and intermodal terminals, connecting East Coast markets to consumers, manufacturers and businesses in the Midwest.” That was then, this is now.
Continue reading

Va. Turns Down Anti Request to Delay Hearing on VNG Pipe Project

Two weeks ago MDN told you about Virginia Natural Gas (VNG) and their request for state permission to build 24 miles of new pipeline and two new compressor stations (expanding a third compressor), connecting to the mighty Transco pipeline system to flow Marcellus/Utica gas to the northeast Va. region (see Antis Worried Pandemic Means They Can’t Stop Va. Pipeline Project). Big Green groups tried to hoodwink the state into delaying an upcoming virtual hearing on the permit request scheduled for May 12.
Continue reading

Trump Officials Revise Virus Loan Program to Allow Gas Drillers

The Trump Administration listens. And acts. Two weeks ago Marcellus/Utica drillers and members of Congress from western Pennsylvania lobbied the Trump Administration for changes to the CARES Act (Coronavirus Aid, Relief, and Economic Security Act) to allow M-U drillers to participate (see Marcellus/Utica Cos. Not Allowed Access to Fed Virus Loan Program). Message received, and the changes have been made.
Continue reading

Pieridae Delays Future LNG Exports from Goldboro N.S.

Canada’s Pieridae Energy, planning to build the Goldboro LNG project in Nova Scotia, announced in April it would not make a final investment decision (FID) to build the $10 billion project until “conditions improve” (see Pieridae Delays FID on Nova Scotia Goldboro LNG Export Project). Pieridae has a contract with German utility Uniper to deliver LNG beginning late 2024/early 2025. That timeline has now changed too.
Continue reading

Shale Energy Stories of Interest: Wed, May 6, 2020

MARCELLUS/UTICA REGION: Pa. lawmakers discuss coronavirus during Think About Energy Forum; NATIONAL: Tetco explosion, more production cuts send natural gas futures blasting past $2/MMBtu; Natural gas breaks $2.00 on upside rally and next target; U.S. energy-related carbon dioxide fell by 2.8% in 2019, slightly below 2017 levels; This could be the beginning of a tremendous oil rally; Oil at $30 may be enough to revive shale activity, say drillers; Oil majors delay deals amid volatile crude prices, lockdowns; INTERNATIONAL: TC Energy says natural gas flows (so far) unaffected by COVID-19; The 2020 oil crash’s unlikely winner: Saudi Arabia; Trump told Saudi: Cut oil supply or lose U.S. military support.
Continue reading