EQT Provides More Details on DGO Asset Sale, 1.4 Bcf/d Curtailment

EQT announced yesterday it has closed on a deal to sell “certain non-strategic assets” to Diversified Gas & Oil (DGO) for $125 million, plus another potential $20 million later on. MDN first told you about this deal on May 13 (see Diversified Buys 900 EQT Wells (67 Shale Wells) for $125M). This is the first time EQT has commented publicly on the DGO deal. EQT’s statement differs from previous news accounts about the deal.
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PTT Further Delays Ohio Cracker Decision to 2021

In late April PTT Global Chemical, the huge Thailand-based petrochemical company looking to build a world-class ethane cracker plant in Belmont County, OH, announced it would not make a final investment decision (FID) about whether to build the Ohio cracker by mid-2020 (see PTT Postpones Ohio Cracker Final Investment Decision Indefinitely). The company would not give a new timeline, which led us to conclude this is an indefinite delay.
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PHMSA Finds TETCO Pipe Defects at Kentucky 2019 Explosion Site

The last nine months haven’t been the best for Enbridge’s Texas Eastern Pipeline Company (TETCO) pipeline in Kentucky. Last August one of the TETCO lines exploded in Lincoln County, Kentucky, killing one and sending six to the hospital (see TETCO Pipe Explodes in Kentucky Killing 1; Southbound M-U Gas Stops). Earlier this month TETCO exploded again, in Fleming County, Kentucky (see Texas Eastern Pipeline Explodes in Kentucky…Again). Fortunately, the second Kentucky explosion didn’t injure anyone.
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Work Progresses on Country’s Biggest NatGas Power Plant in Ohio

Work at the Guernsey Power Station site (credit: ConstructionEquipmentGuide.com)

Last September construction was set to begin on what we believe to be the country’s largest natural gas-fired electric plant, the Guernsey Power Station being built in Guernsey County, Ohio (see Country’s Biggest NatGas Power Plant Beginning Construction in OH). We have a progress report on the latest construction activity at the site.
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CNX CEO Says Pandemic Exposes ‘Church of Climate’ as a Fraud

We have a confession. We have a man crush on Nick DeIuliis, CEO of CNX Resources. Beginning last year DeIuliis began to publicly and openly fight back against global warming zealots who demand you bow before the altar of man-made global warming or risk being ostracized from polite society. The warmists are irrational fossil fuel haters–dedicated to eliminating the use of fossil fuels. DeIuliis has had enough and he now regularly says so in public forums. The latest example of DeIuliis pushing back is a column appearing today in The Hill, the Washington, DC uber-insider publication. DeIuliis says the pandemic has exposed the “church of climate” and the “dog’s breakfast of special interest groups” that compose it, for the fraud it is.
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Shale Energy Stories of Interest: Wed, May 27, 2020

MARCELLUS/UTICA REGION: Webinar: Think About Energy Briefing, PA legislative panel May 28, 2020; SRBC adopts new consumptive water use policy to expand options, reduce costs; NATIONAL: EIA forecasts lower U.S. natural gas consumption in 2020; U.S. oil output to begin rebounding in July, but 2021 not ‘year of salvation’; The sweet spot for natural gas trucks; U.S. liquefaction capacity growing, even as utilization declines; INTERNATIONAL: Japanese space startup developing LNG-powered rocket; US remains biggest producer of oil, natural gas.
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