Victory! Atlantic Coast Pipeline Wins US Supreme Court Case

We finally have a major court victory over the forces of anti-fossil fuel evil, so let’s sit back and soak in the warmth and sunshine of this moment. Yesterday the U.S. Supreme Court delivered a decision we expected, a decision that allows Dominion’s Atlantic Coast Pipeline (ACP), a 600-mile project from West Virginia through Virginia and into North Carolina, to cross under the Appalachian Trail. The decision is not only a victory for ACP, which is only about 6% built, but also a victory for the 303-mile Mountain Valley Pipeline, which is 92% built. MVP also needs to pass under the Trail.
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Reuters: Chesapeake Energy May File for Bankruptcy This Week

We’ve been on bankruptcy watch for Chesapeake Energy for some time now. We told you yesterday that the company faced a $17 million debt payment deadline yesterday, and faces a $134 million bond interest payment on July 1 (see Doug Lawler Drilled Chesapeake’s Grave – Not Aubrey McClendon). If the company is going to declare bankruptcy, it will likely be very soon. Reuters, which is the best of the major mainstream news services (most reliable in many ways) is reporting sources are telling them the company is getting ready to file for bankruptcy “as soon as this week.”
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PA AG Charges Cabot with Enviro Crimes for Long-Settled Dimock

The door has been closed on “Dimock” (in Susquehanna County, PA) for years. Dimock, you may recall, was made famous by Josh Fox’s so-called documentaries Gasland and Gasland 2, aired endlessly on HBO. His allegations about fracking malfeasance by Cabot Oil & Gas were completely debunked in a real documentary called FrackNation. After a long litigation process, Cabot settled with several landowners who claimed their water wells had been contaminated with methane due to work done by Cabot–years ago. And now Pennsylvania Attorney General Josh Shapiro has reopened the whole matter, charging Cabot with so-called environmental crimes. Felonies! We can’t tell you how angry this makes us. Shapiro has corrupted the criminal justice system in PA.
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Antero Raises $402M by Selling Royalty Interest to Sixth Street

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Antero Resources, one of the biggest (and best) Marcellus/Utica pure play drillers concentrating most of their drilling in West Virginia, issued a press release yesterday to announce the company has sold an overriding royalty interest (ORRI) in all of their wells for $402 million. The company will use the money to pay down debt. Antero also posted an updated slide deck yesterday with some great information about NGLs and what the company sees in the way of prices coming for NGLs.
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EIA: Permian Gas Drop Almost Stops While M-U Gas Drops Like a Rock

Yesterday our favorite government agency, the U.S. Energy Information Administration (EIA), issued our favorite monthly report, the Drilling Productivity Report (DPR). The DPR estimates how much oil and natural gas each of the country’s seven largest shale plays produced in the previous (current) month, and how much each will produce in the coming (next) month. The June report, which predicts production for the coming month of July, estimates natural gas production in the Permian basin has just about stabilized (will go down just a little). However, natgas production in the Marcellus/Utica will continue to drop like a rock in the coming month.
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Antis Demand DRBC Overturn Approval for Delaware River LNG Dock

The ne’er-do-wells from Big Green groups including THE Delaware Riverkeeper, Sierra Club, Food & Water Watch and a mish-mash of other loudmouths are attempting to bully the Delaware River Basin Commission (DRBC) into overturning their previous decision to allow a simple ship dock to get built along the shore of the Delaware River in New Jersey so ships can load LNG already liquefied and waiting. Given the DRBC’s weak leadership, we wonder if the DRBC will (again) cave to the demands of the radicals.
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Shale Energy Stories of Interest: Tue, Jun 16, 2020

OTHER U.S. REGIONS: Stanford will not divest from fossil fuels, Board of Trustees decides; NATIONAL: Spike in U.S. LNG imports seen unlikely, but ‘anything can happen’ in distressed market; The ‘’second wave’’ of COVID-19 could crush oil markets; Will America’s pipeline operators survive the oil crisis?; The U.S. has already lost more than 100,000 oil and gas jobs; Banks cut shale drillers’ lifelines as losses mount; U.S. Democratic Party irked by council’s ‘insurgent’ climate plan; INTERNATIONAL: BC LNG Alliance announces rebranding, citing fuel’s importance for all of Canada.
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