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EQT 2Q Update: Looking to Unload Equitrans Shares, MVP Capacity

EQT, the country’s largest natural gas-producing company, issued its second-quarter 2020 update yesterday. There was a lot of news coming from the update. First and foremost, CEO Toby Rice (celebrating his one-year anniversary after taking over management of the company) said that the 1.4 billion cubic feet per day (Bcf/d) of gas production previously curtailed (shut-in) starting in May is, as of the beginning of July, fully restored and flowing with no apparent “degradation” in the performance of the shut-in wells. However, it was other remarks–about Equitrans and the Mountain Valley Pipeline (MVP)–that caught our attention.
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PennEast Pipe Gooses FERC to Release Updated Enviro Review

PennEast Pipeline is a $1.2 billion, 118-mile brand new (greenfield) pipeline project planned between the Wilkes-Barre, PA area and the Trenton, NJ area. The project has faced stiff opposition from nutty Big Green groups and from the Democrats who have seized control of NJ. Because of NJ’s opposition (and a court case now before the U.S. Supreme Court), in January PennEast asked the Federal Energy Regulatory Commission (FERC) for permission to break the project into two phases (see PennEast Asks FERC to Break Pipeline Project into 2 Phases). PennEast wants to build Phase One (68 miles) in PA, and later on (after the lawsuits are finished), build Phase Two (50 miles) in NJ. FERC was supposed to issue a new environmental assessment (EA) on the revised two-part plan by July 10…but did not.
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Work Paused, Not Canceled at New Fortress LNG Plant in NEPA

What’s happening with New Fortress Energy’s $800 million LNG liquefaction plant in Wyalusing (Bradford County), PA? We recently had an inquiry from a union member/MDN reader wondering whether or not the project has been scrubbed because there is no activity at the site. We have an answer…
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CNX Resources Buying/Merging in Rest of CNX Midstream for $357M

CNX Midstream began life as a joint venture between CONSOL Energy (the forerunner to CNX Resources) and Noble Energy, and was called CONE Midstream (“CO” from CONSOL and “NE” from Noble Energy). Noble decided to completely exit the Marcellus/Utica and ended up selling their half of CONE to CNX for $305 million in early 2018 (see CNX to Buy Noble’s 50% Share of CONE Midstream for $305M). The company was then renamed CNX Midstream (see CONE Midstream Gets a New Name: CNX Midstream Partners). Although CNX owns a majority of CNX Midstream, there has (until now) remained a certain portion owned by outside investors. That will soon come to an end as CNX is buying out the remaining portions it doesn’t own for $357 million. CNX Midstream will now be owned 100% by CNX Resources.
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KM’s LNG Train #9 (out of 10) at Elba Island Ready to Come Online

Wow, that was fast! Yesterday Kinder Morgan filed a request with the Federal Energy Regulatory Commission (FERC) asking for permission to start up train #9 at the Elba Island, George LNG export facility. And yesterday FERC turned around and issued that permission. Same day! How many trains (of the 10 total) are left to go online?
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Trump Nominates 2 New FERC Members – One an NRDC Lemon

Yesterday the White House announced its intent to nominate the final two members needed to comprise a full five-member Federal Energy Regulatory Commission. One of them, Mark Christie, is the Chairman of the Virginia State Corporation Commission. He is one of the country’s longest-serving state utility regulators, having served for 16 years. Great credentials. Smart guy. The other nominee, Allison Clements, spent 10 years as a rabid radical working for the National Resources Defense Council (NRDC). She is uniquely UNQUALIFIED for the job. A lemon.
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Fossil Fuels – The REAL Superheroes!

Who would win a fight between Thor and Superman? Could Wonder Woman defeat Spider-Man? Does it even matter? Of course not! We just know we love watching superhero movies. But there would be no superhero flicks without oil, natural gas, and coal. You wouldn’t know it to listen to the news media, activists, and many politicians, but these essential energy resources are the REAL LIFE superheroes of our daily lives. Without fossil fuels, we would all be living in an unending horror show with no popcorn, no drink, no comfortable seat, no air conditioning, and… not much else for that matter.
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Shale Energy Stories of Interest: Tue, Jul 28, 2020

MARCELLUS/UTICA REGION: Natural gas scorecard shows Ohio needs its now more than ever; OTHER U.S. REGIONS: Haynesville gas production, drilling retreat continues, bucking broader US trend; NATIONAL: ‘Flat is the new up’: Investors will forgive low shale gas volumes, prices in Q2; Microsoft and Halliburton are building the oilfield of the future; Joe Biden’s energy plan aims to overhaul the electric grid by 2035. Is it plausible?; Natural gas gets set for prime time: tracking a possible rally until February 2021.
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