Antero 2Q Update: Production Up, Costs Down, Record Well Drilled

Antero Resources issued its 2Q20 update yesterday. Even though the company averaged a sales price of $2.81/Mcf (thousand cubic feet) for natural gas it sold last quarter by using hedging (at a time when the price has been bumping around $1.70/Mcf), low gas prices clobbered the company. Antero saw a net loss of $463 million for the quarter. However, the company did set a new onshore drilling record for the longest well drilled in a 24-hour period–11,253 lateral feet drilled in 24 hours.
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CNX 2Q Update: Production Down, Curtailments Gone by November

CNX Resources issued its 2Q20 update yesterday. The company reports a $146 million net loss. Production in 2Q20 was 114.5 Bcfe (billion cubic feet equivalent), down from 134.5 Bcfe in 2Q19 due to curtailments. Average daily production in 2Q was 1.26 Bcf/d (billion cubic feet per day), down from 1.35 Bcf/d a year earlier. The company shut-in some of its production due to COVID and low prices. They will restore all shut-in production by November.
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FERC Begins Enviro Assessment for Williams’ PennEast Competitor

Over a year ago, in March 2019, MDN told you about a new Williams plan to beef up the Transco pipeline in Pennsylvania and New Jersey to deliver an extra 760 MMcf/d (originally 1 billion cubic feet per day) of Marcellus gas to PA, NJ, and Maryland (see Williams Announces Transco Competitor to PennEast Pipe in NEPA). The project is called the Regional Energy Access expansion project.
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MVP Gets Permission to Cross Appalachian Trail from Park Service

click for larger version

While we were bitterly disappointed that Dominion Energy decided to cancel the 600-mile Atlantic Coast Pipeline project from West Virginia to North Carolina because they’re exiting the pipeline business altogether (see Dominion Cancels Atlantic Coast Pipe, Sells Pipe Biz for $9.7B), there is one good thing that came from ACP. Dominion fought through to completion a court case that went before the U.S. Supreme Court to allow ACP (and other pipelines) the right to cross under the Appalachian Trail (see Victory! Atlantic Coast Pipeline Wins US Supreme Court Case). One of the beneficiaries of that case is Equitrans’ Mountain Valley Pipeline (MVP) project.
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ANR Pipeline Upgrading Compressors to Flow More Gas to Midwest

Elwood Energy power plant (click for larger version)

Some exciting news to share about a potential new (or rather expanded) customer for Marcellus/Utica gas in Illinois. TC Energy (formerly TransCanada) announced yesterday it will spend $400 million on the Elwood Power/ANR Horsepower Replacement Project. The project will replace, upgrade, and modernize certain facilities along the ANR Pipeline system, one of the largest interstate natural gas pipeline systems in the U.S.
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Retrograde: Enverus Onshore Rig Count Slips Again, Down 7 Rigs

Two weeks ago the Enverus onshore rig count finally hit bottom and turned around, nudging up by five rigs (see Bottom! Enverus Onshore Rig Count Finally Moves Higher Last Week). Last week the count climbed again, up another 11 (see Enverus Onshore Rig Count Higher Again, Leaving Bottom Behind). Over the past seven days the rig count faltered and has gone backward (retrograde) once again, going down seven rigs. The good news is that we’re still higher than the bottom hit a few weeks ago.
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Penn State Determines Dosing for Anti-Farting Medicine for Cows

We include this story on MDN because (a) it’s Friday and sometimes we get a little giddy and have fun on Fridays, and (b) to illustrate the lengths crazies will go to reduce the amount of “fugitive methane” that “escapes” into the atmosphere. Agriculture (farm animals) produce huge amounts of fugitive methane–a fact that the climate loons grudgingly have to deal with if they want to keep up the false pretense that the planet is catastrophically warming. So every now and again the crazies come out with truly insane plans to capture, or in this case restrict, the amount of methane cows fart and burp. Penn State is all proud of itself that it has determined the optimum “dosing” of a really big antacid tablet for Bessie…
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