14 AGs Join Radical Green Groups Suing to Block LNG by Rail

In June the U.S. Department of Transportation’s Pipeline and Hazardous Materials Safety Administration (PHMSA), in coordination with the Federal Railroad Administration (FRA) published final rules to allow LNG (liquefied natural gas) to be safely transported by special rail cars (see PHMSA and Fed Railroad Admin Publish Final LNG by Rail Regs). Anti-fossil fuel zealots hate fossil fuels, including natural gas, so much, they have launched two lawsuits to prevent the new “LNG by rail” rules from taking effect. One lawsuit was filed by 14 Democrat state attorneys general, including PA AG Josh Shapiro. A second lawsuit was filed by six anti-American Big Green groups–including Earthjustice, Sierra Club, and THE Delaware Riverkeeper.
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Report: Marcellus Shale Jobs in Pennsylvania Down 7.4% in 2019

We spotted a story from ace reporter Paul Gough (Pittsburgh Business Times) titled, “5 things to know about Pennsylvania’s new energy report.” According to Gough, earlier this week PA released a new “Pennsylvania Energy Jobs Overview” report. Wait, what? Why didn’t the Dept. of Environmental Protection (DEP) or Gov. Wolf’s office issue a press release to announce this new report? We don’t know why, but they didn’t. The DEP did issue a press release about an uptick in jobs in the so-called renewable energy sector–but nothing about all the other forms of energy. However, we have a copy of the full report (below). It shows the total number of jobs in the Marcellus/Utica went down last year by 7.4%, or 1,897 jobs lost.
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Southwestern Raises $502M to Pay Off Montage Debt

Last week we brought you the bombshell news that Southwestern Energy is buying out and merging in Montage Resources in an all-stock deal worth roughly $857 million (see Stop Press! Southwestern Energy Buying Montage Resources for $857M). In a series of announcements yesterday, Southwestern said it has just finished raising $152 million from selling more stock, and is in the process of raising another $350 million from issuing new notes (debt, IOUs). The money raised ($502 million total) will be used to pay off debt owed by Montage.
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Range Res. Sells $300M in New Notes, Buys Back $400M Old Notes

Range Resources is running up the debt tab. In January the company issued $550 million in new notes (debt, IOUs) which they used to turn around and pay down older notes (see Range Refinancing $500M in Debt, Writing Down Value of LA Shale). Yesterday Range said it is issuing another $300 million in new notes. The company is using the money to help pay off $400 million in older notes.
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Antero Res. Selling $250-$300M in New Notes to Pay Down Debt

Today is “notes” day on MDN. Yesterday three major Marcellus/Utica drillers, including Southwestern, Range, and the subject of this post–Antero Resources–all said they are issuing notes, or what we think of as IOUs (debt) in varying amounts. All of the notes issued are for the same reason–to pay down debt. Issue new debt to pay down old debt. Only in the world of high finance! For Antero, the company is issuing $250 million with an extra option to issue another $50 million, or $300 million total, potentially.
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Why Trump’s Rollback of Obama’s Methane Regs is a Good Thing

At a ceremony in Pittsburgh last week, federal EPA (Environmental Protection Agency) Administrator Andrew Wheeler unveiled two new rules for the oil and natural gas industry that removes ineffective and duplicative methane detection requirements while streamlining others (see EPA Rolls Back Obama Methane Overregulation at Pittsburgh Ceremony). The histrionics by the environmental left was predictable. They’re stroking out. Without reason. The methane emissions rules Obama inflicted on the nation on his way out the door in 2016 added insanely high costs to fossil fuel companies with “almost no” benefits to the environment.
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Shale Energy Stories of Interest: Wed, Aug 19, 2020

MARCELLUS/UTICA REGION: Marcellus multistep workflow helps operators assess parent/child well interactions; Belmont College builds skilled workforce in the tri-state region; OTHER U.S. REGIONS: Blackouts expose perils and costs of California’s ‘electrify everything’ push; NATIONAL: Henry Hub rally continues, supported by stumbling production, rising demand; Biden presidency could spur change in climate litigation; AEA endorses Donald J. Trump for President of the United States; INTERNATIONAL: U.S. sanctions said unlikely to halt Nord Stream 2 pipeline.
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