Sources: EQT Offering $750M for Chevron’s Marcellus/Utica Assets

Last December Chevron announced it was writing down over $10 billion worth of its U.S. onshore shale assets, with $6.5 billion of that number coming from its Marcellus/Utica assets. Also in December, the company posted for sale ALL of their M-U assets (see Chevron Confirms M-U Assets for Sale, Asks Vendors to Avoid Media). In February Chevron hired investment bank Barclays to help shop their M-U assets with the bids due in August (see Bids for Chevron’s 550K M-U Acres & 500 Wells Due in Mid-August). “Sources” talking to Reuters have let it leak that EQT has offered $750 million for Chevron’s $6.5 billion worth of assets.
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It’s War: EQT Claims it Can Buy Hammerhead Pipe Due to MVP Delay

What started out as a spat between two companies that used to be one and the same, EQT and Equitrans, has quickly turned into open warfare that’s heading for court. We’re talking about the flap over whether or not EQT has the right to buy out Equitrans’ Hammerhead pipeline, and turn around and sell it, as EQT is now trying to do (see EQT & Equitrans Spat Over Hammerhead Pipeline Goes Public).
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FERC Clamps Down on States Like NY re Clean Water Act Permits

The Federal Energy Regulatory Commission (FERC) is making official what has, until now, been unofficial (but enforceable via court orders)–state environmental agencies have exactly one year to dither around and then either grant or reject issuing a Section 401 permit for pipelines (and other projects) to cross rivers and streams and wetlands. Last week FERC issued a Notice Of Proposed Rulemaking (NOPR) to make the one-year time limit (a part of law under the Federal Clean Water Act) an official part of FERC regulations too.
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Ohio Lawmakers Make Case to Repeal HB 6 Nuke Bailout Law

There are at least a few honest politicians in Columbus, Ohio. Last week several Ohio state legislators made the case to overturn House Bill (HB) 6. Last year FirstEnergy Solutions (now called Energy Harbor) allegedly paid $60 million in bribes to (now former) Ohio House Speaker Larry Householder and four of his associates to gain their assistance in passing the hugely unpopular HB 6 (see FirstEnergy Involved in Bribery Scheme to Pass $1B Nuke Bailout Law). HB 6 gives Energy Harbor $150 million per year for seven years ($1.1 billion) in ratepayer funds to prop up the company’s uneconomic nuclear power plants (disadvantaging other energy sources, like gas-fired power plants).
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House/Senate Energy Scorecard: Who to Vote For/Against PA-OH-WV

The American Energy Alliance (AEA), a “pro-consumer, pro-taxpayer, and free-market energy organization,” has just released its 2019-2020 American Energy Scorecard which ranks members of the U.S. House of Representatives and the U.S. Senate on whether or not they support affordable energy (i.e. fossil fuels). We have the listings for all three Marcellus/Utica drilling states–Pennsylvania, Ohio, and West Virginia. This is your handy list of who to vote for, and who to vote against, in the November election.
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Glenfarne Asks FERC for Extra 5 Years to Build Magnolia LNG

In May, Australian company LNG Limited (LNGL) found a buyer for its Magnolia LNG export project, located in Louisiana, for $2 million (see PWC Sells U.S. Magnolia LNG to Different Company for $2M). The buyer turned out to be investment firm Glenfarne Group (see Mystery Solved of Who Bought Magnolia LNG Export Project). Glenfarne, along with Kinder Morgan (which plans to build a pipeline to the Magnolia facility), has asked the Federal Energy Regulatory Commission (FERC) to extend the time to build the project.
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Shale Energy Stories of Interest: Thu, Sep 17, 2020

OTHER U.S. REGIONS: How purple politics cost North Carolina’s energy consumers; A South Texas NGL alternative hub to Mont Belvieu?; Obstructionists’ victories aside, pipelines remain critical to America’s energy and environmental success; NATIONAL: FERC nominees promise impartial decision making in Senate hearing; U.S. gas exporters eye Europe’s surging prices; U.S. CEO group says it supports carbon pricing to fight climate change; Biden promises no new pipelines; INTERNATIONAL: Germany offered to build LNG terminals to avert U.S. pipeline sanctions; Cheniere gets $615M infusion from Abu Dhabi.
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