A few months ago CNX Resources bought out and merged in the remaining amount of CNX Midstream the company didn’t already own (see CNX Resources Buying/Merging in Rest of CNX Midstream for $357M). CNX isn’t waiting until the next quarterly investor conference call to tout the synergies of that move.
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A group of anti-fossil nutters who devoted themselves to blocking Marcellus/Utica drilling around the Ambridge Reservoir have turned their attention to the Shell ethane cracker plant in Beaver County. They wanted to stop the cracker from getting built, but given the plant is now 70% built and it’s a 100% guarantee it will get done and go online, the nutters have turned their attention to aggressive monitoring of the plant and the pollution, they say, that will come from it.
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Almost two weeks ago Equitrans Midstream sent a letter to the Federal Energy Regulatory Commission (FERC) requesting they be allowed to restart construction on the Mountain Valley Pipeline, construction which has been suspended since October 2019 (see Equitrans Asks FERC to Allow MVP Construction Restart This Week). So far FERC has not granted the request. However, we have one more (minor but important) permit issued for the project.
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This one was easy to predict. Back in August we told you that the Mountain Valley Pipeline (MVP) project was attempting to buy some love from the radical anti-fossil left by donating $19.5 million to the Appalachian Trail Conservancy to “conserve land along the Trail corridor and support outdoor recreation-based economies in Virginia and West Virginia” (see Mountain Valley Pipe (MVP) Buys Favor with Appalachian Trail Groups). The Conservancy is catching all sorts of grief from its members for accepting the money.
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It’s like the coming and going of the four seasons (or two seasons if you live in Binghamton, NY, summer for two months, winter the rest of the time). On a regular schedule, anti-fossil fuel organizations fund “studies” that supposedly show links between fracking and harmful effects to humans who live near fracking. The latest junk science study (in a long line of such studies) claims to show there have been harmful effects from air emissions from gas well sites in southwest Pennsylvania.
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Consulting powerhouse Deloitte has just released a sobering new study called, “The future of work in oil, gas and chemicals” (full copy below). The study says the U.S. oil, natural gas, and chemicals (OG&C) industry slashed 107,000 jobs from March to August 2020, the fastest rate of layoffs in the industry’s history. Ouch. Even more sobering, the study says 70% of those 107,000 jobs lost during the pandemic may not return by the end of 2021 if oil remains at $45 per barrel, which seems likely.
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MARCELLUS/UTICA REGION: MSC thanks Senator Toomey for leadership, service to Pennsylvania; NATIONAL: U.S. natural gas production, consumption, and exports set new records in 2019; Caterpillar transforming pressure pumping business with takeover of Weir oil, gas division; Petro-Darwinism: 4 ways the oil industry must rapidly evolve to survive; Tighter markets cause natural gas prices to jump almost 10%.
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