CNX 3Q Update: Not Interested in Selling to EQT, or Anyone Else

CNX Resources issued its third-quarter 2020 update yesterday. The company didn’t bother to issue the usual narrative describing what happened during 3Q. Instead, they simply pushed out the financials, a slide deck, and spoke to analysts on a conference call. What did we learn picking through the numbers and the conference call transcript? One thing we learned is that CNX has no interest in being merged with EQT, that’s for sure.
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Antero 3Q Update: Canceling 300 MMcf/d Pipe Capacity in 2021

Antero Resources, one of the largest drillers in the Marcellus/Utica, working primarily in West Virginia, issued its third-quarter 2020 update yesterday. The company lost $536 million due to a $749 million “unrealized commodity hedge movement in fair value.” High finance stuff. Production averaged 3.8 billion cubic feet equivalent per day (Bcfe/d), which includes a lot of liquids (NGLs).
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2 Defendants Plead Guilty in $60M FirstEnergy Nuclear Bribery Case

In July, now-former Ohio House Speaker Larry Householder and four of his associates were indicted for felonies related to an alleged $60 million bribery scandal in passing the hugely unpopular House Bill 6 (see FirstEnergy Involved in Bribery Scheme to Pass $1B Nuke Bailout Law). HB 6 gives Energy Harbor, a FirstEnergy subsidiary, $150 million per year for seven years ($1.1 billion) in ratepayer funds to prop up the company’s uneconomic nuclear power plants.
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U.S. Oil & Gas Job Losses Hit ~200,000 in 2020 Due to Pandemic, M&A

Rystad Energy says worldwide the oil and gas industry has lost some 400,000 jobs in 2020. About half of those, says Rystad, are jobs lost in the U.S. Reuters is quoting Secretary of Energy Dan Brouillette as saying U.S. oil production will likely not return to its pre-pandemic peak of 13 million barrels of production per day–at least not any time soon. Ergo, those jobs are not coming back any time soon.
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Other Stories of Interest: Fri, Oct 30, 2020

MARCELLUS/UTICA REGION: Eying Pennsylvania, Trump officials pound on energy themes; Navarro: Pennsylvania’s ‘proud frackers’ help drive state’s economy; OTHER U.S. REGIONS: DoE issues LNG export extensions for three projects; Massachusetts DPU making gas companies review energy output to help state meet 2050 net-neutral goal; NATIONAL: U.S. weekly LNG exports keep climbing; Joe Biden’s flip-flops on fracking, natural gas issues leave experts concerned of economic impact if he’s elected; Clean energy vs. oil & gas: the biggest lie of 2020; Dirty solar (video); INTERNATIONAL: China believes natural gas demand will soar.
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