MDN’s Energy Stories of Interest: Thu, Apr 24, 2025 [FREE ACCESS]
MARCELLUS/UTICA REGION: Traitor Joe Manchin lands cushy board job with mining company; NATIONAL: Wall Street ends higher on hopes of trade war de-escalation; EPA continues to dismantle environmental justice office; Distillate and jet fuel contribute to record U.S. petroleum product exports in 2024; Biden’s signature Inflation Reduction Act must be repealed; The world needs People Day more than Earth Day; Shale slowdown? Halliburton sounds the alarm; Baker Hughes flags tariff impact on full-year core profit; Key court wins power American energy infrastructure; Weak oil prices, limited shale acreage to hit energy M&A in 2025, Enverus says; Natural gas price forecast – will $3.00 hold or lead to lower prices?; INTERNATIONAL: Energy security is national security, OEUK says; India cuts LNG imports as other fuels become more attractive; White House debates lifting sanctions on Russian energy assets, Nord Stream.
MARCELLUS/UTICA REGION
Traitor Joe Manchin lands cushy board job with mining company
Cheyenne (WY) Cowboy State Daily
Former West Virginia Senator Joe Manchin has joined the board of directors of Ramaco Resources, a company focused on metallurgical coal and rare earth element development, as announced on April 22, 2025. Manchin, known for his advocacy for the mining industry during his Senate tenure, brings extensive experience in energy policy and economic development. Ramaco, with operations in West Virginia, Virginia, Kentucky, and a rare earth mine project in Wyoming, aims to leverage Manchin’s expertise in national defense and critical mineral supply chains. Chairman and CEO Randall Atkins highlighted Manchin’s understanding of supply chain issues, particularly with rare earths dominated by China. Manchin, who grew up in a coal town, expressed pride in supporting Ramaco’s mission to strengthen U.S. supply chains and resilience. His appointment follows a trend of former Democratic politicians joining mining boards, and he is deemed an independent director per Nasdaq rules. [MDN: Ramaco plans to be the first company with a rare earths mine in the U.S. Manchin can NEVER be forgiven for betraying the country and WV by changing his vote in favor of the disastrous Inflation Reduction Act, which was really Joe Biden’s Green New Scam law. Shame on this company for hiring Manchin.]
NATIONAL
Wall Street ends higher on hopes of trade war de-escalation
Reuters
U.S. stock index futures surged on April 23, 2025, following President Donald Trump’s decision to retract his threats to fire Federal Reserve Chair Jerome Powell, boosting market confidence. Trump’s earlier criticisms had raised concerns about the Fed’s independence, but his assurance that he had “no intention” of dismissing Powell, coupled with optimism about a potential U.S.-China trade deal to lower tariffs, fueled a positive market response. Tesla shares jumped 6.3% in premarket trading after reporting better-than-expected profits in its core auto business, with CEO Elon Musk announcing he would reduce his involvement in the Trump administration to focus on his companies. Despite Trump’s push for lower interest rates, Powell emphasized a cautious approach due to uncertainties surrounding trade policies. Investors awaited further economic data, including S&P Global PMI surveys and corporate earnings from companies like Boeing, to assess the impact of tariffs on business performance. [MDN: And just like that, Wall Street jitters have settled, and things are turning around. We’re about to enter the Golden Age under DJT. For those who doubted, shame on you. You should know better by now.]
EPA continues to dismantle environmental justice office
Inside Climate News
The Environmental Protection Agency (EPA), under Administrator Lee Zeldin, announced plans to terminate 280 employees and reassign 175 others as part of a restructuring to eliminate its environmental justice programs, aligning with President Donald Trump’s executive order to curb diversity, equity, and inclusion (DEI) initiatives. This move, detailed in an internal memo, targets the Office of Environmental Justice and External Civil Rights, with layoffs expected by summer 2025. Critics, including union leaders and environmental advocates, argue the cuts undermine protections for communities disproportionately harmed by pollution, particularly low-income and minority groups. The EPA defends the decision, claiming it streamlines operations without compromising environmental goals, though no detailed plan has been released. The restructuring follows other controversial EPA actions, like pausing climate grants and easing pollution regulations, raising concerns about weakened environmental oversight and public health protections. [MDN: The EPA is an executive branch agency, under the President’s control. He has the right (we’d call it duty) to clean house. We are cheering this action. The precious environment isn’t going to suffer. The only ones who will “suffer” are the lefty Democrats who will lose their cushy, do-nothing jobs. Time to clean house. Zeldin is doing it.]
Distillate and jet fuel contribute to record U.S. petroleum product exports in 2024
U.S. Energy Information Administration – Today in Energy
In 2024, U.S. petroleum product exports reached a record 6.6 million barrels per day (b/d), a 495,000 b/d increase from 2023, driven by higher distillate fuel oil (diesel) and jet fuel exports, though motor gasoline exports slightly declined. Distillate exports rose by 182,000 b/d to 1.30 million b/d, with Mexico as the top destination (272,000 b/d), followed by Chile, the Netherlands, and the UK, while Brazil’s imports dropped due to increased Russian distillate imports amid European sanctions. Gasoline exports fell to 877,000 b/d, with Mexico receiving over half (495,000 b/d). Jet fuel exports grew to 209,000 b/d, with Mexico again the largest market (63,000 b/d). Meanwhile, U.S. imports of major petroleum products decreased by 210,000 b/d. The shift in export destinations, particularly increased European imports, reflects global market adjustments influenced by geopolitical factors like sanctions on Russia. [MDN: Fossil energy and exports of fossil energy continue to grow in the U.S. The so-called renewable revolution is DEAD.]
Biden’s signature Inflation Reduction Act must be repealed
Institute for Energy Research
The Institute for Energy Research article critiques the Energy Information Administration’s (EIA) Annual Energy Outlook 2025, arguing it reflects an environmentally driven utility sector shaped by President Biden’s policies, particularly the Inflation Reduction Act (IRA). The EIA forecasts a 51% increase in electricity demand by 2050, driven by AI data centers and forced electrification, with significant growth in solar (from 128 to 854 gigawatts) and wind (from 154 to 602 gigawatts) due to IRA subsidies. The article claims these policies prioritize unreliable, weather-dependent renewables, raising concerns about grid reliability and ignoring a 25% rise in residential electricity prices under Biden, partly due to inflation. It questions the feasibility of unproven carbon capture technology for natural gas plants and suggests repealing Biden’s regulations to avoid an “unreliable electricity sector.” The critique frames the AEO2025 as overly optimistic about cost declines, given the need for extensive grid upgrades. [MDN: This excellent article analyzing the latest AEO concludes this way: “The AEO2025 electricity forecast indicates that Biden’s signature law and regulations need to be repealed or the United States will witness an unreliable electricity sector that may very well be irreparable.” It’s time to repeal the IRA!]
The world needs People Day more than Earth Day
Committee For A Constructive Tomorrow (CFACT)
Al Gore is shifting the focus of his climate efforts from the U.S. to international efforts, particularly in Africa, advocating for the continent to bypass fossil fuels in favor of wind and solar energy to power industries, healthcare, and maintain modern living standards. Despite the global reliance on coal, oil, and gas for 82% of energy needs, Gore insists that the momentum for net-zero climate action is unstoppable, even as the Trump administration withdrew from the Paris climate pact and reversed Obama-era policies. He overlooks the absence of any community solely powered by renewables, the dominance of fossil fuels, and China’s significant carbon emissions. Critics argue Gore’s policies benefit the climate-industrial complex while ignoring the energy poverty in Sub-Saharan Africa, where 1.3 billion people access minimal electricity. African nations like Niger and Senegal are beginning to leverage their fossil fuel resources for development, rejecting restrictive climate policies and Western financial institutions’ refusal to fund fossil fuel projects, aiming for energy security and economic growth. [MDN: Africa says “screw you” to Al Gore. We love it.]
Shale slowdown? Halliburton sounds the alarm
OilPrice.com
Halliburton, a major oilfield services provider heavily tied to U.S. fracking, has raised concerns about 2025 drilling plans as U.S. customers reassess activity amid volatile oil prices and macroeconomic uncertainties. In its Q1 earnings call, Halliburton reported revenues exceeding expectations, but North American revenue dropped 12% year-over-year to $2.2 billion, driven by reduced U.S. onshore stimulation and lower Gulf of Mexico tool sales. International revenue dipped slightly by 2%. CEO Jeff Miller highlighted a dynamic market environment, citing trade uncertainties, Trump administration tariffs, and OPEC’s production return, which have pushed U.S. oil prices to the low $60s. Tariffs are expected to impact earnings by $0.02–$0.03 per share in Q2. These factors, combined with fears of reduced drilling and potential fleet retirements, led to a 5.5% drop in Halliburton’s shares. Industry executives express frustration over policy instability, arguing that low oil prices threaten U.S. production, despite optimism from some, like U.S. Energy Secretary Chris Wright. [MDN: Halliburton is the third largest oilfield services company in the world, after #1 SLB (formerly Schlumberger) and #2 Baker Hughes. The OFS companies are early indicators of where drilling is heading, so it pays to pay attention to what they say.]
Baker Hughes flags tariff impact on full-year core profit
Reuters
Baker Hughes, a U.S. oilfield technology firm, reported a first-quarter adjusted profit of 51 cents per share in 2025, surpassing Wall Street’s estimate of 48 cents, driven by strong demand for its natural gas technology and drilling equipment. Despite a revenue shortfall at $6.42 billion compared to the expected $6.51 billion, the company saw robust order momentum, particularly in its Industrial & Energy Technology (IET) segment, which secured $3.2 billion in orders, including 350 MW of data center power solutions. This growth was fueled by rising electricity needs from AI-driven data centers, boosting demand for liquefied natural gas (LNG). However, Baker Hughes flagged a potential $100 million to $200 million hit to its annual core profit due to tariffs, reflecting uncertainties from U.S. trade policies. Shares dropped 3% after hours, despite international and North American market strength. [MDN: Here’s a thought for Baker Hughes, the world’s second-largest oilfield services company: Maybe BH shouldn’t rely so much on imported steel and other imported products. Begin sourcing here in the U.S.]
Key court wins power American energy infrastructure
Fox Business
The Department of Justice’s Environment and Natural Resources Division (ENRD) celebrated recent federal court victories that bolster U.S. oil and gas infrastructure, aligning with President Trump’s executive order to expand American energy production. These rulings, described as “wins” for the industry, involve four cases: the Dakota Access Pipeline, a Tennessee natural gas pipeline, a Texas oil-export facility, and an Alaska LNG export terminal. Notably, a district court dismissed a lawsuit by the Standing Rock Sioux Tribe to halt the Dakota Access Pipeline’s operations, enabling more oil supply and supporting smaller producers. In Tennessee, the Sixth Circuit upheld a pipeline permit, dismissing environmental groups’ challenges, which is expected to create jobs and meet AI-driven energy demands. Analyst Phil Flynn praised these decisions for enhancing energy reliability and economic growth, emphasizing the cleaner-burning nature of natural gas compared to coal. [MDN: We’re finally winning in federal court. It’s a new day for fossil energy! Finally, common sense is prevailing and not the insane lunacy of the left.]
Weak oil prices, limited shale acreage to hit energy M&A in 2025, Enverus says
Reuters
The U.S. upstream oil and gas mergers and acquisitions (M&A) market faces its toughest conditions since the COVID-19 pandemic in 2025, driven by declining oil prices and a scarcity of prime shale acreage, according to analytics firm Enverus. Despite a strong first quarter with $17 billion in deals, largely propelled by Diamondback Energy’s $4.083 billion acquisition of Double Eagle IV, the market is expected to slow due to a pricing standoff between sellers, reluctant to discount scarce high-quality assets, and buyers, unable to afford premium prices amid lower oil revenues. The decision by eight OPEC+ countries to increase output by 411,000 barrels per day in May further puts pressure on prices. However, gas-focused M&A is gaining traction, particularly in Louisiana’s Haynesville shale basin, as producers position for a liquefied natural gas export boom spurred by new Trump administration approvals, with notable deals like Paloma Natural Gas’s $1.2 billion asset sale. [MDN: While oil M&A may be heading for slower times, gas M&A is not. That’s our takeaway from this article.]
Natural gas price forecast – will $3.00 hold or lead to lower prices?
FX Empire
The FX Empire article, published April 23, 2025, analyzes the natural gas price forecast, questioning whether the $3.00 level will hold or lead to further declines. It notes persistent bearish momentum, with prices struggling below key resistance levels like the 50-day moving average at $3.88 and the 20-day moving average at $3.92. Recent price action, including a pullback to $3.47 and an inside-day pattern, suggests continued downward pressure, potentially testing support at $3.34 or lower. However, a decisive move above $3.07 could spark a temporary rally, though the broader downtrend remains dominant. The article highlights resistance at $3.73-$3.74 and the 20-week moving average at $3.71, indicating challenges for bullish momentum. With high U.S. storage levels and mild weather forecasts weakening demand, bearish sentiment prevails, but a breakout above $3.88 could signal renewed strength, while a drop below $3.34 risks deeper declines. [MDN: So much of the price gas is traded at is controlled by…traders! And they pay attention to various technical signals like those mentioned in this article. If you want to know what traders think about where the price of natgas is heading, read this article.]
INTERNATIONAL
Energy security is national security, OEUK says
Rigzone
Offshore Energies UK (OEUK) is hosting a Security and Resilience Conference in Aberdeen on April 30, emphasizing that energy security is integral to national security. The conference, held at Union Kirk, will feature experts from industry, defense, security services, and academia discussing advanced technological solutions like AI and machine learning to enhance maritime security and protect offshore energy supply chains. OEUK aims to foster collaboration to address potential risks to UK offshore energy infrastructure amid geopolitical instability. The event, the first of its kind by OEUK, will include insights from leading security and defense specialists. Additionally, OEUK is launching a series of public debates on offshore energy’s future, starting April 29 in Aberdeen, to engage industry and local communities. OEUK highlights the sector’s economic significance, supporting 154,000 jobs and potentially £450 billion in spending by 2040, with a strong focus on Scotland’s role in oil, gas, and renewable energy innovation. [MDN: OEUK said, “Energy security is national security.” Too bad the UK Labour government doesn’t understand that and is in the process of destroying the country’s national security by destroying its energy security. Let’s hope OEUK can enlighten the dullards who run the country.]
India cuts LNG imports as other fuels become more attractive
Bloomberg/Rigzone
Indian energy importers, including Gail India Ltd. and Indian Oil Corp., are shifting from costly liquefied natural gas (LNG) to more affordable oil products like naphtha and propane, easing global LNG supply constraints. This follows canceled LNG tenders due to high prices, with India’s LNG imports projected to drop 5% to 1.9 million tons this month, the lowest since December 2023. Elevated LNG prices, driven by export plant outages in Malaysia and Australia, contrast with cheaper naphtha ($8–$9 per million Btu) and propane, made available by petrochemical plant shutdowns and maintenance at facilities like Reliance Industries’ Jamnagar refinery. Refiners, consuming 12% of India’s LNG, and industries like ceramic tile-makers are leading the switch. However, a potential surge in LNG demand could occur if hotter summer weather increases gas-fired power generation, as much of India’s gas power capacity remains offline due to high LNG costs. [MDN: Yeah, well, the abundance of naptha and propane won’t last forever, so India should enjoy it while it can.]
White House debates lifting sanctions on Russian energy assets, Nord Stream
POLITICO
The White House is debating whether to lift sanctions on Russia’s Nord Stream 2 pipeline and other energy assets in Europe as part of negotiations to end the Russia-Ukraine war, according to five sources familiar with the discussions. Special Envoy Steve Witkoff has proposed easing these sanctions, but the idea faces opposition from Secretary of State Marco Rubio and Interior Secretary Doug Burgum, who heads the White House Energy Dominance Council. The proposal lacks significant traction, with critics arguing it would undermine U.S. energy export interests. Lifting sanctions, initially imposed during Trump’s first term and reimposed by Biden after Russia’s 2022 invasion of Ukraine, would mark a major policy shift and a diplomatic win for Moscow. However, restarting Nord Stream 2 would require EU agreement to resume Russian gas imports, which is unlikely given Europe’s efforts to reduce reliance on Russian energy. [MDN: Although we’re not excited about lifting sanctions, everything must be on the table if it can end this war. If lifting sanctions on Nord Stream gives Putin enough of a win to make him stop the war, it’s worth it. We support Witkoff on this one.]