PA Gov. Wolf Launches Severance Tax Fight 5th Year in a Row
Yes, we told you so. We told you that if our friends in PA were to unwisely reelect Tom Wolf for a second (and thankfully final) term as governor, he would continue to fight for a Marcellus-killing severance tax each and every year of his ignominious second term. Democrats (and some Republicans) just can’t keep their hands off other people’s money–it’s in their DNA.
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In November the Pennsylvania Supreme Court agreed to hear a case, Briggs v. Southwestern Energy, that is hands-down the most important court case to ever happen regarding the Marcellus Shale in PA. And no, we’re not exaggerating. A blizzard of briefs by Southwestern and those supporting Southwestern were filed earlier this week.
Yesterday CNX Resources, a Marcellus/Utica driller headquartered in Pittsburgh and concentrating on southwest PA, issued its fourth quarter and full year 2018 update, along with looking-ahead guidance for 2019. Like other M-U drillers we’ve recently chronicled, CNX is scaling back its budget for 2019–by 5-10%. But even spending less, the company says it will produce about 5% more gas in 2019.
Tallgrass Energy, builder and operator of the mighty Rockies Express (REX) pipeline which is a critical link that flows Marcellus/Utica gas to Midwestern markets, dropped a bombshell announcement yesterday. The company said that investment firm Blackstone is buying a “controlling” interest in the company. Which raises the question, will Blackstone indeed “control” the company?
The U.S. Energy Information Administration recently published its Annual Energy Outlook for 2019. Among the numbers EIA released are predictions about how much natural gas liquids (NGLs) the U.S. will produce between 2018 and 2050. EIA says production will go up 32% over that period, to 5.8 million barrels per day (b/d). Guess where most of that increase will come?
MARCELLUS/UTICA REGION: Bitter cold tests electricity, natural gas systems; Dominion Energy donates $1.6 million to charities meeting critical community needs; Con Ed riles Westchester with moratorium on natural-gas hookups; OTHER U.S. REGIONS: Epic fail of renewables causes Texas town to have $1200 per year higher power bills; NATIONAL: Natural gas prices slump despite US winter weather blast; Natural gas is doing far more than renewables to clean our air; Sen. Whitehouse, #ExxonKnew activists try to revive failing climate litigation campaign; The New York Times got it wrong in “Drilling Down” and shale wins again; The Energy 202: 2020 hopefuls love talking about a ‘Green New Deal.’ But they’re short on specifics.; Commissioner, former chair Cheryl LaFleur to leave FERC this year.