Antero Resources 2018 – $398M Loss, Production Up 20%
Antero Resources, one of the biggest drillers in the Marcellus/Utica region (focused on wet gas drilling), released its full year and fourth quarter 2018 update last week. The company reports 2018 daily gas equivalent production averaged a record 2.7 billion cubic feet per day (Bcf/d)–up 20% over 2017. 4Q18 production averaged 3.2 Bcf/d, up 37% over 4Q17 (and up 18% from 4Q18). However, the company’s financial performance wasn’t as stellar.
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Earlier this week Energy Transfer, the company that built the Rover Pipeline in Ohio, the Revolution Pipeline in southwestern Pennsylvania, and the Mariner East pipelines that run from eastern OH clear across PA to Philadelphia, issued its fourth quarter and full year 2018 update. The thing that caught our attention is an admission by ET’s CEO Kelcy Warren that the company has made “mistakes” with its pipeline projects in PA, and has learned from those mistakes.
From time to time we check in on Epsilon Energy, which concentrates most of its effort on the Marcellus in Susquehanna County, PA. The former Canadian company decided to “domesticate” itself, moving headquarters from Canada to Houston, TX last summer (see 
US Methanol broke ground in September 2017 in Institute (Kanawha County), WV to build its very first methanol production plant (see 
Natural gas storage fields are an important, but often overlooked, part of the natgas ecosystem. Equitrans (nee EQT Midstream) owns a natgas storage field in Greene County, PA, in the southwest corner of the state. The state Dept. of Environmental Protection (DEP) is threatening to shut down that storage field, because of coal mining in the area.
Now that the reality has begun to sink in that there will be no magic bullet, no magic wand waved to prevent Consolidated Edison from refusing to add new customers (like hotels, apartment buildings, etc.) to its natural gas distribution system in Westchester County, NY, politicians and business leaders in the county are beginning to soil themselves. Certainly metaphorically–maybe literally.
MARCELLUS/UTICA REGION: Increased energy taxes do not help Pa.; OTHER U.S. REGIONS: FERC approves Calcasieu Pass LNG project construction; CEO of shale driller Pioneer Natural Resources retires abruptly; NATIONAL: FERC pens agreement to push forward pending LNG projects; U.S. shale oil and natural gas, underestimated its whole life; Media hysteria: climate change ‘heat records’ are a huge data manipulation; Bill Gates slams unreliable wind & solar: ‘Let’s quit jerking around with renewables & batteries’; INTERNATIONAL: Canada’s East Coast Sable natural gas production is no more; Kicking Mexico’s addiction to U.S. natural gas.