Summit Midstream: M-U Volumes Decrease; Marcellus for Sale?
Is Summit Midstream teeing up their Marcellus pipeline gathering system for a sale? Late last week Summit Midstream, which has a meaningful presence in the Marcellus/Utica region, released its first quarter 2019 numbers and held a conference call to discuss the company’s performance. As was the case for fourth quarter and full year 2018 (see Summit Midstream Fires CEO; M-U Volumes, Profits Down in 2018), Summit’s volumes and profits continued a downward trend in 1Q19. However, interim CEO Leonard Mallett says things are about to turn around.
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A landowner in Jessup Borough (Lackawanna County, PA, near Scranton) has filed a lawsuit against the Borough Council as a whole (and the individuals who serve on it), claiming they rezoned the landowner’s property, cutting them out of millions of dollars, as retribution because the landowner had the audacity to sell property to the Marcellus gas-fired Lackawanna Energy Center (LEC) power plant.
TransCanada, which recently changed its name to TC Energy, is on a mission to sell more natural gas produced in Western Canada to New England and the East Coast of Canada. TC Energy’s Mainline pipeline system, that pretty much spans the continent, has just won its third rate cut by the Canadian National Energy Board (NEB), making Western Canadian gas that much cheaper to cart over 1,000 miles away to markets in the east.
Last week the Pennsylvania House Environmental Resources and Energy Committee held an informational meeting to hear from the regulated community, including the shale industry, on their experiences with Dept. of Environmental Protection’s (DEP) permit review processes. By all accounts legislators (and the DEP) got an earful.
Here’s a cool story: Energy Transfer, the company building the Mariner East 2 Pipeline in Pennsylvania, has just committed to funding the Pennsylvania Special Olympics to the tune of $450,000 over the next three years. MDN editor Jim Willis’ wife works with special needs kids, so he has a soft spot for programs like Special Olympics. Jim thought: “Hey, this is a good news story. Surely someone in the media will have picked up the Special Olympics press release by now and published an article about this, right?” Nope. Total media blackout. We couldn’t find a single news outlet that has covered this news, now four days old.
We haven’t written about Weatherford International, the world’s fourth largest oilfield services (OFS) company, since last December when the New York Stock Exchange threatened to de-list their stock (see 
MARCELLUS/UTICA REGION: NY politicians are out to create fresh natural-gas crises; Rohr says ‘Right time’ to depart EQT board; Lehigh County receives $1 million grant to expand natural gas service; Pa. Senate confirms Dunn for DCNR Secretary; Water trucks, safety and a museum of natural gas?; NJ Common Pension Fund invests $4.09 million in Antero Resources stock; OTHER U.S. REGIONS: Tax exemption could result in jobs, revenue; Under Oregon’s cap-and-trade bill, natural gas prices will explode; NATIONAL: The world’s richest institutions invest in fossil fuels. Activists are changing that.; INTERNATIONAL: Europe bailed out by cheap LNG; Trinidad gets bad news on natural gas project; Russia loses billions in Druzhba oil pipeline contamination crisis; Oil giant Total SA goes further in liquefied natural gas with $8.8 billion deal in Africa; Trade war cuts U.S. liquefied natural gas exports to China.