CNX Drills Longest Marcellus Well EVER – Big Budget Cuts in 2020
CNX Resources, formerly the CNX Gas division of CONSOL Energy, released its second quarter update yesterday. The big news is that during 2Q CNX drilled the longest new Marcellus well ever…at 19,609 feet! The company reports production jumped 10%, from 123 Bcfe last year to 135 Bcfe in 2Q19, and net income jumped 216% from $61 million last year to $193 million in 2Q19.
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PTT Global Chemical continues to behave is if it’s going forward with building a $7.5 billion ethane cracker in Dilles Bottom (Belmont County), Ohio. The latest evidence? The company is actively buying up homes close to the proposed site. Over the past two months the company has snapped up six homes and is in discussions right now with others.
Equitrans, formerly known as EQT Midstream (formerly a division of EQT), released its second quarter update yesterday. Among the things we learned: The Mountain Valley Pipeline (MVP) project is now 85% complete and will be done and online in mid-2020. EQT (the driller) remains committed to the MVP project and contrary to false rumors, EQT is not pulling out (it would cost them north of $3 billion to do so!). The project cost for MVP will be around $5 billion–a new high.
America’s natural gas and oil industry announced “a landmark partnership” in late 2017 called the Environmental Partnership, to “accelerate improvements to environmental performance in operations across the country” (see 
Lee Wasserman is director of the Rockefeller Family Fund, a New York-based charity started in 1967 by heirs of oil tycoon John D. Rockefeller. Wasserman is a man-causes-global-warming Kool Aid drinker, and he uses the considerable money available to him to “fight climate change.” For a smart guy he’s really, really dumb. In a New York Times editorial last week, Wasserman paraded his ignorance for all to see by declaring the petroleum industry’s continued search for oil and gas is “rampant corporate irrationality.”
MARCELLUS/UTICA REGION: Unrealistic energy policies sting American consumers; CNX COO announces retirement; NY grid reliability at risk; OTHER U.S. REGIONS: California grid operator warns regulators on natural gas-fired plant retirements; Don’t let state regulators limit energy choice in California; Tesla unleashes Megapack battery to take on natural gas plants; Howell planners approve New Jersey Natural Gas training facility; NATIONAL: Flaring natural gas is the safer environmental option; Natural gas exports are giving US a key edge; Mid-decade milestone for US LNG exports; Inslee’s climate bubbles (video); INTERNATIONAL: TC Energy reaches agreement to sell Ontario natural gas-fired power plants for $2.87 billion; Surf’s Up…Second wave of LNG is here; Don’t ‘demonize’ energy firms: BP boss says climate activists should avoid polarizing society.