Dominion Energy 3Q – Commitment to Atlantic Coast Pipe “Unwavering”
Dominion Energy released their third quarter 2019 update late last week. The company reports earnings of $975 million ($1.17 per share), an increase of 14.2% from the previous year. Dominion, as you may know, is a huge company involved in not only the pipeline business, but the utility business. They generate and deliver electricity to millions of customers. They deliver natural gas to millions of customers. The key issue right now for us with regard to Dominion is the status of their Atlantic Coast Pipeline (ACP) project. CEO Tom Farrell says that ACP is still a go.
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Gulfport Energy, one of the biggest drillers in the Ohio Utica Shale (210,000 acres), concentrates its drilling in the Ohio Utica and the Oklahoma SCOOP plays. Gulport’s third quarter 2019 update shows the company produced 1,527.0 million cubic feet equivalent per day (MMcfe/d) in 3Q19, up 7% from 1,427.5 MMcfe/d produced in 3Q18. The company lost $48.8 million (31 cents per share) in 3Q19. The biggest news, for us, is Gulfport’s announcement they are shopping some of their non-operated assets in the Ohio Utica.
National Fuel Gas Company (NFG), headquartered in Western New York (near Buffalo), is the only remaining fully integrated energy company left in the Marcellus/Utica region–maybe in the country. Meaning they are the only company that drills for the energy (oil and gas), pipelines the energy they discover to market (midstream), and is also the utility company that delivers the energy to end users. Big company. Important company. NFG’s drilling arm is called Seneca Resources, and their pipeline/midstream arm is Empire Pipeline. Last Friday NFG issued its quarterly (and full year) update. Both Seneca and Empire got talked about.
Before environmentalist wackos got really wacko in opposing *anything* remotely related to natural gas, including gas-fired powered plants, Competitive Power Ventures got their 680-megawatt CPV Valley Energy Center in Wawayanda (Orange County), NY approved and (eventually) built and online (see 
With friends like these, who needs enemies? Two utility companies–National Grid and Eversource, both operating in Massachusetts–are the primary customers for the gas that flows through the Spectra Energy/Enbridge Atlantic Bridge pipeline project. The last piece of that project is to build a compressor station in Weymouth, MA. National Grid and Eversource now say the Weymouth compressor is not necessary–they have enough gas without it. Thanks guys! You just screwed Enbridge royally.
EdgeMarc Energy, headquartered in Canonsburg, PA (with 50,000 acres of Marcellus/Utica leases), filed for Chapter 11 bankruptcy in May, looking to sell all of the company’s assets (see 
MARCELLUS/UTICA REGION: Southwestern Energy offers to plug abandoned well in Tioga County, PA; Allegheny County Executive Rich Fitzgerald denounces Peduto’s anti-cracker plant stance; WVU Extension offers oil & gas program to high school seniors; OTHER U.S. REGIONS: Cheniere slips to loss in third quarter; Wyoming natural gas company responds to California blackouts; NATIONAL: Rig count takes another dive; The great shale fracking slowdown has arrived; ‘America First’? Kill the Jones Act; INTERNATIONAL: Denmark green lights Russia’s Nord Stream 2 gas pipeline; Britain orders immediate moratorium on fracking due to earth tremor concerns.