Even Unhedged, Cabot O&G Still Makes Profit with $2 Gas
How many times over the years has MDN made this observation, using words along these lines: Cabot Oil & Gas is the only Marcellus drilling we know that can spin gold out of straw. Meaning they make money even at some of the lowest natural gas prices in the country, found in northeastern PA. A recent post by an energy investment advisor examines Cabot’s unique ability to make money at low prices.
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Pennsylvania’s Pipeline Investment Program (or PIPE) grants cover part of the cost for building new natural gas pipelines to connect homes and businesses in rural parts of the state to homegrown Marcellus Shale gas supplies. We’ve written about many of the more-than-a-dozen (so far) PIPE grant projects in the past (
EnCap Investments is a venture capital investor that funds independent companies in the U.S. oil and gas industry. EnCap has its fingers in a number of pies in the Marcellus/Utica. According to a Bloomberg article, EnCap plans to use a pile of $6 billion in cash it’s sitting on to drill new oil and natural gas wells this year. EnCap currently runs 23 drilling rigs at its various portfolio companies. Two of those companies drill in the Marcellus/Utica.
Seems like all we see in mainstream media are articles bashing Energy Transfer’s Mariner East (ME) NGL pipeline projects. Most of the negative press comes from southeastern PA where the pipeline has hit snags in building through Philadelphia suburbs. Imagine our surprise in seeing a guest editorial in a southwestern PA newspaper supporting the ME project, a column that details just how this massive project has benefitted the Keystone State in numerous ways–all across the state.
We almost didn’t run this post, but, well, it was just too funny not to! Danny DeVito is running to become the next representative for the 45th District of the Pennsylvania State House, located in Allegheny County (i.e. Pittsburgh). And he’s running as a Republican on a pro-shale drilling platform! Wait, isn’t Danny DeVito that really short Hollywood actor who’s an uber-liberal and hardened Democrat?! Indeed he is. But we’re not talking about *that* Danny DeVito.
MARCELLUS/UTICA REGION: Raising drilling permit fees by 150 percent will hurt Pennsylvania’s economy; Another oil major bails on Marcellus shale; Shale Crescent USA wins award; WVU Board of Governors approves switch to natural gas boiler; Plant will operate safely, provide a lot of jobs; Delaware Riverkeeper filing shows DRBC was lying to state reps; OTHER U.S. REGIONS: Environmentalists to California restaurants: drop lawsuit over Berkeley gas ban; NATIONAL: U.S. oil rigs up, natural gas rigs down in latest count; U.S. LNG exports reach third place in 2019, with much more coming; INTERNATIONAL: Why the Coronavirus is a real threat to oil markets.