Marcellus Drilling News

Weekly Permits

Weekly Shale Drilling Permits Issued for PA, OH, WV: July 20-24
July 30, 2020July 30, 2020

Two weeks ago there were 27 new permits issued in Pennsylvania for shale drilling. Last week, July 20-24, there were only 3 new PA permits. Ouch. Finally, after several weeks of no shale permits in Ohio, the Buckeye State issued 8 new shale permits–all for the same well pad. In West Virginia, there were 3 new shale drilling permits (all for the same well pad) issued last week. The permits in PA were issued in Bradford, Susquehanna, and Washington counties. The OH permits were issued in Harrison County. The WV permits were issued in Wetzel County. There is no doubt drilling has greatly slowed throughout the M-U. Below are the details for each new permit issued.
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Dominion Energy | Energy Services | Industrywide Issues | Litigation | Pipelines | Virginia

Wealthy Va. Landowners Consider Next Moves Post-ACP Cancellation
July 30, 2020July 30, 2020

Earlier this month Dominion Energy announced it is throwing in the towel and canceling the 600-mile Atlantic Coast Pipeline (ACP) project that would have stretched from West Virginia to North Carolina. The company also announced it is selling its pipeline business to Warren Buffett (see Dominion Cancels Atlantic Coast Pipe, Sells Pipe Biz for $9.7B). Uppity, wealthy Virginia landowners who didn’t want the pipeline buried under their horse pastures are still celebrating. Now that the hangovers have mostly cleared up, the uppity landowners are asking questions about what comes next. Can they sue Dominion to recoup legal costs in fighting the project? Can the legally-obtained easements against their properties for ACP be sold to someone else who wants to build a different pipeline?
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CNX Resources | Energy Companies | Industrywide Issues | M&A | Pipelines

A Different View re CNX’s Move to Buy Rest of Pipeline Subsidiary
July 30, 2020July 30, 2020

Yesterday MDN brought you the news that CNX Resources is buying out the balance of what they don’t own in their pipeline subsidiary CNX Midstream (see CNX’s Competitive Advantage: Owning Its Own Pipelines). Our take on the news is that by owning their own pipeline network CNX has a distinct competitive advantage. We heard in pretty short order a different view from a couple of MDN readers…
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Baker Hughes | Energy Services | GE Oil & Gas

GE Announces 3-Yr Plan to Fully Divest from Baker Hughes
July 30, 2020July 30, 2020

Less than one year after buying Baker Hughes, GE decided it didn’t want its bright shiny new toy anymore and would divest itself of Baker Hughes (see GE Dumping Baker Hughes in Bid to Boost Stock Price). Baker Huges separated from GE last October and has been its own company since that time. However, GE still owns 37% of Baker Hughes (BKR) stock. Yesterday, as part of GE’s 2Q20 update, the company announced it will liquidate all of its remaining BKR stock over the next three years.
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Anti-Drilling/Fossil Fuel | Industrywide Issues

National Whistleblower Center Launches Another Rat on O&G Campaign
July 30, 2020July 30, 2020

The National Whistleblower Center (NWC), a partisan (Democrat) nonprofit group, last December launched what it calls a “Climate Corruption Campaign” to “enlist whistleblowers in the fight against fraud and other crimes in the three industry sectors responsible for the vast majority of the world’s carbon pollution: oil and gas, coal, and industrial logging” (see Blowing the Whistle on Natl Whistleblower Center’s Climate Campaign) What a sick joke. The joke continues. NWC has partnered with lunatics at Duke University (a once-great school) to launch an initiative called the Climate Risk Disclosure Lab. It’s a second run at getting people to rat out their employers.
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Crude Oil | Industrywide Issues | Regulation

Trump Visits Texas Permian to Extol U.S. Energy Dominance
July 30, 2020July 30, 2020

President Trump visited the Permian Basin yesterday to announce export authorizations for LNG will now go through 2050, to sign four permits for pipeline and rail transport of fossil fuels, and to get the truth out about his administration’s efforts to make America secure by making our country “energy dominant.” The liberal media spin machine was in overdrive trying to cover up the great news about U.S. fossil fuels–but they could not. Trump was on his “A” game yesterday and it showed.
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Best of the Rest

Shale Energy Stories of Interest: Thu, Jul 30, 2020
July 30, 2020July 30, 2020

OTHER U.S. REGIONS: US shale firm Apache reports $386 million loss, renewed international focus; NATIONAL: U.S. energy consumption in April 2020 fell to its lowest level in more than 30 years; How America’s shale industry can navigate tough times and emerge resilient; Henry Hub gas forwards turn bullish on tightening US supply-demand fundamentals; INTERNATIONAL: Shell flags production fall into Q3; assets impaired by $16.8 billion.
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