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Williams Record M-U Volumes, Early Startup for SET, Leidy South
During the Williams third-quarter 2020 update yesterday, CEO Alan Armstrong shared some very interesting, and relevant (to the Marcellus/Utica) comments. Armstrong said that two important pipeline projects to carry M-U gas to other markets, the Southeastern Trail expansion project and the Leidy South project, are both in the midst of coming online–ahead of schedule.
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Equitrans Midstream, the lead partner and builder of the 303-mile Mountain Valley Pipeline (MVP) project, announced yesterday it has (once again) pushed back the in-service date for the pipeline, from 1Q21 to the second half of 2021 (meaning by December), and pushed up the cost of the project, from $5.4 billion to as high as $6 billion. You can thank the jobs-and-economy-destroying Sierra Club for the delays and increase in cost.
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An article in yesterday’s Wall Street Journal says there is a “split reality” emerging for U.S. shale drillers. Shale oil drillers are struggling to survive, while shale gas drillers, particularly in the Marcellus/Utica, are slowly seeing signs of financial recovery. The upshot is that you should consider investing in shale gas drillers (and not shale oil drillers).
Last week Pennsylvania issued 16 new shale well drilling permits, and West Virginia issued 7 new shale well permits. Ohio issued no new shale permits last week.
OTHER U.S. REGIONS: Pro-industry Republican holds lead in Texas oil commission race; Permian drilling slowdown fuels bullish turn for West Texas spot gas market; Mid-con is now a premium market for natural gas and NGLs; NATIONAL: December natural gas futures stumble amid higher temperatures, election uncertainty; Natural gas refuse trucks versus battery electric…what’s more green?; INTERNATIONAL: France’s Engie backs out of U.S. LNG deal; OPEC members’ net oil export revenue in 2020 expected to drop to lowest level since 2002; Natural gas demand will grow beyond 2035: Gazprom official.