Diversified Expands Outside M-U Again, Buys Blackbeard in Barnett
Diversified Gas & Oil recently changed its name to Diversified Energy. Along with the name change came a strategy change. Until last month Diversified had concentrated on building the company by buying older (mature) oil and gas wells in the Appalachian Basin. In April the company announced it is branching out beyond Appalachia for the first time with a purchase of ~780 net operated wells and leases in the Cotton Valley/Haynesville region of Lousiana for $135 million (see Diversified Expands Beyond Appalachia First Time, Buys La. Assets). Barely a month later and they’ve done it again, this time buying assets in the Barnett Shale.
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The state treasurers from all three actively producing Marcellus/Utica states, including Stacy Garrity (PA), Robert Sprague (OH), and Riley Moore (WV), along with the state treasurers from 11 other oil and gas producing states, sent a letter to John Kerry, Biden’s so-called Climate Envoy, telling Kerry and other Biden officials to stop pressuring banks and other financial institutions to divest from fossil fuel companies. The treasurers also issued a warning to those banks and financial institutions letting them know their states (all 14 of them) will collectively pull their money out of those banks and financial institutions–BILLIONS of dollars–if the banks and financial institutions persist in divesting from fossil fuel companies. Fossil fuel haters: BACK OFF!
In an effort to flow more Marcellus natural gas to a starving New York City, Kinder Morgan cut a deal with utility company Consolidated Edison in 2019 to provide more gas by beefing up capacity along its Tennessee Gas Pipeline (TGP) that feeds NYC, allowing Con Ed to avoid cutting customers off from natgas hookups (see 
LNG (liquefied natural gas) exports are an important and growing market for Marcellus/Utica natural gas. Two LNG export facilities currently export 100% M-U molecules: Cove Point, Maryland, and Elba Island, Georgia. However, our molecules make their way via a network of pipelines to several Gulf Coast LNG export facilities too, including the largest LNG export facility in the U.S., Cheniere Energy’s Sabine Pass. But is there a cloud on the horizon that threatens even more M-U gas from being liquefied and exported? Perhaps, and it comes from Alaska.
Gordon Tomb, a senior fellow at the Commonwealth Foundation (Pennsylvania’s free-market think tank) has some strong words for those want to put all of PA’s energy eggs into the so-called renewables basket: “‘Green’ energy proposals are no economic therapeutic for Pennsylvania. They’re snake oil miracle cures that ignore the realities of physics–and people’s needs.” So begins a column by Tomb. It’s a verbal slap across the face to get the attention of people who either won’t, or can’t, think for themselves about the glaring failures of a policy to convert to all-renewable energy, and what a total conversion would mean for the state (a complete disaster).
Back in March MDN was one of the first to warn you about a major policy change at the Federal Energy Regulatory Commission (FERC) when three of five FERC commissioners approved an obscure, smallish pipeline project in the Midwest factoring in the pipeline’s contribution to so-called greenhouse gas (GHG) emissions (see 
MARCELLUS/UTICA REGION: Muth and mouth disease spreading through Pennsylvania capitol; NATIONAL: Exxon Mobil loses board seats to tiny hedge fund; Liberal media ignore ethics and electric concerns at Biden Energy Department; Biden looks abroad for electric vehicle metals, in blow to U.S. miners; INTERNATIONAL: Air France-KLM completes eight-hour flight powered by used cooking oil; WoodMac: Europe as global LNG price-setter; Court orders Royal Dutch Shell to cut net emissions by 45%; The IEA’s ‘roadmap’ for net-zero is full of dead ends.