Commodity Price | Energy Services | Industrywide Issues | Marathon Petroleum | MarkWest Energy | Pipelines | Processing Plants | Statewide WV | West Virginia
Unplanned Outage at MarkWest WV Gas Plants Fixed, Prices Go Up
Last week MDN told you about an unplanned outage at two MarkWest natural gas processing plants located in West Virginia (see Unplanned Outage at 2 WV MarkWest Plants Knocks 2.4 Bcf/d Offline). We have more details about what happened that led to the shutdowns. More importantly, we have new information that the outage is now over and full production capacity has been restored at the two plants.
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Diversified Energy (née Diversified Gas & Oil) continues to expand *outside* of the Marcellus/Utica region. In April the company announced it had purchased ~780 net operated wells and leases in the Cotton Valley/Haynesville region of Lousiana for $135 million (see 
Patterson-UTI Energy, which operates 15 active rigs in the Marcellus/Utica (out of 45 active M-U rigs, or fully one-third of all active M-U rigs) announced yesterday it is buying a smaller competitor, Pioneer Energy Services Corp., for approximately $295 million. Patterson will add Pioneer’s fleet of 16 super-spec drilling rigs to Patterson’s own current fleet of 150 super-spec drilling rigs in the U.S. What are super-spec rigs?
The natural gas markets just made a bit of history. Friday, July 2nd, marked the last day in a series of nine days that the NYMEX futures price for natural gas increased from the previous day. Beginning Monday the price has slide down just a bit. Nine straight trading days of higher natgas prices is the longest period of day-over-day price rises in the past 20 years! The weather certainly had a lot to do with the increase in prices, but a key part, perhaps the starring role in why prices have continued to climb, is the role of LNG exports.
All three Marcellus/Utica states received permits to drill new shale wells last week. Pennsylvania issued 12 new permits, 7 of them in the northeast PA dry gas region and 5 in the southwest wet gas region. Ohio issued 3 new permits, all of them for the same driller in Carroll County. (The Ohio driller is brand new!) And West Virginia issued 6 new permits with 5 of the 6 going to Antero Resources.
NATIONAL: Biden spokesperson says admin wants ‘affordable and reliable energy’; As OPEC+ talks stall, US shale producers hedge their bets; U.S. shale firms hesitate to pump or hedge more, despite oil high prices; OPEC, Biden and gas prices; INTERNATIONAL: What next for OPEC+?