CNX Already Net Carbon Neutral; Average Salary $150K
You can’t miss all the chit-chat coming from the oil and gas industry (particularly drillers) about being “net carbon zero” by such-and-such a date–typically by 2025. Or maybe 2030. CNX Resources, an independent natural gas driller (and midstream company) based in Pittsburgh, released its annual corporate social responsibility (CSR) report for 2020 yesterday. CNX continues to walk the talk when it comes to ESG (environmental, social, governance)–one of the few (only?) companies to do so. Get this: CNX has been net carbon *negative* (pulling CO2 out of the atmosphere) for its Scope 1 and 2 operations since 2016! It is the only E&P we’re aware of that can make that claim. Everyone else is still trying to get to net carbon zero, let alone net carbon negative as CNX has done.
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According to the U.S. Energy Information Administration (EIA), prices for natural gas this summer are “the highest since 2014.” Who could have predicted? We sure didn’t. In June, the U.S. natural gas spot price at the Henry Hub averaged $3.26/MMBtu, the highest price during any summer month (April-September) since 2014. Prices in July have increased from June, averaging $3.67/MMBtu through the first two weeks of July. Yesterday the NYMEX futures price for the Henry Hub hit $4/MMBtu for the first time since Dec. 14, 2018.
After deliberating for an hour, a jury in Chester County, PA declared two off-duty constables guilty of not filling out a tax form–a third-degree misdemeanor. The Chester County District Attorney’s case against innocent men hired to protect the Mariner East (ME) Pipeline project from crazy anti-fossil fuel nutters crashed and burned when the judge in the case threw out all charges save one. How much money did the DA’s office spend to convict two low-level constables of not filing the right paperwork? Somebody in that office should LOSE HIS OR HER JOB. Most likely the DA herself–Deb Ryan.
Yesterday MDN reported that Chester County, PA officials sent a letter to the Pennsylvania Public Utility Commission (PUC) asking the agency to immediately shut down flows along the existing Mariner East 1 pipeline for fear that new sinkholes related to Mariner East 2 work will develop and break an existing, older ME1 pipeline, creating a public hazard (see C
What would you call it if your boss, the guy who hired you and keeps you employed, wants you to vote in favor of something he supports–and your job depends on that vote? Aside from the obvious gross corruption, we’d call it a clear case of conflict of interest. This is exactly what happened last week when the heads of various government agencies appointed by Pennsylvania Gov. Tom Wolf got together as members of the Environmental Quality Board (EQB) and voted to advance an economy-killing, jobs-killing, $2.6 billion new carbon tax on PA residents euphemistically called the Regional Greenhouse Gas Initiative (see 
It’s been almost a month, but yesterday S&P Global Platts finally issued a new weekly update for the Enverus U.S. rig count. For the week ending July 23, the rig count stood at 604–that’s up an amazing 24 rigs in just one week and the highest number it has seen since April 2020, just as the pandemic was starting to take hold and shut everything down. The Marcellus play lost one rig from the previous week, while the Utica gained one rig. Collectively the M-U is currently running 45 rigs.
MARCELLUS/UTICA REGION: Pa. shale gas production flat in May but up 7% YOY; EQT shareholders OK plan to increase shares; Murrysville council hears proposal on gas-interconnect for fracking well; OTHER U.S. REGIONS: Kinder Morgan says Permian, Haynesville will need new natgas pipes; NATIONAL: Demand for oil, gas seen rising in H2-2021 and 2022; Will natural gas replace diesel as a data center power source?; The gigantic holes in anti-oil ESG activism; Leasing ban backfires on President Biden; Will all the oil and gas jobs lost during the pandemic ever return?; Wall Street opens back up to oil and gas–but not for drilling.