Cabot Makes $30M Profit in 2Q, Increasing Production +10% in 4Q
Cabot Oil & Gas announced on Friday as part of its second quarter 2021 update the company will *increase* production during the second half of this year. Cabot CEO Dan Dinges said because the Williams Leidy South Expansion Project will be fully online in 4Q and because the gas price outlook this winter is strong, the company plans to increase production by 4% in 3Q, and by a full 10% in 4Q. Finally! Somebody willing to drill more and produce more and make a profit doing it.
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Southwestern Energy issued its second quarter 2021 update last Friday. Southwestern produced 276 billion cubic feet equivalent (Bcfe) during 2Q, up from 201 Bcfe in 2Q20 (before it acquired Montage Resources). That works out to be 3.0 Bcf/d, of which 79% (2.4 Bcf/d) was natural gas and the rest was liquids (NGLs). Like EQT, Antero, and other major M-U drillers, Southwestern blew it on “unsettled derivatives” during the quarter. The company posted a $608 million loss for the quarter overall, losing $772 million on derivatives.
In June MDN brought you the news that Enbridge’s Texas Eastern Transmission (TETCO) pipeline is being flow-restricted by the Pipeline and Hazardous Material Safety Administration (PHMSA). Some 40% of the Marcellus/Utica molecules that flow through TETCO’s pipeline to destinations in the southeastern U.S. disappeared and were predicted to stay that way until the end of September (see 
Three weeks ago MDN told you about Equitrans’ plan to buy indulgences, er, a, carbon offsets for its 303-mile Mountain Valley Pipeline (MVP) project (see 
The anti-fossil fuelers of Nicetown, PA (near Philadelphia) aren’t so nice. Even though a Marcellus gas-fired power plant in Nicetown has already been built by the Southeastern Pennsylvania Transportation Authority (SEPTA) and is currently in operation (has been since last November) providing cheap electricity for railroads and heat for a local bus depot, antis want it all shut down. They claim it’s racist to have the facility located in the community where it’s located. The Joe Biden EPA is investigating Nicetown with an eye to shutting it all down. What a tragedy on so many levels. Once again energy has been politicized by the left in this country.
The Federal Energy Regulatory Commission (FERC) is moving to revise a two-decade-old standard that guides approval of proposed interstate natural gas pipelines. FERC Chairman Richard “Dick” Glick informed a congressional panel last week of the impending changes. Glick wants to permanently change the standards used so future FERC commissioners will be handcuffed to his twisted view of global warming when considering whether or not to approve a pipeline project.
MARCELLUS/UTICA REGION: West Virginia and the value of national gas; OTHER U.S. REGIONS: Dominion plan calls for all-gas Cope plant in SC; Towns trying to ban natural gas face resistance in their push for all-electric homes; Outrage growing in north Denver neighborhood as hundreds go three days without natural gas; Why is the Biden administration attacking America’s energy independence?; NATIONAL: Electrification alone won’t cut it for decarbonization, say natural gas experts.