Energy Companies | Energy Services | EQT Corp | Equitrans/EQT Midstream | Industrywide Issues | Pipelines
Divorce: EQT Sells 1/2 Bcf/d of Capacity on Mountain Valley Pipe
It’s splitsville for EQT and Equitrans Midstream, the midstream company that was once part of EQT. In releasing details about third quarter performance, EQT announced yesterday it has sold nearly half of its contracted capacity with Equitrans for the Mountain Valley Pipeline (MVP). MVP, when it goes online next year, will ship gas south. It seems EQT is looking West. In the same announcement yesterday, EQT said it has signed a new contract with the Rockies Express (REX) pipeline to ship even more of its gas to markets in the Midwest.
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For a variety of reasons, but mainly due to investor pressure, Range Resources will continue to produce about the same amount of natural gas next year as it is forecast to produce this year: right around 2.1-2.2 Bcfe/d (billion cubic feet equivalent of production every day). That was the takeaway from yesterday’s Range 3Q21 update. The company’s hedges (presales of production at a specific price) hurt the company’s finances. During Q3 Range had a $652 million derivative fair value loss due to increases in commodity prices. Range’s 3Q loss totaled $350 million vs. a $749 million loss in the same period last year–at least it’s an improvement.
A few weeks ago MDN tackled the question of why natural gas producers, in general, are not drilling more given the high price of natural gas right now (see 
Our new governor in New York is just as corrupt as the old one. Some things never change. The New York Dept. of Environmental Conservation (DEC), instead of being an independent, science-based organization, is nothing more than a political tool for whoever sits in the Governor’s Mansion. Current Gov. Kathy Hochul instructed the DEC to reject issuing air permits for two badly-needed natural gas-fired power plants, one in Queens and one in Newburgh. The reason for rejecting the permits? The state’s recently passed “the sky is falling because of man-made global warming” law, misnamed the Climate Community Protection Act (CCPA).
Complete confusion continues with respect to West Virginia’s House Bill (HB) 2581, a new law passed on the last day of the annual WV legislative session in April. HB 2581 changes how the State Tax Department values producing oil and gas wells for property tax purposes (see 
A short 19-mile pipeline project called the Del-Mar Energy Pathway project, crossing both Delaware and Maryland, began its final phase of construction earlier this year after receiving approval from Maryland for traversing a wetland area (see 
Are labor unions so in-the-tank for *any* Democrat candidate that they can be lied to, to their faces, again and again, year after year, and still vote for the Democrat? Apparently yes. Pennsylvania’s Attorney General, the very corrupt Josh Shapiro, someone who has demonstrated a hatred for the Marcellus Shale industry (he’s prosecuting multiple Marcellus companies for “crimes” that are in fact accidents), is using the same tired playbook politicians always use–an outright lie-to-the-face. This time the lie is about his position on whether or not he supports Tom Wolf’s efforts to force the state to join the so-called Regional Greenhouse Gas Initiative (RGGI), a tax on carbon dioxide that’s meant to force coal and gas-fired power plants out of business.
NATIONAL: National tax on natural gas would be an issue for all Americans; U.S. consumers expected to spend more for heating oil this upcoming winter; Upcoming chill sends November natural gas up to $6.20 at expiration; ‘King Coal’ roars back; INTERNATIONAL: ‘Save your species’: UN uses dinosaur in fossil fuel message; OPEC+ comfortable with rising price trend; Putin signals additional natural gas may be bound for Europe.