EQT CEO Says the Answer to Many Questions is “Marcellus”
EQT, the country’s largest natural gas producer, issued its fourth quarter and full-year 2021 update yesterday. We have loads of great information. In 4Q21 EQT made $1.8 billion in profit (net income), although the company ended up losing $1.2 billion for the year due to bad bets on hedging. The company produced 527 Bcfe (billion cubic feet equivalent) of natural gas in 4Q21, versus producing 401 Bcfe in 4Q20–an increase of 31%, mainly due to extra production from buying Chevron’s and Alta Resources’ Appalachian assets over the past year. That works out to be an average daily production of 5.85 Bcf/d last quarter–the highest natgas production of any U.S.-based company.
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As it has done for the past couple of years, CNX Resources, when issuing quarterly updates, doesn’t bother to issue a handy summary of the numbers. Instead, CNX’s top brass will talk about some of the particulars on a conference call. Folks interested in the details of the lastest quarter have to wait and wade through SEC filings. A few weeks ago the company issued a quarterly 8-K statement, which we included with our review of 4Q21 (see 
The ace reporters at Reuters have sussed out another inside exclusive: Williams, the pipeline giant, has hired “two veteran executives” to help the company set up an LNG marketing operation. The operation will put Williams into direct competition with other big LNG marketers including Cheniere Energy, Shell, and QatarEnergy. The big question is this: How successful will this effort be if Williams doesn’t actually own an LNG export terminal of its own?
Over the years MDN has brought you updated reports from energy law firm giant Haynes and Boone and their quarterly oil and gas bankruptcy filings reports. We are delighted to tell you that due to the decreasing number of bankruptcies in our industry, Haynes and Boone has just issued its final set of reports for 2021 bankruptcies: one report for upstream/drilling, one report for oilfield services, and one report for midstream/pipelines. All of the reports are embedded below. Yes, there are a few M-U companies listed in these final reports.
One of our favorite Forbes website contributors, David Blackmon, has penned another fabulous column. This one looks at the chatter and debate surrounding “the energy transition”–as if it’s a foregone conclusion that we must dump the use of all fossil fuels within the next few years and transition to so-called renewables, or the planet is toast. Blackmon tackles one aspect of this debate that is seldom discussed: the cost of transitioning away from fossil fuels to 100% renewables. The cost is so big, it’s incomprehensible.
MARCELLUS/UTICA REGION: Metcalfe declares Wolf’s ‘environmental crusader’ Legacy an absolute failure; NATIONAL: USA oil and gas production growth to accelerate; US weekly LNG exports up by five vessels; INTERNATIONAL: US LNG is not just a short-term solution for Europe.