Equitrans Considers Appealing 4th Circus Ruling that Blocks MVP
All eyes were on Equitrans Midstream as the company released its fourth quarter and full-year 2021 update yesterday. The reason all eyes were on Equitrans is MVP–the Mountain Valley Pipeline project. MVP simply can’t move beyond the leftist Democrat judges on the U.S. Court of Appeals for the Fourth Circuit. Every time Big Green groups, including the Sierra Club (funded in part with foreign money) challenges permits for MVP, the Democrat judges of the 4th Circuit go along and overturn the permits (see 4th Circuit Throws Out Plan for Safer MVP Drilling re Candy Darter). Something has to happen. Equitrans CEO Tom Karam hinted that his company may appeal the 4th Circuit’s wildly wrong decisions. That was the big news for us coming from yesterday’s update.
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Despite all of Europe’s arrogant talk about rejecting America’s “fracked gas” as too dirty, the Old World imported more gas from the U.S. than from any other country on planet earth in 2021, thanks to Donald Trump’s efforts to export “molecules of freedom” to other countries around the planet. Hey Democrat media, who’s laughing now about those “molecules of freedom” with Vladimir Putin breathing down Europe’s neck?
Shell, which recently dropped “Royal Dutch” from its name after leaving The Netherlands due to high taxes and overregulation, is one of the world’s supermajors (oil and gas driller). Shell is also one of (perhaps THE) largest producers of LNG, or liquefied natural gas, in the world. The company has just released its sixth annual LNG Outlook 2022 (full copy below) which highlights key trends in 2021 and hauls out the crystal ball to predict where things are heading over the next 20 years. Shell says global demand for LNG is expected to nearly double (up 90%) to 700 million tonnes by 2040. Why? Because natgas emits less carbon dioxide into the atmosphere than other alternatives.
Here’s an interesting twist. Baker Hughes (BH), one of the biggest oilfield services companies on the planet, is investing in a company that designs and builds natural gas-fired electric power plants. But not just any gas-fired power plants. These plants use new technology so that when the natural gas is burned (to produce heat to spin a turbine), there is no, as in zero, carbon dioxide (CO2) emissions. Technology to lower or eliminate CO2 emissions has been available for sometime, but typically has been too expensive. This new tech BH is backing promises to be much lower cost.
The wild roller coaster continues of up, down, up, down, up, down. Last week the number of permits issued to drill new shale wells is down again–to 18 total. Pennsylvania had 16 new permits last week, nine for Repsol and three for Coterra Energy. All of Repsol and Coterra’s permits issued for Susquehanna County. West Virginia had two new permits, one each for Southwestern Energy and Antero Resources, in Marshall and Doddridge counties. Ohio? A big, fat, goose egg. No new shale permits issued last week in the Buckeye State.
MARCELLUS/UTICA REGION: Take a tour of Lackawanna College School of Petroleum & Natural Gas; Bill that would boost DEP Office of O&G funding passes WV Senate; NATIONAL: A deep dive into the process, quirks and idiosyncrasies of U.S. natgas pricing; Russia is a major supplier of oil to the U.S.; 22% increase in North American land upstream capital spending in 2022; INTERNATIONAL: Russia response could see oil burst through $100; Oil stabilizes as an end to Iran negotiations approaches; Germany freezes Nord Stream 2 gas project as Ukraine crisis deepens.