Utica Driller Encino Pivots to Focus on Drilling for Oil in Ohio
It’s been about 3½ years since Encino Energy in partnership with the Canada Pension Plan Investment Board closed on buying Chesapeake Energy’s Ohio Utica assets for $2 billion (see Encino Takes Over from Chesapeake in Ohio Utica; Big Plans). A few months after the purchase, Encino management boasted they would run a better drilling program in Ohio than did Chesapeake (see Encino Says They’ll Do it Better in the Utica than Chesapeake Did). By all accounts, Encino has lived up to its big boast. Encino is now the second-largest natural gas producer and largest oil producer in Ohio. What are the plans for the company moving forward?
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Tennessee Gas Pipeline’s (TGP) plan to flow more Marcellus gas to Westchester and New York City is called the East 300 Upgrade Project. The project involves upgrades at two existing compressor stations (in Pennsylvania), along with building a brand new compressor station in West Milford (Passaic County), just across the border and not far from Westchester County, NY. Radicalized fossil fuel haters at Food & Water Watch, one of the worst of the worst anti groups, is challenging the all-electric, no-emissions compressor station planned for Passaic County in New Jersey Supreme Court.
Since February 2020 EQT Corporation’s credit rating (for company-issued bonds) has been at the “junk” (i.e. non-investment grade) level. Two of the three top credit ratings agencies–Standard & Poor’s Global Ratings and Fitch Ratings–recently upgraded EQT’s credit rating, returning it to investment grade. So far Moody’s has not followed, but we’re guessing it won’t be long before Moody’s upgrades EQT’s rating too.
Quick: Which country received the most LNG exports from the U.S. in 2021? China? Japan? Maybe Brazil? Nope. The country receiving the most of our LNG last year was (drum roll please)…South Korea. China was a close second (almost tied). The U.S. Energy Information Administration (EIA) published an article yesterday summarizing U.S. LNG exports and which regions (Asia, Europe, Rest of World), and which countries within those regions, received our LNG exports. It’s an interesting read. We’ve scrounged around and found a table showing all U.S. natural gas exports–both LNG and pipeline.
Yesterday we reported on the Friday deal between the U.S. and the European Union to deliver more LNG to Europe (see 
OTHER U.S. REGIONS: Chevron sues Calif. to overturn fracking ban; NATIONAL: Unleash American energy’s strength & security; US seeks new lithium sources as demand for batteries grows; The time for American natural gas is now; INTERNATIONAL: Oil down with demand concerns as covid lockdowns rise in China.