Ohio’s Largest Shale Driller, Ascent Resources, Preps for IPO
On Monday MDN brought you big news from Bloomberg that Gulfport Energy is in talks with Ascent Resources to merge (see Rumor: Gulfport Energy in Talks to Merge with Ascent Resources). Here it is, the end of the week, and we have a new rumor to share, this one from the more-reliable Reuters news service. Super secret sources tell Reuters that privately-held Ascent, Ohio’s largest natural gas producer and the 8th largest natural gas producer in the U.S., is getting ready to go public with an initial public offering (IPO).
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The Pennsylvania Independent Fiscal Office (IFO) is highly respected by all of PA state government. IFO’s mission is to review state budgetary policy and render expert, nonpartisan opinion. The IFO, at the request of the Republicans in the state legislature, recently reviewed Gov. Wolf’s Regional Greenhouse Gas Initiative (RGGI) modeling, presenting its findings to a joint hearing of the Senate Environmental Resources and Energy Committee and the Community Economic and Recreational Development Committee on Tuesday. The IFO report finds that the money PA will spend on emissions credits at RGGI auctions will result in most PA electric rates quadrupling. You read that right–get ready to pay 4X for electricity if RGGI goes into effect and you live in the Keystone State.
On Wednesday, Pennsylvania House Bill (HB) 637, which would block the PA Dept. of Environmental Protection (DEP) authority to limit carbon dioxide emissions (thereby blocking PA’s entrance into the Regional Greenhouse Gas Initiative, or RGGI) passed by a vote of 126 to 72. Some 10 Democrats crossed the aisle to vote in favor of the bill. HB 637 now goes to the PA Senate for a vote. What then?
Two northeastern Pennsylvania State Senators, Gene Yaw and Lisa Baker, along with members of the PA Senate Republican Caucus (27 Senators in all, filed a lawsuit in January 2021 against the Delaware River Basin Commission (DRBC) over its illegal ban on fracking (see PA 
In early March, our favorite government agency, the U.S. Energy Information Administration (EIA), released its “Annual Energy Outlook 2022” report (see 
In what appears to be an adoption of talking points from left-wing Democrats like Sen. Elizabeth “Pocahontas” Warren, the normally-balanced Wall Street Journal is blaming LNG exports for higher natural gas prices here at home. The article attempts to make the case that a gradually increasing amount of LNG exports has led to high electric prices in the U.S. The article is flawed in many ways.
Below is the list of events we are aware of that will be of interest to those with an interest in the Marcellus/Utica shale region for 2022. Some events are in the region (PA, OH, WV). Some are not (TX, OK, CO). Some are virtual/online, but most have returned to in-person. All of them are of potential interest to the MDN audience.
NATIONAL: Lawsuit against Big Oil alleges price-fixing in 2020; Biden orders record oil release from USA reserve; Biden oil relief plan seen backfiring; US weekly LNG exports and Henry Hub price go up; The future of electric trucks will begin with natural gas; INTERNATIONAL: Cuadrilla’s shale gas wells given a reprieve ahead of new UK strategy.