WV Bill Targeting Anti-Fossil Fuel Banks, Investors Becomes Law
In January a new bill was introduced in the West Virginia Senate requiring the entire state government, all of the various state agencies and governmental departments, to stop doing business with any bank or investment firm that refuses to support coal, oil, and natural gas companies (see WV Bill Bans Using Banks, Investment Cos that Divest Fossil Fuels). We are delighted to report that Senate Bill (SB) 262, which passed both the WV Senate and the House in March, was signed into law by WV Gov. Jim Justice last week. It’s now time to start defunding the defunders! The next step: Creating a list of companies WV will no longer do business with. They’re makin’ a list, checkin’ it twice. Gonna find out who’s naughty or nice.
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RBN Energy took the opportunity of Joe Biden’s big announcement last week (that he will release 1 million gallons of oil per day for the next 180 days) to revisit plans by 40+ crude and natural gas producers for 2022. How much will they spend on drilling this year? And how much will they produce this year? The RBN analysis, especially for the gas-focused sector (largely Marcellus/Utica companies) sees a rise in capital expenditures for drilling this year, but production itself is not predicted to rise all that much. For M-U companies, capex is predicted to increase by 32%, but production only by 10%. However, both of those numbers are somewhat misleading and overestimated.
In July 2020 Dominion Energy announced it was canceling the Atlantic Coast Pipeline (ACP)–a 600-mile Marcellus/Utica pipeline project from West Virginia through Virginia and into North Carolina (see 
Two weeks ago MDN brought you the news that New Fortress Energy has withdrawn a request to extend a previously-issued permit required to build an onshore LNG liquefaction plant in Wyalusing (Bradford County), PA (see 
MARCELLUS/UTICA REGION: Russia-Ukraine war puts spotlight on 3 natural gas explorers; NATIONAL: Private oil company values are readying for take off while publics remain on runway; Supply chain woes, inflation crimp U.S. producers’ growth potential.