Southwestern Energy 1Q22 Spent 57% on Haynesville, 43% on Marcellus
There’s no question that Southwestern Energy, a pure-play Marcellus/Utica driller as recently as last year, is now giving more love to the Haynesville Shale in Lousiana than to the M-U. In 1Q22 Southwestern spent 57% of its $544 million in capital expenditures on drilling in the Haynesville, versus spending 43% of capex on M-U drilling. During 1Q, Southwestern brought 21 Haynesville wells online to sales, and only 11 Marcellus wells online to sales.
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An article in the Pittsburgh Post-Gazette highlights and focuses on the financial performance for four of the Marcellus/Utica’s largest publicly-traded companies, including EQT Corp., Antero Resources, Range Resources, and CNX Resources, during first quarter 2022. Even though the price natural gas is fetching is higher than it’s been in 14 years, M-U drillers are losing money. Why? Hedges and derivatives–bad bets on where the price of gas would go and locking in prices much lower than what the market currently supports.
Reuters has noticed that the rate of growth in the production of natural gas has slowed nationally, even though the price for natural gas is at a 14-year high and even though other countries, particularly Europe, are begging for our gas. Why? Lack of pipelines. We have the ability to produce far more natural gas than we do now, but Big Green (funded in part by foreign countries and bad actors) successfully defeats new pipeline projects with a barrage of lawsuits.
A group of 16 delusional anti-Americans who serve in Congress, including Alexandria “Occasional-Cortex” Ocasio-Cortez and Adam “Shifty” Schiff, sent a letter to more than a dozen large insurance companies in an attempt to stop the companies from underwriting any new fossil energy projects. All in the name of mythical global warming.
Anything that aids or assists fossil energy in becoming “cleaner” and “better” for the environment is now a target of the irrational left in this country. It’s quite comical to behold. If there’s a new technology that makes fossil fuel emissions cleaner (healthier for the climate and humans), the left is against it. They demand their way–total renewables and NOTHING ELSE–or they viciously attack and oppose it–no matter how worthy and beneficial. We previously told you how the left is turning against hydrogen energy (see 
OTHER U.S. REGIONS: As natural gas prices hit 14-year high, shale awaits; NATIONAL: America’s energy answers are right at home; why look elsewhere?