Marcellus Drilling News

Brooke County | Forced Pooling | Industrywide Issues | Litigation | Regulation | Statewide WV | West Virginia

Landowners Sue to Block West Virginia’s New Forced Pooling Law
May 20, 2022May 27, 2022

Back in March MDN told you about a bill passed by the West Virginia legislature, Senate Bill (SB) 694, which finally brings forced pooling for shale wells to the Mountain States after eight years of trying (see WV House Passes Forced Pooling Bill, Done Deal When Gov Signs). Shortly after passage Gov. Jim Justice signed the bill into law. SB 694 is set to become active on June 7, which is 90 days following passage. However, two farmers from Brooke County have just sued Gov. Justice to overturn the new law claiming it is unconstitutional.
Read More “Landowners Sue to Block West Virginia’s New Forced Pooling Law”
Crude Oil | Industrywide Issues | Lease & Royalty Payments | Ohio | Statewide OH

OH Utica Landowners Leased for Oil Benefit from High Crude Price
May 20, 2022May 27, 2022

While virtually all of the Marcellus/Utica drilled in Pennsylvania produces either dry natural gas or wet gas (NGLs), the Utica in certain places of Eastern Ohio produces crude oil. Landowners in Ohio who lease their property and have crude gushing out of the ground may feel like Jed Clampett with bubblin’ crude prices fetching north of $100 per barrel. However, Bidenflation is eating away at the higher royalties those landowners receive. The cost of everything has gone up–from gasoline and diesel fuel to livestock feed, fertilizer, and groceries.
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BKV/Banpu | Energy Companies | Exxon Mobil | Industrywide Issues | M&A

Banpu Expands Again – Buys Exxon’s Texas Barnett Assets
May 20, 2022May 27, 2022

Banpu is Thailand’s largest coal mining company. But Banpu is far more than just a coal company. It has multiple subsidiaries in various energy industries scattered around the globe. For example, here in the U.S. Banpu partners with Kalnin Ventures and operates BKV Corporation (Banpu Kalnin Ventures), the American shale drilling arm of Banpu (Banpu owns 96% of BKV). Banpu originally entered the American shale sector by investing over $500 million in 2016-2017 to buy existing Marcellus wells and acreage in northeast Pennsylvania. But then the company developed a wandering eye…
Read More “Banpu Expands Again – Buys Exxon’s Texas Barnett Assets”
Commodity Price | Industrywide Issues

Analyst Predicts NatGas Prices “Going a Lot Higher” from Here
May 20, 2022May 27, 2022

The price of natural gas, both NYMEX futures prices and physical spot prices are getting so high, that we’re beginning to get dizzy. We recently told you the U.S. Energy Information Administration (EIA) in issuing its monthly Short-Term Energy Outlook (STEO) predicts the Henry Hub (HH) spot price will average $7.83/MMBtu in 2Q22 and average $8.59/MMBtu for the second half of 2022 (see Latest Monthly STEO Predicts HH Spot Price to Avg $8.59 in 2H22). A stock trader and analyst writing on the Seeking Alpha investor website says the price of natgas is “probably going a lot higher than today.”
Read More “Analyst Predicts NatGas Prices “Going a Lot Higher” from Here”
Anti-Drilling/Fossil Fuel | ESG | Industrywide Issues | Regulation

SEC Reg Requiring Disclosure of Climate Change Risk “Kneecaps” O&G
May 20, 2022May 27, 2022

In March the U.S. Securities and Exchange Commission (SEC), corrupted by the Bidenistas, said it will begin to force all publicly traded companies to disclose their so-called greenhouse gas (GHG) emissions and the imaginary climate risks their businesses face (see SEC Votes to Force Public Companies to Disclose Mythical GHG Risks). Companies will have to pretend they care about supposed man-caused global warming and cook up hokey methods for evaluating how much carbon dioxide not just their own company, but their customers “emit” into the air when using a company’s products (so-called Scope 3 emissions). A column in Forbes magazine says the SEC climate risk regulation is “the latest in a series of moves by President Joe Biden and his progressive coalition to kneecap America’s oil and gas industry.” It’s an apt description.
Read More “SEC Reg Requiring Disclosure of Climate Change Risk “Kneecaps” O&G”
Electrical Generation | Industrywide Issues | Regulation | Research

FERC Report: Summer Blackouts During “Extreme Conditions”
May 20, 2022May 27, 2022

Some interesting exchanges took place at yesterday’s Federal Energy Regulatory Commission (FERC) open meeting between the five commissioners. Chairman Richard “Dick” Glick released the agency’s Summer Energy Market and Reliability Assessment report along with a press release sugarcoating some of the strong language in the report. One of the statements in the Key Findings of the report is this little gem under Electric Markets: “Despite having planning reserve margins that exceed reference margin levels, all regions may face energy shortfalls [of electricity] during extreme operating conditions.” The two Republican FERC commissioners didn’t let Glick get away with sweeping it under the proverbial carpet.
Read More “FERC Report: Summer Blackouts During “Extreme Conditions””
Apex Energy | Arsenal Resources | Ascent Resources | Belmont County | Bradford County | CNX Resources | Coterra Energy (Cabot O&G) | Energy Companies | Guernsey County | Gulfport Energy | Indiana County | INR/Infinity Natural Resources | Lycoming County | Marshall County | McKean County | Ohio | Pennsylvania | Repsol | Seneca Resources | Susquehanna County | Taylor County | Tug Hill Operating | Weekly Permits | West Virginia | Westmoreland County

35 New Shale Well Permits Issued for PA-OH-WV May 9-15
May 20, 2022May 27, 2022

We’re giving Fridays a shot as the day we will release weekly updates for permits issued for the prior one-week period. Today’s report is for the period of May 9-15 (last week, not this week). It seems as if the various state agencies have the data updated by the end of the week following, so that’s how we’ll release it (for now). Last week, Pennsylvania issued 22 new permits with Seneca Resources taking the lion’s share of 12 permits on two different pads (eight in Lycoming County and four in McKean County). Repsol scored four permits in Bradford County.
Read More “35 New Shale Well Permits Issued for PA-OH-WV May 9-15”
Best of the Rest

Other Stories of Interest: Fri, May 20, 2022
May 20, 2022May 27, 2022

OTHER U.S. REGIONS: ExxonMobil to sell Barnett Shale assets for $750 million; NATIONAL: Oil rose in volatile session minimizing recession fears; High gasoline and diesel prices are here to stay; Interior Sec. Haaland grilled by Sen. Manchin at hearing; GOP senators call for fewer regulations, more oil production; US weekly LNG exports down by two LNG carriers; INTERNATIONAL: Russia says half of foreign Gazprom clients opened ruble accounts; China in talks with Russia to buy oil for reserves.
Read More “Other Stories of Interest: Fri, May 20, 2022”