Comparing PA Farmer’s Quest to Install Solar vs NatGas Drilling
The left OPPOSES individual land rights if exercising those rights results in a tiny natural gas well pad–a pad that nobody can see from 200 yards away that allows the land above it to be used as it always has been used, whether for farming or otherwise. But if a landowner (farmer, in this case) wants to install huge, ugly solar panels that rob the land of being used for farming or any other purpose in perpetuity (for 20-30 years at least), all of a sudden the left is in FAVOR of individual land rights. Kind of funny, no? More like, it is blatantly hypocritical.
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Daniel Sherwood takes a look at various metrics for Marcellus/Utica drillers in the latest edition of the TCF Upstream Monthly. Sherwood uses production trends, well efficiencies, and portfolio decline rates to compare and contrast M-U drillers. In the June issue (full copy below), Sherwood finds that CNX Resources and Chesapeake Energy are “leading,” Gulfport Energy and National Fuel Gas (i.e. Seneca Resources) are “underperforming,” and Coterra Energy (formerly Cabot Oil & Gas) is “improving.”
David Taylor, president and CEO of the Pennsylvania Manufacturers’ Association, was one of the featured speakers at yesterday’s Think About Energy Briefing held in Berks County, PA. Taylor said if PA and federal legislators commit to a pro-growth agenda, PA could become the country’s No. 1 natural gas-producing state. Right now that honor belongs to Texas, which produces enormous amounts of associated natural gas. In 2021, #1 Texas produced 9.4 Tcf (trillion cubic feet) of natural gas, while #2 PA produced 7.7 Tcf. Taylor’s statement is not unthinkable. PA *could* one day eclipse TX natgas production.
The stock market is off to a shaky start in 2022. Retirement accounts of all types–401(k)s, IRAs, etc.–have chart trend lines going in the wrong direction. Fears over persistently high inflation, aggressive Federal Reserve interest rate hikes, and Russia’s unprovoked and murderous war against Ukraine have the S&P 500 down 13.3% through the end of May. The Dow Jones Industrial Average is down 10.3% year-to-date (YTD). But not every stock is down. Looking at the top 10 stocks for companies with market capitalizations of at least $1 billion, you will find eight of the ten (80%) are fossil fuel companies. In fact, one of the top ten is a pure-play Marcellus/Utica driller!
According to Reuters analyst John Kemp, if the U.S. wants to keep growing its LNG exports, the amount of natural gas we produce will also have to grow. If natgas production falls behind, as it is now, prices will continue to skyrocket. LNG exports were up an astonishing 87% for the first three months of this year compared with 2019 (three years ago). Domestic consumption of natgas is pretty much the same year after year. The thing increasing year after year is exports–both LNG and pipeline exports to Mexico.
MARCELLUS/UTICA REGION: Suburban Propane to use cow manure from Upstate NY farm; Executives sell around $96M of 5 stocks; CNX announces executive leadership changes; OTHER U.S. REGIONS: Holmdel vows to fight plans for natural gas regulator station; INTERNATIONAL: OPEC hosts climate change meeting; Europe’s unquenchable natural gas thirst is sending prices soaring; Giant natural gas carrier makes first transoceanic voyage with self-sailing technology.