ProFrac Buying E-Fracker US Well Services for Estimated $230M
U.S. Well Services (USWS), a company that specializes in fracking shale wells using gas-fired electric (as opposed to diesel) engines, has operations in the Marcellus/Utica, as well as other plays. Last week USWS announced it is selling itself to ProFrac Holding Corp. in an all-stock transaction analysts value at $225-$230 million. The deal will create the second-largest U.S. fracking company by total horsepower, and the largest electric fleet operator with 12 active e-fracking fleets.
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President Biden began a five-day “swing” through Europe on Sunday. Yesterday he met with European Commission President Ursula von der Leyen to discuss energy security in light of Putin’s invasion of Ukraine. European countries are in various stages of reducing the import of Russian natural gas and oil, which is leading to upheaval in the world market. Biden and von der Leyen issued a joint statement following their meeting (pre-written, of course). What does the statement say about energy and LNG in particular?
If we hear the phrase “energy transition to renewables” or that natural gas is a “bridge to renewable energy” one more time, we’ll throw up. We’ve written, a number of times, that fossil energy–natural gas in particular–is the destination, not a bridge to somewhere else. Here’s the truth of the matter: We need ALL forms of energy. We need solar and wind, we need nuclear, we need hydro, and yes, we need oil and natural gas. And we will continue to need all forms of energy for decades–likely a century or more. That’s the simple truth. We spotted an excellent column that says it perfectly: The changes we’re seeing in the energy sector are an energy expansion, not an energy transition. It’s simple, yet profound.
Hundreds of climate cultists marched on the New Jersey State Capitol last Thursday to demand Gov. Phil Murphy deny permits to any future project that involves the burning of fossil fuels. Here’s what we noticed about the picture of the protesters. Every one of them was wearing clothes made from plastics (fossil fuels), wearing sneakers and shoes made, in part, from plastics (fossil fuels), holding up signs made from plastic (fossil fuels), wearing hats made from plastic fibers (fossil fuels), and holding phones made, in part, from plastics (fossil fuels). Does the average citizen who is not brainwashed by the climate cult see the rank hypocrisy of these people? We sure hope so.
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.
MARCELLUS/UTICA REGION: Long-term solutions: Keller calls for improved energy policies; NATIONAL: Biden’s radical, anti-fossil fuel energy policy costs Americans dearly; Democrats created the refinery bottleneck; Five real solutions to Joe Biden’s failures on energy; Why Biden keeps lying about energy; INTERNATIONAL: Oil rises amid G7 talks on capping Russian crude.