Interview with CNX CEO Nick DeIuliis (Part 3) – NewLight, FCF, M&A
Last week MDN editor Jim Willis had the privilege and honor of a (remote) sitdown interview with Nick DeIuliis, the CEO of CNX Resources, one of the major producers in the Marcellus/Utica. This is the third installment of that interview. In today’s portion, Jim and Nick delve more deeply into the recently-announced NewLight Technologies deal (see CNX Invests in, Provides NatGas to Biodegradable Plastics Company). Nick provides insight into his thinking about free cash flow (FCF) and where the company sees the best opportunities to spend its free cash flow. We also tackle the issue of mergers and acquisitions (M&As).
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Diversified Energy is growing again. In February, Diversified bought out and merged in well-plugging company Next LVL Energy, headquartered in the Pittsburgh area (see 
We have to say we had hoped West Virginia U.S. Senator Joe Manchin would continue to hold his resolve and put the country first in denying the Democrats their dream of handing out yet more billions and trillions of dollars (to buy votes) via the so-called Build Back Better bill. But in the end, Manchin proved he’s just another Democrat that puts his party above the country. Yesterday the New York Times (warning, the Times IS a known fake news source) blared the headline that Manchin has caved and will now vote in favor of the BBB bill, dooming the country to hyperinflation for the next 2-5 years. Thanks Joe.
Here’s a story that slipped by us last week. Small amounts of natural gas–roughly 22 MMcf/d (million cubic feet per day)–are once again flowing into the closed Freeport LNG export facility. Freeport is the second-largest LNG export terminal in the U.S., located near Galveston, Texas. The facility experienced an explosion and fire in early June, knocking 2 Bcf/d offline (see 
Range Resources, the very first company to sink a Marcellus Shale well back in 2004, issued its annual 2021-2022 Corporate Sustainability Report yesterday. “Sustainability” is Range’s terminology for ESG, or environmental, social, and governance. A couple of notable observations in this latest report: (1) Range has doubled its methane monitoring inspection system using LDAR from four times a year to eight times a year; and (2) Range has the lowest methane intensity, or percentage of methane emissions, in the entire Appalachian basin–according to a third party evaluator.
Oil and gas giant BP recently released its annual Statistical Review of World Energy–the 71st edition (full copy below). Among the interesting findings in BP’s analysis of global energy last year: Fossil fuels–coal, natural gas and oil–accounted for 82% of primary energy use worldwide last year, down from 83% in 2019 and 85% five years ago. The report doesn’t disclose what percentage of world energy use comes from so-called renewables, wind and solar. We suspect it remains at around 3-4% as in years past. Meaning the legacy media narrative of renewables saving the world is once again exposed as horse manure.
MARCELLUS/UTICA REGION: LSU, Penn State study ways to decrease natgas GHG emissions; OTHER U.S. REGIONS: NextDecade and ExxonMobil sign 1.0 mtpa LNG deal; NATIONAL: Oil rises as US exports soar and stockpiles tumble; Natural gas ETFs are gaining momentum as the summer heat rages.