Interview with CNX CEO Nick DeIuliis (Part 4) – Pipes, ESG, Politics
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 fourth and final installment of that interview. In today’s portion of the interview, Jim and Nick discussing CNX’s midstream assets, pipeline takeaway capacity in the M-U, ESG, the SEC, and politics. It’s a fascinating end to an enlightening discussion.
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EQT Corporation, the biggest natural gas producer in the United States (and a pureplay Marcellus/Utica driller), issued its second quarter 2022 update yesterday. The company raked in $550 million in free cash flow during 2Q and produced 5.5 Bcf/d (billion cubic feet per day) of natural gas. But don’t look for EQT to increase production any time soon–not until (says top management) it can get more of its molecules to markets outside of the M-U. The company’s answer to moving more molecules is to try and expand LNG exports from the East Coast.
Antero Resources, one of the largest drillers in the Marcellus/Utica (with major assets in West Virginia), the fifth largest natgas producer in the country and the second largest LNG exporter, issued its second quarter 2022 update yesterday. During 2Q, Antero placed a new compressor station online in West Virginia, boosting Marcellus gas flows by 160 MMcf/d (million cubic feet per day). The new Castle Peak compressor station will be expanded to 240 MMcf/d in 2023. Antero generated $664 million in free cash flow and $765 million in net income during 2Q. Big company. Important company.
Diversified Energy (sadly) continues to expand outside the Marcellus/Utica region. Yesterday the company announced it is paying $240 million to buy some of ConocoPhillips’ upstream assets in Oklahoma and Texas. The assets include roughly 1,500 wells spanning 250,000 acres. Diversified, which now owns approximately 8 million acres of leases with close to 70,000 (mostly) conventional oil and gas wells used to be solely focused on the Appalachian region–until last year.
Yesterday MDN brought you the sad and tragic news that West Virginia U.S. Senator Joe Manchin has sold out. He put his party and whatever secret offer they made him above the good of the country and agreed to a Green New Deal bill Chuck “the schmuck” Schumer and Nancy Pelosi are pushing (see 
In early 2013 the Pittsburgh International Airport and Allegheny County, PA, signed a deal with CONSOL Energy (now CNX Resources) to lease 9,000 acres surrounding the airport for natural gas drilling (see 
For the week of July 18-24, the three Marcellus/Utica states issued just 16 permits to drill new shale wells, down from 43 the prior week. Pennsylvania and West Virginia both issued eight new permits each. Ohio issued a big, fat, goose egg. PA issued three permits each to Greylock Energy (Green County) and Pennsylvania General Energy (Tioga County), and one each to EQT and Seneca Resources. WV issued four permits each to Jay-Bee Oil & Gas (Tyler County) and Tug Hill Operating (Wetzel County).
OTHER U.S. REGIONS: D.C.’s “voluntary” phase out of natural gas is coercive and costly; NATIONAL: Limited frack supply could hamper U.S. crude oil output; U.S. LNG exports go up to 18 LNG carriers; US working natural gas in underground storage increases by 15 Bcf; INTERNATIONAL: New EU taxonomy makes new gas projects unrealistic; German cities limit heating, turn off spotlights to save natural gas.