PA PUC Publishes Marcellus Impact Tax Hike – Up as Much as 77% in 2023
Marcellus drillers who have drilled new wells over the past three years in Pennsylvania are going to get hit hard by an increase in the state’s impact fee. Drillers must pay the impact fee (i.e. PA’s equivalent of a severance tax) once per year, based on the wells they drilled or operated during the previous year. The fee is a complex calculation based on (a) how long a well has been drilled, (b) the average NYMEX Henry Hub price for natural gas from the previous year, and (c) a cost adjustment for inflation. The fees PA drillers will pay this year, depending on how long a well has been drilled, range from 6.4% higher to as much as 77% higher. Wells drilled in the past three years will see the most dramatic increases, from 28% – 77%.
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We love West Virginia. The state continues to fight the good fight against those who insist on trying to defund fossil energy companies. WV’s latest target is the two proxy advisory services, Glass Lewis and International Shareholder Services (ISS), that control some 90% of all corporate proxy voting in the U.S. WV is advancing a new bill, at the prompting of State Treasurer Riley Moore, that the state (including its massive pension fund) will not do business with proxy services that use ESG (environment, social, governance) as a litmus test for how to invest. States like WV (and Florida, and Texas) are changing the game–having an impact.
We simply don’t understand the disturbed minds of the environmental left. Take the recent actions by the leftists at Damascus Citizens for Sustainability (DCS), which is suing the Delaware River Basin Commission (DRBC) after the DRBC adopted most of the rules sought by DCS to permanently block fracking and anything to do with fracking from the Delaware River Basin region. The radicals got 95% of what they wanted, but because it’s not 100%, they are suing in federal court to force the DRBC to start over and achieve 100% of their demands. This is seriously, pathologically, disturbed. We will explain.
Last week Federal Reserve Chairman Jerome Powell said the Fed will “stick to its knitting” and will NOT wander off the trail into political issues like man-made global warming (i.e. climate change). The purpose and focus of the Federal Reserve is to control inflation via interest rates, thereby strengthening the economy and creating jobs. Powell will not allow the Fed to get caught up in global warming policymaking by forcing banks to require the companies to which they make loans to bow down before the ESG gods. Frankly, we’re surprised and delighted at Powell’s steel backbone on this issue.
There are a fair number of MDN subscribers who read our stories looking for opportunities to find a job in the great Marcellus/Utica industry. We spotted an article that may help. Rigzone talked with several top headhunters that specialize in the energy space. We’ll say right up front we’re not talking about roustabouts and field hands, but scientists and engineers. How do you catch the interest of a potential employer with a resume? How do you impress someone during an interview? And what bad habits should you avoid during your search process?
MARCELLUS/UTICA REGION: Manufacturers ask legislators for help in building jobs in Pittsburgh region; NATIONAL: Former Ohio Rep. Tim Ryan joins Landrieu at pro-natural gas group; Yes, chefs, the government is coming for your gas stoves; Energy sector predictions for 2023; INTERNATIONAL: $1 trillion green investment matches fossil fuels for first time; Biden and Sunak — the energy policy odd couple.