EQT Update: Revenue & Production Down in 4Q, but Up for Full Year
EQT Corporation, the largest natural gas producer in the U.S. (completely focused on the Marcellus/Utica), issued its fourth quarter and full year 2022 update yesterday. Both revenue and production fell slightly in 4Q22 over 4Q21 due to issues with third-party providers. Production for the entire year was just about even. However, because of the high price of natgas for most of 2022, EQT raked in $1.8 billion in net income last year versus losing $1.1 billion the year before.
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DT Midstream (DTM), headquartered in Detroit, owns major assets in the Marcellus/Utica region as well as other regions. DTM issued its fourth quarter and full 2022 update yesterday. Among major interstate pipelines that serve the M-U region, DTM is a 50% owner (along with Enbridge) in the NEXUS Pipeline, a 256-mile, 36-inch gas transmission pipeline that flows 1.5 Bcf/d of Utica gas from eastern Ohio to pipeline system interconnects in southeastern Michigan (and from there all the way to the Dawn Hub in Ontario, Canada). In 2022, DTM became the majority owner of the Millennium Pipeline, which stretches 263 miles from Corning, NY, to just outside New York City, delivering Pennsylvania Marcellus and Utica gas to utility and power plant markets across New York State and into New England.
Banpu is Thailand’s largest coal mining company. However, it is looking to reduce the amount of revenue it derives from coal from around 66% today to 50% by 2025. One of the ways Banpu is accomplishing that objective is by investing in American shale gas. Banpu partners with Kalnin Ventures and operates BKV Corporation (Banpu Kalnin Ventures), the American shale drilling arm of Banpu (96% owned by Banpu). Over the past seven years, BKV has become one of the top 20 gas-weighted natural gas producers in the U.S. Last year, Banpu filed plans with the Securities and Exchange Commission to launch an initial public offering for BKV (see 
Earlier this week, we reported the exciting news that two shipments of LNG had been loaded and sailed from the Freeport LNG facility, which (until now) has been out of commission since June 2022 due to an explosion and fire (see 
Here’s a fact that mainstream media largely ignores: Households in the Boston area pay about 50% more for electricity than households across the nation. On average, Massachusetts residents spend about $276 a month on electricity. That is 37% higher than the national average. An op-ed appearing in the Washington Examiner says New Englanders need to get used to these high prices. High prices for electricity are here to stay (for New England)–at least well into the 2030s. Why? Lack of pipelines, blocked by New England politicians.
New shale permits issued for Feb. 5-12 in the Marcellus/Utica increased nicely last week. There were 40 new permits issued in total last week, including 25 new permits for Pennsylvania, 11 new permits for Ohio, and four permits issued in West Virginia. The week before, there were only 26 new permits issued. Last week the top receiver of new permits was Seneca Resources, with six new permits for Tioga County, PA. Coterra Energy received five permits for Susquehanna County, PA. In Ohio, Encino Energy and Ascent Resources both received four new permits–in Carroll and Harrison counties, respectively.
NATIONAL: US weekly LNG exports climb to 26 cargoes; Forecasting the IRA’s full impact – the devil’s in the details; INTERNATIONAL: Saudi minister says OPEC+ deal will remain in place all year; India’s GAIL explores buying stake in a US LNG export plant.