NextEra Energy Selling Its Stake in NE Pa. Marcellus Pipeline
Yesterday, the management of NextEra Energy announced it has officially lost its collective mind. The company is selling its two natural gas pipeline investments–one in Texas and the other right here in the heart of the Marcellus Shale–because it wants to concentrate 100% on unreliable (and government-funded) “renewable” energy projects instead. You may recall that NextEra bought Meade Pipeline Co LLC for $1.37 billion in 2019 (see NextEra Energy Buys 39% Stake in Atlantic Sunrise Pipe for $1.37B). Meade is another name for a small consortium that invested in the Atlantic Sunrise pipeline project, which is majority owned and operated by Williams and a feeder pipeline of Marcellus molecules to the mighty Transco Pipeline system.
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Summit Midstream Partners, formed in 2009 and headquartered in The Woodlands, Texas, operates natural gas, crude oil, and produced water gathering (pipeline) systems in several unconventional shale plays, including the Marcellus and Utica. Last week Summit issued its first quarter 2023 update. While most upstream and midstream companies have seen positive cash flow and profits over the past year, Summit continues to miss the mark. The company lost $14.1 million in 1Q23 versus losing $5 million in 1Q22.
Last week MDN brought you the sad news that New York State has fallen and is now under a Communist dictatorship, with the freedom to choose an energy source now gone (see 
Oklahoma has officially joined a growing list of states pulling its business from banks and investment firms that boycott the fossil fuel industry. Last week Oklahoma State Treasurer Todd Russ published a list of 13 firms, including BlackRock (the largest investment firm in the world), that the state will no longer do business with. The list also includes Wells Fargo, JPMorgan Chase, Bank of America, and State Street. This is how we fight back against the anti-fossil fuel cabal–by taking money out of their pockets–hitting them where it counts.
We’ve noticed that the more science and objective proof is offered to prove that the warming of planet Earth is a natural cycle and not caused by humans, the more shrill and unhinged the left becomes. They resort to name-calling (you’re a “climate denier”), and they even, in their unguarded moments, suggest that perhaps people who espouse an opinion different from theirs should be jailed (see 
NATIONAL: Partners in clean ammonia projects eye billions in federal tax incentives; Wind and solar are not nearly enough – Biden suddenly supports fossil fuels; Just how important is the U.S. shale industry?; Dozens of Dem lawmakers pressure White House to crack down on natural gas; Supreme Court rules day rate workers entitled to overtime pay; INTERNATIONAL: OPEC+ has lots of dry powder for further cuts; Europe ended winter with most natgas in storage on record.