Marcellus Drilling News

Economic Impact | Industrywide Issues | Jobs | Ohio | Pennsylvania | Research | Statewide OH | Statewide PA | Statewide WV | West Virginia

O&G Contributed $143B, 847K Jobs in PA, OH, WV Economies in 2021
May 18, 2023May 25, 2023

Every so often, the lying left will poke its head up and make the wild claim that the shale industry hasn’t done a darned thing for the jobs or economy in various states–like Pennsylvania, Ohio, and West Virginia (see Heinz Endowments Launches Another Fake ‘Report’ Bashing the M-U). They say, “All those claims of jobs created and economic benefits are just smoke and mirrors.” We say the environmental left is full of (expletive deleted). And we can prove it. Earlier this week, the American Petroleum Institute (API) released a massive new report compiled by PricewaterhouseCoopers (PwC) on the growing economic contributions of America’s natural gas and oil industry in all 50 states, including PA, OH, and WV, in 2021. For those three states (PA, OH, WV) in 2021, the O&G industry (largely shale) collectively contributed over $143 billion to state economies and supported more than 847,000 jobs! Stick that in your bong and smoke it, Big Green.
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Economic Impact | Industrywide Issues | Jobs | Research

PwC Study: U.S. O&G Provided Nearly $2 Trillion in Benefits in 2021
May 18, 2023May 25, 2023

The American Petroleum Institute (API) earlier this week released a new report on the growing economic contributions of America’s natural gas and oil industry in all 50 states, including investment in America ranging from taxes and workforce wages paid to indirect and induced jobs in retail, manufacturing, agriculture, and other sectors throughout the energy supply chain. The study, commissioned by API and prepared by PricewaterhouseCoopers (PwC), showed that the O&G industry supported 10.8 million jobs and contributed nearly $1.8 trillion to the U.S. economy in 2021. We love the fossil fuel industry! And you should, too.
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Industrywide Issues | Regulation | Statewide VA | Virginia

Virginia Utility Cos. Tell State Officials Methane Regs Not Needed
May 18, 2023May 25, 2023

Last year the Virginia legislature passed House Bill (HB) 558 (Senate Bill 565), which expands the definition of energy efficiency and conservation programs in Virginia. Among the provisions in the bill are enhanced leak detection and repair programs for natural gas utilities. Utilities can, among other things, build new infrastructure to capture methane from animal poop and landfills, with the right to pass along the cost to ratepayers (a provision that really rubbed the left wrong). However, it is the following provision in the bill that is now being hotly debated in the state: “The bill directs the Department of Environmental Quality to convene a stakeholder work group to determine the feasibility of setting a statewide methane reduction goal and plan.” In other words, craft new state regulations to control methane.
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Industrywide Issues | Pipelines | Regulation | Statewide WV | West Virginia

Say NO to ‘Permitting Reform’ that Does Not Include O&G Projects
May 18, 2023May 25, 2023

Ever notice how the left loves to stack the deck? Change the rules. Rig the game. Play unfair. That’s what’s happening with so-called “permitting reform” bouncing around the D.C. swamp right now. Sen. Joe Manchin (liberal Democrat from West Virginia) wants permitting reform that benefits both fossil energy projects (including the Mountain Valley Pipeline), and so-called renewable energy projects. But here’s what’s happening. The Bidenistas are nodding their heads, slapping Joe on the back, and voicing their support for his latest bill (see Joe Manchin Floats New “Save MVP” Permitting Bill, Biden Supports). But their strategy is to gut Manchin’s bill, or any proposed bill on permitting reform, purging the sections that would benefit fossil fuel projects. The Bidenistas want permitting reform that benefits renewables ONLY–not fossil energy. And they’re willing to lie, cheat, and do whatever it takes to pass a version of the bill they want, to rig the game in their favor.
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Industrywide Issues | Research | Statewide WV | West Virginia

WVU Energy Institute Renames Itself – Going Woke?
May 18, 2023May 25, 2023

We have some disappointing news to share. It appears that one of the preeminent energy research organizations in the country, the West Virginia University Energy Institute, is going woke–steering into the quicksand of focusing on unreliable, “renewable” energy. Yesterday WVU announced that the WVU Energy Institute is changing its name to WVU Institute for Sustainability and Energy Research, effective July 1st. It’s also getting a new director–Sam Taylor–whose research expertise is “geothermal, hydrogen storage and carbon dioxide storage, transportation energy utilization, renewable and nonrenewable energy research, clean energy and advanced energy technologies.” There isn’t a single mention of shale or fossil energy in the entire WVU press release.
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Electrical Generation | Industrywide Issues | Michigan

Michigan Gas-Fired Plant Shuts Down Due to Noise, Vibration
May 18, 2023May 25, 2023

Over 20 years ago, Indeck Energy floated a plan to build an electric generating plant (powered by natural gas) in Niles, Michigan, near Chicago. In 2016, those plans got serious (see $1B Electric Plant Planned Near Chicago, M-U Connection?). Indeck held an official groundbreaking ceremony in September 2019 (see Delayed Michigan Gas-Fired Plant Finally Begins Construction), and in September 2021, the plant began to generate electricity (see Michigan Gas-Fired Plant Finally Begins Producing Electricity). This week, the plant shut down, temporarily.
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Industrywide Issues | NGLs | Research

US Propane Consumption for Winter 2022-23 Lowest Since 2010
May 18, 2023May 25, 2023

As we explained a few weeks ago, balancing supply and demand in the propane market is challenging (see Crude & NatGas Drilling Slowing, Which Affects Propane Supplies). The problem/issue with propane (or ethane, or butane, really any NGL) is that propane and other NGLs are derivatives of oil and gas drilling. Nobody sinks a hole in the ground explicitly trying to extract propane. It comes out of the ground along with oil and natural gas. To accurately guess the coming supply of propane, one has to monitor whether oil and gas drilling is going up or down. And then there’s the demand side…
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MUI

MDN Upstream Index (MUI) – May 18, 2023
May 18, 2023May 18, 2023

The most recent day of active trading was Wed., May 17, 2023. The numbers below reflect yesterday’s closing numbers.

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Best of the Rest

Other Stories of Interest: Thu, May 18, 2023
May 18, 2023May 25, 2023

MARCELLUS/UTICA REGION: Coterra management remains defensive, despite outlook; Antero Resources is simply one of the best; OTHER U.S. REGIONS: LNG lobbyists ghost wrote officials’ letters supporting gas storage project; NATIONAL: What does a 2023 US recession mean for oil and gas in the country?; Are we being deceived by this natural gas market?; Shale drillers are auctioning off rigs at bargain basement prices; ChatGPT ponders U.S. electric grid collapse; INTERNATIONAL: Ineos founder fears for North Sea future; Russia steals oil market share in Asia from energy allies; Chevron’s carbon capture flagship is stuck at one-third capacity; EU president lets the de-growth cat out of the bag; S.Africa circles back to shale gas as power crisis drags.
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