Equitrans Slices MVP Southgate Pipe Project From 75 to 31 Miles
Big news broke yesterday about the Mountain Valley Pipeline (MVP) Southgate project. In 2018, Equitrans Midstream, the builder of the 303-mile MVP, proposed to extend the pipeline by an extra 75 miles from the current MVP terminus in Pittsylvania County, VA, to Alamance County, NC, to provide natural gas for heating and electric generation. The 75-mile extension is called MVP Southgate. Yesterday, various media outlets noticed and reported on a recent filing by Equitrans with the Securities and Exchange Commission. An Equitrans Form 8-K filing from Dec. 29 highlights a major change in the proposed MVP Southgate project.
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Diversified Energy Company, with major assets in the Appalachian region (including the Marcellus/Utica), announced yesterday the company had sold a majority stake in an unspecified number of Appalachian conventional oil and gas wells to an investment company called DP Lion Equity Holdco, for $200 million. 
The New Year brought with it four new members of the Philadelphia City Council. All four are radical leftists who want to destroy the city-owned Philadelphia Gas Works (PGW) by forcing it to dump sales of natural gas. The inmates are running the asylum! Three of the four new members are radical left Democrats. One is from the Working Families Party — essentially the same thing as the Communist Party (and no, we’re not exaggerating). The new council members say the city (the world) is “in an emergency place” and “we’ve got to take emergency, immediate actions” in order to save the planet. Is anyone listening to these nutters? How in the world did they get elected?
How was 2023 with respect to the return on investment (ROI) in the stocks of gas-focused (largely Marcellus/Utica) drillers? Of the three classes of O&G companies — oil-focused, diversified, and gas-focused — it was the gas-focused drillers who had the best stock returns in 2023, according to an analysis by RBN Energy. Gas-weighted E&Ps posted a 7% median gain last year, according to RBN. Most of the companies in RBN’s list of gas-focused drillers have major operations in the M-U. Let’s have a look at how each one did.
U.S. oil production increased by 21% over the past five years. According to data from the Energy Information Administration (EIA), in 2023, U.S. oil producers set a new annual all-time high production record. The increase in U.S. oil production is driven by a surge of production in a handful of states. We have a list of the Top 11 oil-producing states over the past year. One of the states on the list is a Marcellus/Utica state. Can you guess which one? Hint: It’s NOT Pennsylvania…
Zacks is one of the top investment research firms focusing on stock research, analysis, and recommendations. A new alert issued by Zacks asks this question: Is Natural Gas Poised for a Turnaround After 2023 Slump? The article recaps what happened to the price of natural gas in 2023 and what may happen in 2024. Interestingly, the author says the natural gas space “is currently quite unpredictable and spooked by the sudden changes in weather and production patterns. As such, investors are clueless about what to do.” Boy, that about sums it up, right? Even without a clue about the future, Zacks makes a couple of stock pick recommendations (of M-U companies) that it feels are safe bets…
U.S. liquefied natural gas (LNG) exports hit monthly and annual record highs in December, according to tanker tracking data reviewed by Reuters. Analysts say the data shows the United States leapfrogged both Qatar and Australia to become the largest exporter of LNG in 2023. The two main factors for the U.S. achieving the #1 position are (a) Freeport LNG returned to full service after being down for 10 months following an explosion and fire, and (b) Venture Global LNG’s Calcasieu Pass facility adding more capacity to a facility that it still claims is not commercially ready.
OTHER U.S. REGIONS: A natural gas project is Biden’s next big climate test; Cheniere cuts LNG train from Sabine Pass expansion; Entry-level jobs pay six figures in ND Bakken; Berkeley’s ban on gas-powered appliances blocked by court 2nd time; Denver building owners face fines for continued use of natural gas; NATIONAL: Plan to brainwash next generation of Americans; Major ‘climate deception’ lawsuit against Big Oil dismissed; We can’t let fossil fuels die because they keep us alive; The US domestic oil industry closes a remarkably strong 2023; Left-wing climate group prepares judges for global warming cases; Brent crude oil prices averaged $19 per barrel less in 2023 than 2022; INTERNATIONAL: Shell cuts more jobs amid cost-cutting drive; Russia heads into 2024 making a mockery of Western oil sanctions; The top 5 oil producers of 2023.