White House Makes it Official – Biden Declares War on LNG Exports
The White House has made official what we warned you about yesterday (see Biden Attacks NatGas by Blocking 17 U.S. LNG Export Terminals). This morning, the Biden administration announced it has put “a temporary pause on pending decisions of Liquefied Natural Gas exports.” The reason? The so-called “climate crisis” is “the existential threat of our time.” Which connotes that LNG is, at least in part, causing the climate crisis (a crisis that doesn’t actually exist!). There are 17 multi-billion-dollar LNG export projects with applications before the Dept. of Energy that will now, at a minimum, be delayed. We expect many of them will get canceled. Biden has just declared war on LNG exports.
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There were 20 new permits issued to drill in the Marcellus/Utica during the week of Jan. 15 – 21, versus 24 permits issued during the prior week. Pennsylvania issued 11 new permits last week. Ohio issued 9 new permits. West Virginia had a big, fat zero new permits last week. Ascent Resources scored the most new permits issued, with 5 permits across two counties, Jefferson and Harrison, in Ohio. Encino Energy (EAP in the list) had the second most new permits issued with 4 permits in Harrison County, OH.
Yesterday, CNX Resources issued its fourth quarter and full year 2023 update. The company’s earnings totaled $537.83 million, or $2.89 per share in 4Q23. That compares with $1.17 billion, or $5.68 per share, in last year’s fourth quarter (down 54%). CNX’s revenue for 4Q23 fell 39% to $999.56 million from $1.64 billion last year. On the plus side of the ledger, CNX’s production was 146.9 Bcfe (billion cubic feet equivalent) in 4Q23 (1.6 Bcfe/d), bringing the full-year total to 560.4 Bcfe of production — approximately 5 Bcfe above the high end of the company’s previously announced full-year guidance range. Production one year ago (in 4Q22) was 140.6 Bcfe — meaning 4Q23 production was about 4.5% higher.
Anti-fossil fuel fanatics in Ohio (and beyond) still can’t accept that they lost a battle to block drilling under (not on) Ohio state-owned land, including some Ohio state parks. In November, the Ohio Oil & Gas Land Management Commission (OGLMC) met in a public forum and voted to allow shale drilling under three state-owned tracts of land: (1) all 20,000 acres of Salt Fork State Park in Guernsey County, (2) more than 300 acres of Valley Run Wildlife Area in Carroll County, and (3) 66 acres of the Zepernick Wildlife Area in Columbiana County (see 
About one month ago, the Wall Street Journal published an article about BKV Corporation (Banpu Kalnin Ventures), the American arm of Banpu, Thailand’s largest coal mining company (see 
The Algonquin Gas Transmission pipeline (owned by Enbridge) transports up to 3.09 Bcf/d through 1,131 miles of pipeline. Algonquin connects to Texas Eastern Transmission (TETCO), Millennium Pipeline, and Maritimes & Northeast Pipeline and supplies New England with critically needed natural gas supplies for power generation and consumer use. As we told you in September, Enbridge conducted an open season to gauge interest in expanding Algonquin’s capacity to flow more gas into New England — mainly from the Marcellus/Utica — called Project Maple (see 
Amid all the bad news of the constant attacks by the Bidenistas against fossil energy (see today’s lead story about Biden attacking LNG), here is a story to warm your heart on a cold January day. So-called ESG funds set up to invest in companies that proclaim fealty to Environment, Social, and Governance (ESG) practices are crashing and burning at a rapid pace. In the fourth quarter of 2023, U.S. fund clients withdrew a net $5.1 billion from ESG funds.
OTHER U.S. REGIONS: Rob L. Jones elected board chair of Spire Inc.; NATIONAL: Three dozen climate models have ALL failed in predicting warming; Fossil fuels (not renewables) remain real engine for economic growth; Natural gas production fell unevenly during recent winter freeze; INTERNATIONAL: Energy info has never mattered more, it’s time to reform IEA.