Boom! EQT is Curtailing 1 Bcf/d of Gas Production Effective Now
The country’s largest natural gas producer, EQT Corporation, headquartered in Pittsburgh and solely focused on drilling in the Marcellus/Utica, announced this morning it had sliced 1 billion cubic feet per day (Bcf/d) of its production because of the ongoing low price of natgas. Other companies have announced similar reductions, including a 25% reduction by Chesapeake Energy (see Chesapeake Dropping 1 Rig in Marcellus as it Waits to Merge with SWN) and a 6% reduction by Coterra Energy (see Coterra Energy Slashing Marcellus Budget 55%, Production by 6%). Going by EQT’s recent 4Q23 and full-year update, the company produced an average of 5.52 Bcfe/d in 2023. Slicing 1 Bcf/d from that represents 18% of EQT’s total production.
Read More “Boom! EQT is Curtailing 1 Bcf/d of Gas Production Effective Now”
In early January, Chesapeake Energy and Southwestern Energy, two companies with major assets in the country’s two leading gas plays — the Marcellus/Utica and the Haynesville — announced an agreement to merge into one company (see 
The 295-mile Portland Natural Gas Transmission System (PNGTS) spans New England from the Canadian border to pipeline connections in New Hampshire, Maine, and Massachusetts. The system began operations in 1999 and is located between three major pipeline networks originating in Canada and the Southern U.S. TC Energy owns 61.7% of PNGTS. The remaining 38.3 percent is owned by Northern New England Investment Company. The system includes 107 miles of facilities jointly owned by PNGTS and Maritimes & Northeast Pipeline. PNGTS owns 32% of those facilities. TC Energy announced today it is selling PMGTS to the evil BlackRock (run by CEO Larry Fink, a known anti-fossil fueler) for US$1.14 billion.
In January, MDN brought you the good news that the Pennsylvania Dept. of Environmental Protection (DEP) approved a plan by Catalyst Energy to convert an existing gas production well on Route 646 in Cyclone (Keating Township in McKean County, PA) into a shale wastewater injection well (see 
Democrat Pennsylvania Governor Josh Shapiro told Bloomberg reporters the Biden administration’s recent pause in LNG export licenses should be “limited in time.” Shapiro stopped short of outright criticizing Biden’s pause, something that could undermine job creation in a state that’s relying on energy to drive growth. Shapiro couldn’t even stand up Joementia, what a wimp! What Shapiro said amounts to a tiny love tap. It’s completely meaningless. Shapiro is standing by while Biden DESTROYS Marcellus drilling in the Keystone State.
Last week, the Baker Hughes rig count gained three rigs after losing two rigs the week before. The count went from 626 active rigs two weeks ago to 629 last week. It is the highest total rig count in the U.S. since September 22, 2023! The national count had consistently stayed between 620 and 625 (or one or two above or below that range) since last October, but now appears to be breaking out of that pattern and moving higher. The Marcellus/Utica regained the one rig it had lost two weeks ago. Pennsylvania remained at 24 rigs (the most since last June). Ohio stayed at 12 rigs. West Virginia regained a rig it had lost in the prior week and now operates 8 rigs. The M-U combined is running 44 rigs.
MARCELLUS/UTICA REGION: TC Energy building in Kanawha City area sold; NATIONAL: Climate activists charged with vandalizing US Constitution display; BlackRock says CEO’s ESG activism could ‘materially adversely’ hit business; Congress must investigate John Podesta’s role in Biden’s LNG decision; INTERNATIONAL: EU sees nearly 3.4 Tcf of gas offers under joint buying platform; OPEC+ extends oil supply curbs to June.