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M-U Driller Infinity Natural Resources Files for $100 Million IPO

‘Tis the season for IPOs in the Marcellus/Utica. Two weeks ago BKV Corporation announced it was (finally) launching an initial public offering (IPO) looking to raise in the neighborhood of $300 million (see The Time is Now Right – BKV Launches IPO Hoping to Raise $315M). It ended up getting $270 million (see BKV Adjusts IPO Price Down from $19-$21 to $18 per Share). On Friday, Infinity Natural Resources (INR), with 90,000 acres in the Marcellus/Utica, filed an IPO with the Securities and Exchange Commission (SEC), hoping to raise $100 million. Read More “M-U Driller Infinity Natural Resources Files for $100 Million IPO”

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PA Picks Up One Rig, M-U @ 34; National Rig Count Drops 2 @ 585

Four weeks ago, MDN told you about a developing story of rig realignment in the Marcellus/Utica (see Rig Bloodbath Continues – Pennsylvania Loses 7 Rigs in 3 Weeks). As we reported, Pennsylvania was losing rigs, bleeding rigs, like crazy—four rigs gone in two weeks’ time. And West Virginia was gaining those lost rigs. PA’s rig loss remained for three weeks. Then, last week, things changed. PA gained back one of its four lost rigs, although WV has kept all of the rigs it recently gained. Read More “PA Picks Up One Rig, M-U @ 34; National Rig Count Drops 2 @ 585”

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Supreme Court Won’t Block One Onerous EPA Reg, Jury Out on Another

EPA Administrator Michael Regan used a considerable amount of fossil energy and emitted tons of carbon dioxide to jet over to Dubai last December to participate in the COP28 confab, where he released a final rule that was “two years in the making” to force the U.S. oil and gas industry to cut methane emissions by using budget-busting new technologies and onerous (frequent) inspections (see Bidenistas Unleash Hellscape of U.S. Methane Regs at COP28). A group of 26 states asked the swamp-dwelling judges of the U.S. Court of Appeals for the District of Columbia (D.C. Circuit) to temporarily block the EPA rule while a lawsuit by the states (and others) plays out. Unsurprisingly, the swamp-dwelling judges turned the states down in July, allowing the EPA’s onerous new reg to commence (see DC Circuit Allows EPA Attack on O&G Via Methane Reg to Commence). In August, the states suing to end the regulation filed an emergency stay request with the U.S. Supreme Court (see States Asks U.S. Supreme Court to Emergency Block EPA Methane Reg). On Friday, the Supremes decided to be not so supreme after all and elected not to block the rule. Read More “Supreme Court Won’t Block One Onerous EPA Reg, Jury Out on Another”

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NGSA Predicts Colder Winter Coming, Increase in NatGas Price

Colder weather and increased demand will place slight upward pressure on natural gas prices compared to last winter, the Natural Gas Supply Association (NGSA) said last Thursday in its 24th annual Winter Outlook forecast of the wholesale winter natural gas market. NGSA also projected higher-than-average storage, record production and supply, and modest GDP growth this winter. The NGSA Outlook shows we’re heading into a cooler winter well-prepared with record production and storage. Bottom line: A slight uptick in the price of natgas this winter because it will be colder, but we have plenty of gas on hand. Read More “NGSA Predicts Colder Winter Coming, Increase in NatGas Price”

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Biden-Harris DOE Covering Up Study Conducted Before LNG “Pause”

In January, the Biden-Harris Department of Energy (DOE) announced it would “pause” any approvals for new LNG export plants (currently 17 requests in the pipeline) for at least one year while D.C. swampies fart around pretending to figure out how to measure global warming as a new consideration for whether or not to approve such projects (see White House Makes it Official – Biden Declares War on LNG Exports). It was a purely political move aimed at currying favor with the radical left. Now comes word of a bombshell revelation: The DOE appears to either have completed such a study or was deep in the throes of such a study before the “pause” was initiated. The Biden-Harris politi-droids deep-sixed the earlier study because they disliked what it showed them. Yes, it’s a coverup. Read More “Biden-Harris DOE Covering Up Study Conducted Before LNG “Pause””

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Big Oil Sells Out – Wants to Keep Biden’s IRA Green New Deal

Big Oil sometimes works against the interests of smaller shale drillers and (we would argue) against the best interests of the U.S.A. Here’s a case in point. Yesterday, the Wall Street Journal reported that senior leaders with Exxon Mobil, Occidental Petroleum, and Phillips 66 have been whispering in President Trump’s ear that should he win, they want him to keep Biden’s Green New Deal legislation, otherwise called the Inflation Reduction Act. Why? To protect their investments in carbon capture, carbon credits, and other carbon scams. They don’t want to lose their big tax credits/money. Read More “Big Oil Sells Out – Wants to Keep Biden’s IRA Green New Deal”

Other Stories of Interest: Mon, Oct 7, 2024

MARCELLUS/UTICA REGION: Marcellus has wealth of natural gas and more; NATIONAL: Activist Mantle Ridge has over $1 billion stake in Air Products; Carbon offset pioneer charged with $100 million fraud scheme; Energy companies beginning to find more ways to use AI; Oil, gas execs predict Henry Hub natural gas price; Kamala Harris could stop fracking without banning it; INTERNATIONAL: The five biggest natural gas power plants in the world; GALACTIC: Are the planets affecting our climate via tidal pumping? Read More “Other Stories of Interest: Mon, Oct 7, 2024”