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PA Craters, Drops 2 Rigs, M-U @ 32; National Rig Count Adds 1 @ 586

Once again, the bottom dropped out of the Pennsylvania Marcellus rig count. PA lost two rigs last week, down to just 13 active rigs, the lowest the PA rig count has been since July 2016. That’s the lowest rig count for PA in more than eight years, lower than the deep dark days of the pandemic four years ago. Ohio and West Virginia’s counts remained the same at nine and ten, respectively. On August 23, PA ran 21 rigs, OH had nine rigs, and WV had just five rigs. Last Friday (just two months later), PA had 13 rigs (a loss of eight from August), OH still had nine, but WV had ten rigs (a gain of five of PA’s lost eight). The realignment of rigs from PA to WV is an ongoing, big story concerning the rig count. Read More “PA Craters, Drops 2 Rigs, M-U @ 32; National Rig Count Adds 1 @ 586”

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6th Circuit Blocks 32-Mile Cumberland Pipeline to TVA TN Power Plant

The U.S. Court of Appeals for the Sixth Circuit (6th Circuit) slammed the brakes on a pipeline project in Tennessee on Friday. In January, the Federal Energy Regulatory Commission (FERC) issued a certificate of public convenience for Kinder Morgan’s Tennessee Gas Pipeline (TGP) subsidiary to build the Cumberland Project, a 32-mile, 30-inch pipeline to feed 245 MMcf/d of natural gas (from the Marcellus/Utica) to the Tennessee Valey Authority’s (TVA) proposed Cumberland gas-fired power plant. Read More “6th Circuit Blocks 32-Mile Cumberland Pipeline to TVA TN Power Plant”

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Pittsburgh Summit Says Electric Needs for AI Already “Unbelievable”

Yesterday, the AI Horizons Summit was held in Pittsburgh. Home to the world’s #1 AI school, Carnegie Mellon, the inaugural summit showcased how human-first AI (artificial intelligence) can be commercialized to benefit society. AI is still in the early stages of adoption, but according to speakers at the event, AI will one day be baked into just about everything the way the internet is now. All of the computing power needed will take enormous amounts of electrical energy to operate. One speaker said, “It’s almost unbelievable how much power AI is using” right now. It’s only going to grow. Read More “Pittsburgh Summit Says Electric Needs for AI Already “Unbelievable””

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PJM Winter Outlook: Enough Power Available, Fingers Crossed

PJM Interconnection is the largest U.S. power grid operator, serving 65 million people in 13 states plus the District of Columbia (including PA, OH, and WV). PJM supplies power to more than 20% of the U.S. economy. The organization issued its annual Winter Outlook yesterday. The analysis says PJM and its members have adequate resources to serve the forecasted demand for electricity this winter under expected conditions, although reserve margins continue to shrink with continued generator (coal plant) retirements and increasing demand. However, if we have “extreme” weather events, problems like blackouts are possible. In other words, we will have enough electricity, but cross your fingers that we don’t experience any extreme weather. Read More “PJM Winter Outlook: Enough Power Available, Fingers Crossed”

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CNX Stock Price Hit All-Time High Last Week, Heading Higher?

MDN is not a stock-picking service. However, from time to time, we mention the performance of a given company’s stock price if it is unusual or relevant to our audience. We spotted an article by Bloomberg about CNX Resources’ stock price. Last Friday, CNX’s stock hit what Bloomberg calls “a 10-year high,” closing at $36.29. Interestingly, one or more investors bought over 34,000 call options, betting the price would hit $40 by mid-April. Read More “CNX Stock Price Hit All-Time High Last Week, Heading Higher?”

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WhiteHawk Energy Renews Public Proposal to Acquire PHX Minerals

Some 15 months ago, WhiteHawk Energy, headquartered in Philadelphia with ownership of mineral and royalty interests for over 1 million gross unit acres and over 3,400 producing horizontal shale wells between the Marcellus and the Haynesville, proposed marriage to PHX Minerals, based in Fort Worth, Texas, owner of 75,000 leased mineral acres principally located in the SCOOP and Haynesville plays (see WhiteHawk Energy Proposes Forced Merger with PHX Minerals, Inc.). WhiteHawk’s original overtures went unanswered, so it issued a very public proclamation of its intent to get PHX down the aisle, willingly or not. PHX answered in August 2023 with a very public “get lost” message (see PHX Minerals Says WhiteHawk Marriage Proposal “Grossly Inadequate”). Since that time, it’s been quiet, at least publicly. Behind the scenes, it’s been busy. Read More “WhiteHawk Energy Renews Public Proposal to Acquire PHX Minerals”

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The Politics of Climate Change with Dr. Judith Curry (Video)

Dr. Judith Curry is an American climatologist and the former chair of the School of Earth and Atmospheric Sciences at the Georgia Institute of Technology. Her research interests include hurricanes, remote sensing, atmospheric modeling, polar climates, air-sea interactions, climate models, and the use of unmanned aerial vehicles for atmospheric research. She was a member of the National Research Council’s Climate Research Committee, published over a hundred scientific papers, and co-edited several major works. She’s worked with NOAA and NASA. She has more awards than you can count. Yet because she dares to openly ask questions and point out political bias in the global warming community, she has been ostracized. She is one of the smartest people alive regarding climate change. Read More “The Politics of Climate Change with Dr. Judith Curry (Video)”

Other Stories of Interest: Tue, Oct 15, 2024

MARCELLUS/UTICA REGION: PA bill would block impact fees to municipalities that limit shale drilling; Bob Casey introduced a bill to constrain fracking six times; NATIONAL: Upcoming legal filing could reveal Harris’ true stripes on energy; Gas-to-liquid plants and their role in reducing flared natural gas; INTERNATIONAL: OPEC cuts global oil demand growth forecasts for 3rd consecutive month; UK gas production falling faster than expected, warns lobby; Fewer tankers transit the Red Sea in 2024; Iran threatens to hold global energy hostage; LNG roars back as leading alternative fuel. Read More “Other Stories of Interest: Tue, Oct 15, 2024”