Stop Press! Trump Pledges to Revive PA-to-NY Constitution Pipeline
Never in our wildest dreams did we see this one coming. And we must caution against too much hope. However, we are JAZZED. Last Friday, President Trump signed yet another executive order. This EO creates the National Energy Dominance Council, directing the new council to move quickly to increase domestic oil and gas production (see our companion post today for details). During comments with reporters at the EO signing, Trump vowed to complete the long-dead Pennsylvania Marcellus to New York State Constitution Pipeline! Trump’s own words: “We are going to get this done, and once we start construction, we’re looking at anywhere from nine to 12 months.” Holy smokes!!!! Read More “Stop Press! Trump Pledges to Revive PA-to-NY Constitution Pipeline”
President Trump signed an executive order Friday establishing the National Energy Dominance Council. The Council will be chaired by Secretary of the Interior Doug Burgum and vice-chaired by Energy Secretary Chris Wright. The other members are essentially all of the cabinet members, the secretaries of the other executive branch agencies, including State, Treasury, Defense, Justice, Agriculture, Commerce, Transportation, EPA, and a litany of others. Among the instructions (duties) of the new Council is this: “Advise the President on how best to exercise his authority to produce more energy to make America energy dominant.” During a confab with reporters, President Trump said, “We have more energy than any other country, and now we’re unleashing it.” The council will advise the president on energy markets, investments, and how to keep the cost of energy down for Americans. 
On Friday, Commonwealth LNG achieved two significant milestones on the way to making a final investment decision (FID). The first was that the Department of Energy (DOE) issued a long-delayed (because of Biden) approval to export LNG to non-free trade agreement (FTA) countries. The second is that the Federal Energy Regulatory Commission (FERC) issued a Supplemental Environmental Impact Statement (SEIS). Kimmeridge Energy Management, the main investor behind the project, said these two important items pave the way for an FID in September of this year. Provided that happens, the first LNG production at the plant is expected to flow in the first quarter of 2029. 
For the third week in a row, the Baker Hughes U.S. rig count regained some of the rigs lost earlier this year. Two weeks ago, the rig count gained four rigs to 586. Last week the count regained another two rigs to 588. Note that for much of last year, the national count remained in a very tight range of 581-589. It seems like equilibrium is returning. As for the Marcellus/Utica, the rig count was a combined 34 last week—the same number for ten weeks in a row. It looks like we’ve hit an equilibrium in the M-U, too. 
DUCs are drilled but uncompleted wells. Drillers sink a hole first and then return later to “complete” the well by fracking it and connecting it to sales. An increase in DUCs means more new drilling is happening. A decrease in DUCs means fewer new wells are drilled while previously drilled wells are completed. According to a report by Enverus, some drillers have entered 2025 with substantially fewer DUCs than last year, creating potential effects on capital efficiency and production. Nearly every shale play, including the Marcellus/Utica, has seen DUCs fall. In some cases, by the hundreds. 
Last December, MDN told you that the Pennsylvania Department of Environmental Protection could find $600,000 to blow on “environmental justice” nonsense, but the very next day, it cried poverty that there’s not enough money in the budget to fund the Oil and Gas Regulatory Program (see 
ECA Marcellus Trust I, the royalty interest holder in some of the wells drilled and maintained by Greylock Energy in Greene County, PA, announced last Thursday that it will issue a two-cent dividend to unitholders for the fourth quarter of 2024. The company paid half a penny dividend in 3Q24. The company continues to hold back some profits ($90,000 in 4Q24) to build a cash reserve for “future known, anticipated or contingent expenses or liabilities.” 
OTHER U.S. REGIONS: How Alaska can seize the opportunity of a Trump presidency; NATIONAL: EPA terminates nearly 400 workers amid US government purge; EPA cancels nine more contracts, saving nearly $60 million; Suburban Propane and NASCAR unveil propane-powered track dryer at Daytona 500; WTI slips below $71 amid supply confidence; INTERNATIONAL: India to buy more US oil, LNG to avoid tariffs; Miliband vows to ban fracking permanently after huge UK gas field discovered; Tariffs or no tariffs, the world wants and needs America’s natural gas.