EQT 2018: $2.2B Loss; CEO Ridicules Rice Plan, No “Magic App”

EQT released its fourth quarter and full year 2018 update yesterday. The numbers show the company lost, on paper, $2.2 billion–but the loss was from “impairments,” writing off the value of old assets they had sold. Not an actual $2.2B out-of-pocket loss. The company, which is the largest natural gas producer in the U.S., produced 1.49 trillion cubic feet equivalent of gas in 2018, up an incredible 68% from the 888 billion cubic feet produced in 2017.
Continue reading

New Details on Williams and Unpaid Pipe Contractors in Lancaster

It seems we owe an apology to Williams for the story we ran earlier this week (see PA Businesses Still Not Paid for Atlantic Sunrise Pipeline Work). We took Williams to task for the fact many of the subcontractors that did work for their contractor Welded Construction have still not been paid for work done on the Atlantic Sunrise Pipeline project. There’s far more to the story, including details on how those subcontractors can get their money.
Continue reading

TransCanada Plans to Move Western Canadian Gas into New England

TransCanada has cooked up a plan to expand an existing pipeline in New England and connect it to a point in Quebec to flow gas from the opposite side of the continent, Western Canadian natural gas (over 1,000 miles away), into New England! And we can’t get a single new pipeline project approved to flow Marcellus gas a few hundred miles away into New England. Something is seriously wrong with this picture.
Continue reading

Rest of Mountaineer XPress Pipeline Ready to Go Online Now

Last month the Federal Energy Regulatory Commission (FERC) gave permission to TransCanada’s Columbia Pipeline group to start up a portion of the Mountaineer XPress Pipeline in West Virginia (see FERC OK’s Mountaineer XPress Pipe to Start Up in WV). Columbia says the rest of the Mountaineer project is now ready to go online.
Continue reading

Energy Stories of Interest: Fri, Feb 15, 2019

MARCELLUS/UTICA REGION: Williamsport explorers beat Ithaca winers, once again; OTHER U.S. REGIONS: India’s Petronet lines up Driftwood LNG equity investment; Waha price collapse signals worsening gas supply glut in the Permian; NATIONAL: Dominion Energy adds two new directors; Bill Barr steps down; Natural gas processing capacity in the lower 48 states; US rig count falls 15 on week to 12-month low; Upstart pitches plan for the cheapest U.S. natural gas exports; EIA adds new play production data to shale gas and tight oil reports; Can U.S. gas production keep up with demand?; Increased use of natural gas exposes U.S. to cyber attacks, FERC chairman says.
Continue reading

Trump Tells Cuomo F2F – You Should Allow Fracking & Pipelines

New York Gov. Andrew Cuomo’s foolish policies have finally come home to roost. You can only overtax and overregulate for so long before a state’s economy comes tumbling down–and that’s just what’s happening to poor Andy, who went hat-in-hand to the White House on Tuesday to beg and plead with The Donald to tweak the newly implemented tax federal tax cut.
Continue reading

Rice Boys Goose EQT Board – Ask for April (not June) Annual Mtg

Earlier this month Toby and Derek Rice, formerly executives with Rice Energy (before it sold to EQT), launched a proxy war to nominate board members who will appoint Toby CEO of EQT (see Proxy War: Rice Brothers Say Top EQT Mgmt, Board Must Go). The Rice boys are goosing the EQT board, asking them to schedule the annual meeting (where a vote will be taken) in April and not two months later in June as currently planned.
Continue reading

Westchester County Panic Continues – New Gas Requests Double

Utility company Consolidated Edison recently announced it will slap a moratorium on hooking up new customers for natural gas in Westchester County (NYC suburb) beginning March 15 (see Moratorium on New NatGas Customers Coming in NYC Area). Guess what’s happened? New applications to hook up to the gas line have doubled and there’s a virtual stampede to Con Ed’s door to file even more requests–before the March 15 deadline.
Continue reading

Exxon Building New Gulf Coast LNG Export Plant, M-U to Feed

Last week ExxonMobil and Qatar Petroleum announced a final investment decision (FID) to build Golden Pass LNG terminal, on the Texas side of the Sabine-Neches Waterway. That’s a stone’s throw from Cheneire Energy’s Sabine Pass LNG terminal on the Louisiana side of the waterway. Marcellus/Utica gas flows to the Cheniere facility. Will it also flow to Exxon’s when it’s built?
Continue reading

It’s Time to Support Williams’ NESE Project in NY – Here’s How

It’s no secret that getting a gas pipeline project of any kind approved in New York State is an uphill battle because our governor, Andrew Cuomo, blocks all new pipelines in a bid to keep his left wing supporters happy. An important project from Williams, the Northeast Supply Enhancement (NESE) which would beef up capacity along the Transco pipeline system going into New York City, is about to get two hearings with the state Dept. of Environmental Conservation.
Continue reading

Energy Stories of Interest: Thu, Feb 14, 2019

MARCELLUS/UTICA REGION: Two well permits awarded in Columbiana County (northern Utica); Westmoreland water authority will seek repayment from gas driller for additional water tests; OTHER U.S. REGIONS: New report details record Texas oil boom in 2018; NATIONAL: Don’t expect many US LNG exporters to build without firm supply deals; It’s full speed ahead for U.S. natural gas exports; INTERNATIONAL: Is a natural gas cartel forming?; Here’s why Saudi Aramco may be coming to an oil field near you.
Continue reading