Williams CEO Armstrong Explains Why Constitution Pipe was Canceled
Williams CEO Alan Armstrong participated in a panel discussion yesterday in Washington, D.C. at the Bipartisan Policy Center. The event was titled “America’s Energy Infrastructure: Where Do We Go From Here?” Following the panel Armstrong spoke to a reporter from S&P Global Market Intelligence. He had some very interesting things to say. One of the things Armstrong discussed was an explanation for why his company abandoned the Constitution Pipeline project into New York State, just when it seemed they may be winning the legal fight to build it.
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Last June the DRBC (Delaware River Basin Commission) approved a request by New Fortress Energy to build a $96 million 1,600-foot-long pier/dock on the Delaware River, to be used for docking and loading two ships at a time with LNG (see 
Summit Midstream Partners, formed in 2009 and headquartered in The Woodlands, Texas, operates natural gas, crude oil and produced water gathering (pipeline) systems in six unconventional resource basins, including the Marcellus and Utica. The company concentrates its time and money on four “core focus areas” including the Utica, the Williston (i.e. Bakken), the DJ Basin and the Permian. The Marcellus is part of the company’s “legacy” systems that don’t get as much love (and money). Last week the company issued its 4Q and full-year 2019 update. We will summarize it this way: Summit flowed less gas and consequently made less cash in 2019 than it did in 2018.
Both EQT (the driller) and Equitrans (the midstream company) issued their quarterly/full-year 2019 updates yesterday. Equitrans, formerly EQT Midstream, separated from EQT in November 2018. Equitrans, via its EQM Midstream affiliate, gathers, processes, and flows most of EQT’s natural gas production, getting it to market. Last fall EQT began intense negotiations with Equitrans to lower its midstream costs (see 
While the Andrew Cuomo-corrupted New York Dept. of Environmental Conservation (DEC) can claim a victory in stopping the much-needed Constitution Pipeline (see 
In April 2017 (almost three years ago) the Mariner East 1 pipeline sprung a small leak and spilled 20 barrels (~840 gallons) of ethane and propane in Berks County, near Philadelphia. Sunoco Logistics Partners, builder and maintainer of the pipeline, shut it down and fixed it over the next several days. Yesterday the Pennsylvania Public Utility Commission announced a “settlement” with Sunoco, to fine the company $200,000. Sunoco, as part of the settlement, must also conduct a “remaining life” study of the pipeline. After all, it is almost 90 years old.
Pennsylvania Attorney General Josh Shapiro, a leftist Democrat who wants to succeed Tom Wolf as governor, likes to investigate accidents related to the shale industry to see if he can turn them into crimes (
It was April 2015 when PTT Global Chemical, a huge petrochemical company based in Thailand, first announced they would consider building an ethane cracker plant in Ohio (see 
The value of a company’s stock price is important, for a variety of reasons. The stock price reflects investor confidence in whether the company can earn its keep and grow profits in the future. A higher stock price wards off takeovers. Upper management gets a raise. And the company can borrow money when it needs to at reasonable interest rates. All sorts of reasons why the stock price is important. Unfortunately for top drillers in the Marcellus/Utica, their stock prices have tanked. As a group, and individually, the stock price is either near or even at the lowest it’s *ever been.* Let that sink in.
Yesterday the Atlantic Coast Pipeline (ACP) had its day in U.S. Supreme Court–and by all appearances, it was a very good day indeed. The right of the pipeline to cross the Appalachian Trail is the issue under consideration. In a case brought by environmentalist wackos, the U.S. Court of Appeals for the Fourth Circuit ruled a permit granted by the U.S. Forest Service (USFS) is invalid because the U.S. Park Service manages the trail and according to law, USFS does not have jurisdiction over “lands” owned/managed by the Park Service. In practice such a ruling, if upheld, creates a thousand-mile long barrier across which no pipeline can cross. All of the articles we read about yesterday’s oral arguments before the Supremes indicate a likely decision in favor of the pipeline and against the wackos.
National Grid yesterday released a report outlining how the utility is going to run out of natural gas for its customers within the next decade (maybe sooner) if new supplies of natgas are not made available to it. The company has scheduled public town hall meetings in NYC and Long Island to discuss the report and elicit feedback from the public. In the report, National Grid outlines three solutions to the problem. Guess which solution is the cheapest, quickest and best? That’s right–the Williams Northeast Supply Enhancement (NESE) pipeline.
Last week we told you the good news that Williams recently re-filed an application with the New Jersey Dept. of Environmental Protection to build one of two critical northeastern pipeline projects–called the Northeast Supply Enhancement (NESE) project (see 
The companies behind PennEast Pipeline, a $1.2 billion greenfield pipeline project from Luzerne County, PA to Mercer County, NJ, have not given up on the long-delayed project–delayed mostly due to opposition from Big Green groups and their abuse of our court system to block the project. PennEast recently filed an appeal with the U.S. Supreme Court over the issue of using eminent domain powers to cross land owned or controlled by the State of New Jersey. Since the original Federal Energy Regulatory Commission (FERC) certificate authorizing construction of the project expired on Jan. 19, 2020, PennEast asked FERC to extend it another two years (see 
Oral arguments will be heard this morning beginning at 10 am at the U.S. Supreme Court on a case to decide whether or not the Appalachian Trail will, from now on, block all future pipelines from being installed under it. The case, U.S. Forest Service v. Cowpasture River Preservation Association, will determine whether or not Big Green wins the right to block Dominion Energy’s Atlantic Coast Pipeline (ACP) project from crossing under the Appalachian Trail.
In early December when Williams withdrew their fourth and final permit application to build the Northeast Supply Enhancement (NESE) pipeline project with the New Jersey Dept. of Environmental Protection (NJDEP), we feared that maybe Williams had given up on the project (see