Marathon/MarkWest Tells Activist Investor Co. Will Not Split
As MDN reported two weeks ago, so-called “activist investors” Elliott Management and D.E. Shaw want Marathon Petroleum (parent of MPLX, otherwise known as MarkWest Energy) to split itself into three separate companies, and a couple of other large shareholders are calling for Marathon CEO Gary Heminger to be fired (see Major Investors Pressure Marathon Petroleum to Split into 3 Cos.). Heminger and board member Greg Goff have just politely, but firmly, told Elliott, Shaw, et al to “buzz off” (our words). Heminger is going to fight the effort to split the company and dump him.
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It’s hard to keep track of the multiple lawsuits filed against every single new natural gas pipeline project in the Marcellus/Utica. But we try! Take the PennEast Pipeline, for example. PennEast is a $1 billion (or $1.2 billion, depending on the source) new greenfield pipeline project from Luzerne County, PA to Mercer County, NJ. PennEast will flow PA Marcellus gas to markets in NJ. The project has faced numerous lawsuits and regulatory blockades, much of it in NJ. There are two different lawsuits of current interest, with one affecting the other.
On August 1, Enbridge’s Texas Eastern Pipeline Company (TETCO) pipeline exploded in Lincoln County, Kentucky–killing one and sending six to the hospital (see 
In New York State it’s not popular–frankly it’s not safe–if you’re a Democrat who opposes mob boss Andrew Cuomo for any reason/any issue. Yet six Long Island State Senators, all Democrats, are doing just that. The six sent a letter to Basil Seggos, who runs the Dept. of Environmental Conservation (DEC) and does whatever Cuomo tells him to do, asking Seggos to provisionally approve the Williams Northeast Supply Enhancement (NESE) pipeline project.
On Monday MDN brought you the news that NextEra Energy, largely a renewables company, has made the bold move of buying 39% of the Central Penn Line, otherwise known as Williams’ Atlantic Sunrise Pipeline project (see 
Our friends at RBN Energy launched a new mini-series of blog posts delving into Marcellus/Utica gas processing and fractionation back in August. The first post in the series dealt with an overview of processing and fractionation in the wet gas region–meaning southwest PA, eastern OH, and the northern panhandle of WV (see 
Two very important (perhaps we should say critically important) cases now sit before the U.S. Supreme Court–cases that have a direct bearing on the Marcellus/Utica region. Both cases deal with pipelines. The first case we’ve written about before: Dominion Energy’s Atlantic Coast Pipeline case to overturn a nutty decision by the U.S. Court of Appeals for the Fourth Circuit that judicially creates a new law that pipelines can’t cross under the Appalachian Trail without (no kidding) an Act of Congress. The other case involves the Hoopa Valley Indian Tribe in California–a case that has profound implications for the Constitution Pipeline from Pennsylvania into New York.
Superior Energy Services serves the drilling, completion and production-related needs of oil and gas companies worldwide through a number of subsidiaries including Wild Well Control, International Snubbing Services, and SPN Well Services. The New York Stock Exchange (NYSE) warned Superior in August that its share price had fallen below $1/share for more than 30 consecutive days and was in danger of delisting. Superior said at the time they have a plan to boost the per-share price. However, NYSE delisted their stock as of last Friday (six weeks later) and the stock now trades over-the-counter.
Here we go again. “Activist investor” Elliott Management is pressuring Marathon Petroleum to split itself up into three companies–retail (Speedway convenience store chain), refining, and midstream (or MarkWest Energy). Recall that Marathon bought out and merged in MarkWest just a few years ago, in December 2015 (see 
Last December Williams announced its Leidy South Project, a new expansion of the Transco pipeline in Pennsylvania (see 
Sunoco Logistics Partners, a subsidiary of Energy Transfer, is still on the Pennsylvania Dept. of Environment Protection’s (DEP) naughty list. In February, PA Gov. Tom Wolf ordered the DEP to suspend all reviews of clean water permit applications and other pending approvals for ALL of ET/Sunoco’s pipeline projects in the state–including the Mariner East and Revolution pipeline projects. The ban on approving reviews has not yet been lifted and means that in 33 locations across the state (most of them in the Philadelphia area) Sunoco can’t complete underground horizontal direction drilling (HDD) work for its Mariner East pipeline projects.
Not everyone who lives in the Greater New York City area is falling for the bogus line by Gov. Andrew Cuomo that he’s not to blame for a natural gas shortage plaguing the region. As we’ve chronicled, endlessly, Cuomo ordered his Dept. of Environment Conservation to reject the Williams Northeast Supply Enhancement (NESE) pipeline project (see