MarkWest Exec Says Ethane Storage Key Issue for NE Cracker Plants
At yesterday’s sessions of the West Virginia Oil and Natural Gas Association (WVONGA) conference at Oglebay Park (Wheeling), WV, MarkWest Energy’s executive vice president and chief commercial officer Greg Floerke talked about natural gas liquids (NGLs)–specially ethane–and the need for a regional ethane cracker plant. Floerke said MarkWest currently processes around 75% of all NGLs in the Marcellus/Utica region and that his company alone could provide enough ethane for several cracker plants. However, for those considering the prospect of spending billions of dollars to build a cracker plant, Floerke says there is a key issue–storage. Cracker plants want to be assured there will be a steady supply and one way you get steady supplies is with storage…
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Perhaps we now know the real reason why a group of anti-fossil fuel protesters decided to abandon their protest at the headquarters of PennEast Pipeline’s main sponsor, UGI. MDN told you yesterday how mainstream media in the New Jersey market covered a “massive” protest (of 35 people) who showed up at the Statehouse in Trenton during the day–with obviously nothing better to do–to protest against the PennEast Pipeline (see 
In an unusual move, the Wayne County (OH) Board of Commissioners has written to the Federal Energy Regulatory Commission (FERC) to oppose having Energy Transfer’s ET Rover pipeline come through the southern portion of their county, as currently planned. ET Rover is a 711-mile Marcellus/Utica natural gas pipeline that will serve mostly U.S. customers that will cost $3.7 billion to build and run from PA, WV and eastern OH through OH into Michigan and eventually into Canada. The bulk of the pipeline would run through Ohio, including southern Wayne County. The Board of Commissioners’ objection is unusual because Wayne is a mostly rural county with farms. Farmers, while not always welcoming of pipelines running through prized hay fields and crops, can sure use the money that would come from such a project. Farmers typically do support pipelines–and drilling. The commissioners cite safety concerns and damage to farmland in their letter to FERC…
Exactly one month ago MDN told you that Crestwood Equity Partners LP and Crestwood Midstream Partners (with operations in the northeast)–two different companies on paper–would merge (see 
Some 35 anti-fossil fuel wackos, apparently with no jobs, show up during a slow news day at the Statehouse in Trenton, NJ to protest the PennEast Pipeline and news outlets report it as a major story, implying there’s a huge movement against the pipeline. What about the 366,500+ residents who also live in Mercer County and who aren’t opposed to the PennEast and who didn’t turn out to protest it? Is that worth a story? Apparently not. Of course this tiny protest wasn’t spontaneous–it was organized, planned, hyped and paid for by nutty Sierra Clubbers and THE Delaware Riverkeeper (Maya van Rossum)…
In the end, Williams decided that the takeover/merger proposal from Energy Transfer Equities (ETE) wasn’t so indecent after all. In June, ETE’s billionaire CEO Kelsy Warren revealed he had been propositioning Williams for over six months–offering Williams $64 per share to buy the company, totaling $48 billion (see 
Halliburton and Baker Hughes are having a pre-merger garage sale. In order for Halliburton to buy Baker Hughes, a deal worth $34.6 billion (see 
Very interesting development with Halliburton. As we previously reported, Halliburton is forcing Baker Hughes to the alter in a shotgun wedding/takeover (see 
In February 2013 MDN brought you news about plans from Appalachian Resins (AR) to build a polyethelene (PE) manufacturing plant complete with a “baby” ethane cracker. The original plan was to build it in the Wheeling, WV area. However, a year later the location shifted across the border to Monroe County, OH. As late as April of this year AR was still committed to the project (see 
One New England town shows how to “do it right” when it comes to dealing with a big pipeline company like Kinder Morgan. As we’ve covered (endlessly), Kinder’s Northeast Energy Direct (NED) project will expand the mighty Tennessee Gas Pipeline to run across parts of Massachusetts and New Hampshire before terminating near Boston. Anti-fossil fuel nutters demand the project be canceled–sentencing New Englanders to obscenely high gas and electric rates forever. One town–Amherst, NH–had concerns about the route and worked with Kinder Morgan to get the pipeline shifted to a route that works for them. This is how adults behave…
Party time! Yesterday PennEast Pipeline filed their full, official application with the Federal Energy Regulatory Commission (FERC) for permission to commence building their $1 billion, 118-mile, 36-inch diameter pipeline that will deliver approximately 1 billion cubic feet of natural gas per day from the Marcellus gas fields of northeastern PA to locations in southeastern PA and across the border to Trenton, NJ. The long-term benefits to the pipeline are many–lower natural gas and electricity costs for millions of consumers. In addition, during construction the pipeline will generate an estimated $1.6 billion of economic impact during design and construction alone, supporting approximately 12,160 jobs and an associated $740 million in wages. This is good news for all Pennsylvanians and New Jerseyites. Of course anti-fossil fuel nutters also issued an angry press release claiming the PennEast Pipeline will do “irreparable harm” if built…
Dominion, one of the biggest utility companies in the Marcellus/Utica region, is going on a buying spree. The object of their desire? Their very own midstream (pipeline) company subsidiary, Dominion Midstream Partners. Dominion’s board has authorized the company to spend up to $50 million to buy units (think shares of stock) in their midstream subsidiary. Usually companies buy their own stock/units for two reasons: (1) because they believe it to be undervalued/a bargain (i.e. opportunism), or (2) to prop up the share price (i.e. defending their investment). Which one is this?…
Weatherford International is the fourth largest oilfield services company in the world, employing some 44,000 people. They have a branch office in Canonsburg, PA (Pittsburgh area) with major operations in the Marcellus/Utica. By comparison, Weatherford competitor Halliburton is the #2 largest oilfield services company in the world. A strange thing happened to Weatherford on Monday. The public company floated new shares of stock and new IOUs (i.e., convertible notes) hoping to raise $1 billion in cash. But a few hours after they announced the offering, they withdrew it because “while investor interest was strong for this offering” (so said the company), the price those investors were willing to pay for the new stock and notes was not anywhere near what Weatherford wanted. After withdrawing the offering, Weatherford’s stock tanked. Last Thursday Weatherford’s stock (WFT) traded as high as $11.15 per share. Yesterday it closed at $8.87 per share, down 20% from Thursday’s high…