Dan Rice’s Net-Zero CO2 Co. Merger Due to Close on June 8
Last December, Rice Acquisition Corp II, a special purpose acquisition company (SPAC) started by the Rice brothers (Danny, Toby, and Derek), announced a deal to acquire NET Power–an electric power developer with revolutionary new technology to capture every last molecule of carbon dioxide from natural gas-fired power plants (see Dan Rice Buys Co. that Builds Zero-Carbon Gas-Fired Electric Plants). The Rice deal to buy NET Power will finally consummate this Thursday.
Read More “Dan Rice’s Net-Zero CO2 Co. Merger Due to Close on June 8”
There is no doubt that LNG (liquefied natural gas) exports are a key and increasingly critical customer for our domestic natural gas–including gas produced in the Marcellus/Utica. The evil (and clever) minds of anti-fossil fuel zealots are always thinking up new ways to block domestic oil and gas production. Their latest strategy is to pressure (i.e., bully) Big Insurance companies into dropping insurance policies for LNG export plants. If the plants can’t get insurance to protect them against potential disasters, they can’t operate.
It literally took an Act of Congress, but the 303-mile Mountain Valley Pipeline will be, according to the builder and main owner, Equitrans, completed and online by the end of 2023. Victory!!! Finally, the good guys win one. The bulk of the credit for this significant victory goes to…House Speaker Kevin McCarthy, who listened to the Republicans of West Virginia and stuck his own neck out to ensure this pipeline project gets completed by including it in the debt ceiling bill. Yes, liberal Democrat Joe Manchin gets credit for calling attention to the plight of MVP, but make no mistake–Manchin could not seal the deal. He fumbled the ball and could not get it across the finish line for a touchdown. It was McCarthy who picked up the ball and ran with it. It was Congresswoman Carol Miller (from West Virginia) and Senator Shelley Moore Capito (also from WV) who fought and lobbied (behind the scenes). Their work aided McCarthy in securing a place for MVP in the Fiscal Responsibility Act of 2023. Hats off to the Republican delegation from WV for their success.
Last week the Pennsylvania Independent Fiscal Office (IFO) released its latest quarterly Natural Gas Production Report for January through March 2023 (full copy below). There was 120 new horizontal wells spud (drilled) in 1Q23, a big decrease of 27 wells (-18%) compared to 1Q22. Natural gas production volume was 1,838 billion cubic feet (Bcf) in 1Q23, down 14 Bcf (-0.7%) from 1Q22. It is the fifth quarterly decrease in production in a row, comparing the same quarters year-over-year. Sadly, 1Q23 production was also down from 4Q22–by 1.0%.
Last week shale drillers could, for the first time, begin to apply for permits to drill under (not on top of) Ohio state lands and state parks under newly formulated rules established by the Ohio Oil & Gas Land Management (OGLM) Commission (see 
Anti-fossil fuel zealots are demanding an update on a $2.5 million “study” awarded to the University of Pittsburgh Graduate School of Public Health to “conduct research on the potential health effects of hydraulic fracturing in Pennsylvania” (see 
Cornell University professor Robert Howarth has poked his head up again to bash shale energy. This time he’s taking aim at hydrogen produced from natural gas. Howarth hates fossil fuels–all of them–including clean-burning natural gas. In March 2011, Howarth and two other Cornell profs published a peer-reviewed study in the journal Climatic Change titled, “Methane and the greenhouse-gas footprint of natural gas from shale formations” (see 
Rystad Energy, based in Norway, is an independent energy research and business intelligence company providing data, analytics, and consultancy services to clients exposed to the energy industry across the globe. Rystad is tuned in regarding what’s happening in the oil and gas industry. In May, the company published research that shows the oil and gas industry reaped “unexpected investments” of an extra $140 billion in 2022 and 2023. The extra inflow was due to the war in Ukraine and energy security concerns. Rystad predicts the extra windfall will be short-lived.
Republican pushback against ESG (environment, social, governance) madness finally appears to be making a difference. Sometimes it seems as if the side of righteousness never makes any progress. And then, an act of Congress comes along to complete a gas pipeline. And now, more good news. Big Insurance companies are leaving a United Nations climate alliance in droves–because of Republican pushback. Let’s sit back and bask in the glow of success!
Yesterday the virtual ribbon was cut, and drillers could, for the first time, begin to apply for permits to drill under (not on top of) Ohio state lands and state parks. In January, Ohio House Bill (HB) 507 became law with the signature of Gov. Mike DeWine (see 
Marcellus driller Northeast Natural Energy (NNE) has begun to drill a geothermal and carbon capture and sequestration (CCS) data collection well, all the way down to 15,000 below the surface (see 
Seneca Resources Company, the Marcellus/Utica drilling arm of utility giant National Fuel Gas Company (headquartered in Williamsville, NY), has contracted with a company called Tachyus (headquartered in Houston, TX) to use its cloud-based greenhouse gas tracking and reporting service called Aurion. The purpose is, of course, to lower Seneca’s carbon and fugitive methane footprint–and to prove that is has lowered it.
Last summer Pennsylvania House Bill (HB) 2644 was passed into law, becoming Act 96 of 2022 (see 
We’re about tell you about bitcoin mining and blockchains, a topic we know VERY little about. We feel like we’ve entered the Twilight Zone! However, we believe there’s a connection (in this case) with the Utica Shale. So strap in and hold on…We spotted a press release from a company we hadn’t heard of before called Compass Mining, which claims it is the world’s first and largest online marketplace for bitcoin mining hardware and hosting. (Hold on, we’ll explain that in a moment.) Compass Mining says it has partnered with another company, Arthur Mining, to launch a bitcoin mining site in Ohio, called Ohio 2.
The Baker Hughes U.S. rig count fell by 44 in May, the biggest drop in three years. Last week the count fell another nine, to 711, the lowest the count has been since May of 2022 (one year ago). U.S. oil rigs fell by five to 570 last week, their lowest since May 2022. Gas rigs dropped by four to 137, their lowest since March 2022. Ouch. How did the Marcellus/Utica fare?