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PennEnergy Sells PA Pipe System to Energy Spectrum & UGI for $205M
Once you sort through all of the subsidiaries of subsidiaries of subsidiaries, you’ll find this news from a press release we spotted this morning: PennEnergy Resources has sold a gathering pipeline system in western Pennsylvania, called Pine Run Midstream, to a joint venture partnership between venture capital firm Energy Spectrum Partners (based in Texas) and utility/pipeline company UGI (based in Pennsylvania). Sale price: $205 million.
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Danger, Will Robinson! One of the leading lights in the Pennsylvania legislature against Democrat Gov. Tom Wolf’s idiotic (and dangerous) carbon tax plan, called RGGI (Regional Greenhouse Gas Initiative), has been Republican House Rep. Jim Struzzi (from Indiana County). Struzzi sponsored House Bill (HB) 2025 last year giving PA residents a say in whether or not the state should join RGGI (see 
The Pennsylvania Dept. of Environmental Protection (DEP) is once again spinning an error by a major Marcellus driller, Range Resources, as some sort of evil plot to avoid and defraud the DEP. Due to a mistake by a former employee, Range misclassified 42 old conventional wells on acreage it owns and did not plug the wells in a timely (for DEP) fashion. The DEP has just clipped the company $294,000 for the mistake.
A new attack against the Marcellus Shale industry in Pennsylvania comes from fossil fuel haters attempting to dispute permits reissued for existing (NOT new) shale wastewater storage and recycling facilities scattered across the state. Antis seek to shut down pipelines, rail shipments, recycling facilities, injection wells–anything they can to stop to prevent drillers from extracting natural gas from shale in the Keystone State. Sick people.
Last June MDN told you about a plan by McCandless, a township in Allegheny County, PA (near Pittsburgh), to block any and all shale drilling within its borders by getting creative (see 
As we reported two weeks ago, Pennsylvania Gov. Tom Wolf (Democrat) has, for the seventh year in a row, introduced a Marcellus-killing severance tax proposal as part of his annual budget proposal (see 
Two of three M-U states received permits to drill new shale wells last week. Pennsylvania received 22 new permits (second week in a row with 22 new permits). Ohio received zero new permits. And West Virginia received 6 new permits (down from 8 new permits the previous week).
Cabot Oil & Gas, the powerhouse dry gas producer operating in one northeastern Pennsylvania county (and producing roughly 2.5% of the natgas for the entire nation from that one county) is not due to release full 4Q and full-year 2020 numbers until Feb. 19. However, the company did provide some high-level numbers for last year and a preview of what it plans to do in 2021.
Last Friday National Fuel Gas Company (NFG), the parent company for Seneca Resources and Empire Pipeline, issued its latest quarterly update for the quarter ending Dec. 31 (NFG’s first quarter 2021, everyone else’s fourth quarter 2020). Among the pearls of good news for NFG is that the company is adding a rig back in Tioga County, PA to drill on acreage NFG purchased from Shell.
In January MDN told you that after five loooong years, a federal judge in Scranton, PA had finally ruled the Wayne Land and Mineral Group (WLMG) v. Delaware River Basin Commission (DRBC) lawsuit will go to trial this year (see 
We don’t write much about Alta Resources, a shale drilling company co-founded by the inventor of shale fracking, George Mitchell. But that doesn’t mean Alta doesn’t drill in the Marcellus. The company owns some 547,000 gross (239,000 net) acres producing natural gas from approximately 900 wells in the Marcellus Shale across Bradford, Wyoming, Sullivan, Lycoming, Clinton, and Centre counties in northeast Pennsylvania. Alta is shopping all of their considerable Marcellus assets, looking for a buyer.
On Joe Biden’s first day in occupying the White House, he signed an Executive Order (EO) suspending new oil and gas leasing while the Interior Department reviews existing leases and permitting practices for 60 days. The aim is to make the federal lease ban permanent. However, some permits on existing leases will continue to be issued during the 60-day review period. You may think Biden’s federal lease ban does not affect the Marcellus/Utica region. You would be wrong.
Northern Oil and Gas, Inc., a company that invests in non-operated oil and gas assets (they let others do the drilling), announced yesterday it has purchased 64,000 net acres producing ~120 MMcfe/d (million cubic feet equivalent per day) in the Marcellus/Utica from Reliance Industries Limited (RIL). The cash purchase price is $250 million.
Pennsylvania Gov. Tom Wolf is openly admitting that his cockamamie plan to force PA to join the Regional Greenhouse Gas Initiative (RGGI)–a carbon tax scheme that will cost PA residents $2.36 billion over ten years–will in fact cause the closure of coal and gas-fired power plants throughout his state. Wolf’s brilliant plan to overcome the big negatives of power plant closings? A new government program, funded by taxpayers.
Chesapeake Energy will emerge from Chapter 11 bankruptcy next week having dumped $7 billion of old debt (out of $8.9 billion) and taking on $2.5 billion in new debt financing (see