Biden EPA Delays New Gas-Fired Power Plant Regs to Post-Election
The Bidenistas at the EPA announced last night the agency will delay, until AFTER the November election, implementing harsh new regulations aimed at closing down gas-fired power plants across the country. The unstated purpose is to remove this highly unpopular edict as a campaign issue so the bag of bones known as Joementia can try to get himself reelected. We suppose this is good news, as it means these regs will likely never get implemented for existing power plants — they will certainly be dropped in a DJT administration. Still, the threat looms over the industry, and nobody will build a new plant under these harsh regulations, which WILL apply to any new gas-fired power plant project effective immediately. So all work on new plants will stop forthwith. That’s the downside to the announcement.
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Yesterday, the Biden White House announced it is nominating three new members to join the Federal Energy Regulatory Commission (FERC). There are supposed to be five commissioners, although the commission can still function with as few as three. Currently, there are three (two Democrats, one Republican), with one of the Dems, radical Allison Clements, leaving at the end of her term in June. Two active commissioners are not enough for a quorum to vote on important matters. So finally, after months and months of stalling, Joementia got around to nominating some new blood — two Dems and one Republican.
MARCELLUS/UTICA REGION: Natural gas revenues top $1B for the PA Game Commission; OTHER U.S. REGIONS: Geothermal startup raises $244 million to drill hot rocks in Utah; NATIONAL: Biden admin finalizes regs targeting clothes washers, dryers; NY AG sues world’s largest beef producer over methane emissions; The left needs to stop banning products and censoring honest criticism; INTERNATIONAL: U.S. remained largest LNG supplier to Europe in 2023; Sinking of the ‘Rubymar’ places enviros squarely in ME controversy.
Gulfport Energy, the third-largest driller in the Ohio Utica Shale (by the number of wells drilled), emerged from bankruptcy in May 2021 with a new board and top management. Yesterday, Gulfport issued its fourth quarter and full-year 2023 update. Company CEO John Reinhart, who took the reigns of the company in January 2023, reported the company drilled and turned to sales 24 gross wells, which included 2 Marcellus wells, 2 SCOOP wells, and 20 wells in the Ohio Utica. The company drilled and completed its first two operated Marcellus wells in Belmont County last year, with a promise to return to Marcellus drilling in 2025.
Penneco Environmental Solutions wants to build a second wastewater injection well in Plum Borough (Allegheny County), PA, next to an existing injection well. Penneco’s first wastewater injection well in Plum finally opened for business in mid-2021, overcoming all sorts of smears, slanders, and lawsuits by the enviro-left (see 
The U.S. benchmark Henry Hub daily natural gas price averaged $1.50 per million British thermal units (MMBtu) on February 20, 2024, the lowest price in inflation-adjusted dollars since “at least” 1997. In fact, when you look at the ten lowest daily Henry Hub natgas spot prices since Jan. 1, 1997, six of the ten lowest prices were in February 2024. The other four were in 2020, as the pandemic was taking hold. Amid this depressing news, there is a silver lining…
Earlier this month, MDN told you about Pennsylvania’s two U.S. Senators, John Fetterman and Bob Casey, and their wishy-washy, mild criticism of Joe Biden’s decision to “pause” any new LNG export permits (see 
Gobsmacked. That’s how we felt when we discovered how much land Southwestern Energy (with major assets in the Marcellus/Utica and in the Haynesville) has under lease in the Canadian province of New Brunswick. We had seen an occasional mention by Southwestern that it owns acreage in Canada (see 
A coalition of major oil companies is asking the U.S. Supreme Court to rule on a key aspect of numerous ongoing nationwide lawsuits filed by cities, counties, and states. The lawsuits by multiple “blue” states and cities accuse Big Oil companies of deceiving the public about their role in causing mythical manmade global warming. The companies being targeted are the biggest of the big, with deep pockets. It’s nothing more than elaborate shakedown. Sunoco, ExxonMobil, Chevron, Marathon Petroleum, ConocoPhillips, Phillips 66, and others have asked the Supremes to intervene in a climate case filed against them by the City and County of Honolulu. The case serves as an important precedent for a number of other cases.
Charlie Angus, an MP (Member of Parliament) in Canada, belongs to the country’s radical left NDP, or New Democratic Party. He represents the Timmins—James Bay area in Ontario. Angus recently introduced a bill, C-372, also known as the Fossil Fuel Advertising Act. The bill is as anti-free speech as anything you’ll find in Communist Russia or North Korea. C-372 says if you, as an individual, speak well of the oil industry, doing so would carry a summary conviction and a fine of up to $500,000. If you work for an oil company and stick up for your industry, the punishment could be as strict as two years in jail or a fine of $1,000,000. It’s pure insanity.
EOG Resources, one of the largest oil and gas drillers in the U.S. (with international operations in Trinidad and China), owns a huge 430,000+ acres of leases in the Ohio Utica. EOG calls its position the “Ohio Utica combo play” and now considers it one of the company’s “premium plays.” EOG concentrates on oil drilling in the Utica. As part of the company’s fourth quarter and full-year 2023 update, EOG said it will “step up in activity in the Ohio Utica play” in 2024. During a conference call with analysts, EOG’s COO Jeffrey Leitzell said the company would boost activity in Utica to begin operating one rig full-time.
West Virginia State Treasurer Riley Moore has sent notices to six additional financial institutions warning them of potential inclusion on the state’s Restricted Financial Institution List (can’t do business with the state) after his office made an initial determination that the institutions appear to be engaged in boycotts of fossil fuel companies as defined under state law. This is not the first time Moore has put Big Banks on the blacklist (see 
Epsilon Energy, a relatively small company, used to concentrate most of its effort on developing Marcellus Shale wells. However, over the past year and a half, the company has expanded into other plays and now owns assets in the Anadarko (Oklahoma and Texas) and the Permian (Texas and New Mexico). Epsilon typically does not do its own drilling. The company joint venture partners with (gives money to) other companies, like Chesapeake Energy (in the Marcellus), and the other company typically does the drilling. Yesterday Epsilon announced closing on another Permian Basin acquisition.
Atlas Energy Solutions Inc. entered into a definitive agreement with Hi Crush Inc. to acquire all of Hi-Crush’s Permian Basin proppant production assets and the company’s North American logistics operations in a transaction valued at $450 million. Although Atlas focuses solely on the Permian, Hi-Crush sells proppant to multiple basins, including deals with drillers in the Marcellus/Utica. The combination of both companies into one new company will create the largest frac sand producer in the U.S.