One of Three Freeport LNG Trains Offline for “About One Month”
Here we go again. Freeport LNG’s export terminal with three liquefaction “trains” shut down in June 2022 after an explosion and fire (see Explosion Rocks Freeport LNG Export Plant – Offline for 3 Weeks). What was initially thought to be a three-week outage lasted for ten months! The plant finally returned online in March of 2023 (see Freeport LNG Plant Back to Full Capacity Using 2.1 Bcf/d of NatGas). That wasn’t the only outage at the facility.
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The province of Quebec, Canada, with a huge supply of Utica Shale gas sitting beneath it, passed a new law in April 2022 — Bill 21 — outlawing all oil and natural gas production throughout the province (see 
OTHER U.S. REGIONS: U.S. Oil drillers are going electric, if they can get the electricity; NATIONAL: Energy Department sets efficiency standards for gas stoves; INTERNATIONAL: Oil drops as ample supplies offset Middle East tensions; Japan worried US pause of LNG export approvals may delay new projects; Spending on natural gas to top $1 trillion over the next decade.
Big, breathless news coming from the do-nothing Josh Shapiro gubernatorial operation last Friday. THE MAN has made an edict to those waskily Marcellus drillers: You WILL disclose the chemicals you will use to frack and drill any given well you receive a permit for. Lights! Fireworks! Loud claps of thunder (and an echo) as if GOD has spoken. It is commanded from on high. Except…Marcellus drillers *already* make those disclosures! There is no “there” there in Shapiro’s edict. He’s (sorry for laughing out loud) jumping up and down, making a spectacle of himself over nothing. Literally. He’s hoping nobody will notice that he’s just served up a cheese puff instead of a sirloin steak.
Last summer, MDN told you that the new system to assess valuations of shale wells in West Virginia had turned into a mess (see 
In December, Pennsylvania’s Independent Fiscal Office (IFO), the agency charged with providing revenue projections along with impartial and objective analysis of fiscal, economic, and budgetary issues for the citizens and legislature of Pennsylvania, provided its best guess as to how much revenue the PA impact fee (i.e., severance tax) will generate from shale wells drilled or flowing in 2023 (see 
The Shell ethane cracker plant in Monaca, PA (Beaver County) just hit a milestone: It’s been up and running (in a manner of speaking) for one year. Except during that one year, quite a bit of the time was spent NOT running due to various technical and equipment issues. According to a review done by the Pittsburgh Post-Gazette, “the plant’s polyethylene units — the three clusters of pipes and vessels that turn ethylene into lentil-sized plastic beads — were down as much as they were running in that first year.”
The Baker Hughes rig count gained another rig last week. The count went from 620 active rigs two weeks ago to 621 last week — up a single rig. It went up a single rig the week prior, too. And that’s about where we are. We have floated between 620 and 625 for all of December and January — dipping to 619 for one week during that period. It appears we’ve hit the bottom and are stable. The Marcellus/Utica remained constant last week with 42 active rigs, after PA added two rigs the week before.
The White House has made official what we warned you about yesterday (see 
There were 20 new permits issued to drill in the Marcellus/Utica during the week of Jan. 15 – 21, versus 24 permits issued during the prior week. Pennsylvania issued 11 new permits last week. Ohio issued 9 new permits. West Virginia had a big, fat zero new permits last week. Ascent Resources scored the most new permits issued, with 5 permits across two counties, Jefferson and Harrison, in Ohio. Encino Energy (EAP in the list) had the second most new permits issued with 4 permits in Harrison County, OH.
Yesterday, CNX Resources issued its fourth quarter and full year 2023 update. The company’s earnings totaled $537.83 million, or $2.89 per share in 4Q23. That compares with $1.17 billion, or $5.68 per share, in last year’s fourth quarter (down 54%). CNX’s revenue for 4Q23 fell 39% to $999.56 million from $1.64 billion last year. On the plus side of the ledger, CNX’s production was 146.9 Bcfe (billion cubic feet equivalent) in 4Q23 (1.6 Bcfe/d), bringing the full-year total to 560.4 Bcfe of production — approximately 5 Bcfe above the high end of the company’s previously announced full-year guidance range. Production one year ago (in 4Q22) was 140.6 Bcfe — meaning 4Q23 production was about 4.5% higher.
Anti-fossil fuel fanatics in Ohio (and beyond) still can’t accept that they lost a battle to block drilling under (not on) Ohio state-owned land, including some Ohio state parks. In November, the Ohio Oil & Gas Land Management Commission (OGLMC) met in a public forum and voted to allow shale drilling under three state-owned tracts of land: (1) all 20,000 acres of Salt Fork State Park in Guernsey County, (2) more than 300 acres of Valley Run Wildlife Area in Carroll County, and (3) 66 acres of the Zepernick Wildlife Area in Columbiana County (see 
About one month ago, the Wall Street Journal published an article about BKV Corporation (Banpu Kalnin Ventures), the American arm of Banpu, Thailand’s largest coal mining company (see