Europe Turns Up Pressure on Venture Global LNG for Not-Ready Farce
Venture Global’s Calcasieu Pass LNG export facility recently received Federal Energy Regulatory Committee (FERC) authorization to place the final three liquefaction blocks (7-9) into service (see Venture Global Gets FERC OK to Commission 3 Calcasieu Pass Trains). The other trains, 1-6, have been online for 18 months but are not officially in commercial service, even though the facility has now shipped over 200 cargoes! Venture Global claims it’s still working out the kinks. Venture’s contracted customers are frustrated that they aren’t getting any shipments and have sued (see Repsol Joins Shell, BP in Suing Venture Global for Missed LNG). Venture’s customers are turning up the heat even more, asking the EU-US Task Force on energy security to get involved and force Venture Global to begin shipments to its contracted customers.
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In 2020, EOG Resources, one of the largest oil and gas drillers in the U.S. (with international operations in Trinidad and China), sold all of its Marcellus assets, which were located in Bradford County, PA, to Tilden Resources for $130 million (see 
Ascent Resources, founded as American Energy Partners by gas legend Aubrey McClendon, is a privately held company focusing 100% on the Ohio Utica Shale. Ascent, headquartered in Oklahoma City, OK, is Ohio’s largest natural gas producer and the 8th largest natural gas producer in the U.S. The company issued its third quarter 2023 update yesterday. Ascent’s net production averaged 2.165 Bcfe/d (billion cubic feet equivalent per day) during 3Q23, down 7% from 3Q22 (2.339 Bcf/d). The company made $16.7 million in profit during 3Q23, down from $46.5 million in 3Q22.
Last Friday, MDN brought you the news that CNX Resources CEO Nick DeIuliis had signed a voluntary deal with Pennsylvania Gov. Josh Shapiro to expand drilling setbacks and several other regulatory steps not mandated for shale drillers under PA law (see 
The ignominious end of an era. For a full ten years, MDN has covered the story of Canadian company Pieridae Energy and its quest to build the Goldboro LNG export project in Nova Scotia, using Marcellus/Utica molecules to feed it (
In May, the Bidenistas at the Environmental Protection Agency (EPA) released a hellscape of new regulations called the Clean Power Plan 2.0, aimed at forcing coal- and natural gas-fired power plants to close (see 
CME Group, which operates the Chicago Mercantile Exchange and New York Mercantile Exchange (NYMEX), announced in September that it would launch Micro Henry Hub futures and options beginning November 6 (see 
New shale permits issued for Oct 30 – Nov 5 in the Marcellus/Utica saw a significant increase. It almost felt like old times again! There were 37 new permits issued last week, versus 26 the week before. Last week’s permit tally included 24 new permits in Pennsylvania, 11 new permits in Ohio, and 2 new permits in West Virginia. Coterra Energy was the top permittee for the week, drawing 9 permits in Susquehanna County, PA. This will really rub the antis raw: Coterra received several permits to restart drilling in Dimock Township. 🙂
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Coterra Energy, formed in 2021 by the merger of Permian oil driller Cimarex Energy and Marcellus gas driller Cabot Oil & Gas, issued its third quarter 2023 update yesterday. The company made far less profit in 3Q23 than it did one year ago, in line with most other big Marcellus/Utica drillers. Coterra made $323 million in profit for 3Q23, versus $1.2 billion in 3Q22. Why the drop in profit? The crashing price of natural gas over the past year. Coterra received an average of $6.20/Mcf (before hedges) for its Marcellus gas in 3Q22, and $1.20/Mcf in 3Q23, a drop of 80%. Ouch. During a conference call with analysts, company CEO Tom Jorden firmed up and recommitted to a plan to free up around $200 million from Marcellus operations in 2024 and reallocate it to other plays (the Permian or the Anadarko) by continuing to run just two rigs and one frac crew in the Marcellus.
In a court case that stretches back to 2019, Antero Resources, the biggest driller in West Virginia, challenged how its wells had been valued for tax purposes in Doddridge and Richie counties for 2016 and 2017. Antero said the combined value of its wells for those years should have been $1.488 billion. The state tax commissioner reckoned the value to be $1.513 billion. The controversy over well valuations, not only for Antero but other drillers, led to a reworking of how the state law values shale wells (see 
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