Pieridae Gives Up on Plan to Build Goldboro LNG in Nova Scotia
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 (see our extensive list of Pieridae stories here). Yesterday, Pieridae issued its third quarter update. In that update comes the news that the company has “initiated a process to sell its Goldboro subsidiary and associated assets, licenses and permits.” Throwing in the towel. A sad day.
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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 
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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OTHER U.S. REGIONS: Texas voters approve billions for gas power plants; NATIONAL: Oil mergers benefit consumers, regardless what Democrats claim; INTERNATIONAL: Climate crazies damage a celebrated Velázquez painting in London; China publishes plan to cut methane emissions; As energy megadeals rise, is BP the next takeover target?
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.
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