Proxy Firm Spouts Off at CNX Annual Mtg; Paris Proposal Voted Down
CNX Resources held its annual meeting yesterday, which lasted all of 13 minutes. As we previously reported, one of CNX’s shareholders, a hotel owner from California (Jon Handerly), sought to force CNX to issue annual reports about the company’s efforts to comply with the so-called Paris goals of lower carbon dioxide emissions (see Calif. Hotel Liberal Pressures CNX to Report on Loony Paris Goals). A closer read shows the shareholder proposal up for a vote would essentially muzzle CNX CEO Nick DeIuliis–prevent him from speaking his mind about the stupidity of the environmental left. DeIuliis had the guts to push back against the proposal, causing Handerly’s hired guns at Proxy Impact to accuse him of lying (see Proxy Firm, CNX Accuse Each Other of Lying re Paris Goals Proposal).
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The Pennsylvania Dept. of Environmental Protection (DEP) continues its delay, deny, and defend strategy with a PennEnergy Resources to draw water from Big Sewickley Creek for use in fracking operations. More than two years ago PennEnergy requested permission to draw water from the creek. So far, with the help of anti-fossil fuel groups pressuring the DEP, PennEnergy hasn’t withdrawn a single 8-ounce cup of water from the creek.
New shale permits issued for Apr. 24-30 in the Marcellus/Utica fell from the prior week. There were 18 new permits issued last week, down from 25 in the prior week. Last week’s tally included 8 new permits for Pennsylvania, 4 new permits for Ohio, and 6 new permits in West Virginia. Last week the top receiver of new permits was Antero Resources, with 6 permits issued in Tyler County, WV. EQT (Rice Drilling) was second-highest, with 4 permits issued in Greene County, PA.
MARCELLUS/UTICA REGION: WV Senate seat shifted to ‘safe Republican,’ Manchin endangered; NATIONAL: New EPA rule shows Joe Biden’s EV push is just a pipe dream; Despite ‘woke’ investing, traditional energy performs; Biden nominee pushing EVs faces opposition from energy industry; INTERNATIONAL: Big oil amounts heading toward China says shipping data.
Chesapeake Energy Corporation issued its first quarter 2023 update yesterday. The company reports making a profit of $1.39 billion in net income during 1Q23, versus losing $764 million in 1Q22 (the loss last year mainly due to derivatives). Chessy generated $241 million in free cash flow. First quarter net production was approximately 4,069 MMcfe per day (or 4.1 Bcfe/d, 90% natural gas and 10% total liquids), using an average of 14 rigs to drill 60 wells and placing 53 wells on production. Although Chesapeake drills for natural gas in both the Marcellus and the Haynesville, the company gave slightly more love to the Haynesville in 1Q23.
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 new top management. In January of this year, the company appointed a new CEO, John Reinhart, the former President and CEO of M-U driller Montage Resources Corporation before that company was gobbled up by Southwestern Energy (see 
Last September, EQT Corporation announced it is buying privately-owned Tug Hill Operating’s West Virginia shale assets for $5.2 billion (see 
The proxy firm hired by California hotel owner Jon Handerly is accusing CNX Resources of lying about its attempt to silence CNX CEO Nick DeIuliis. Handerly, using Proxy Impact, is attempting to get CNX shareholders to pass a proposal requiring the company to file annual reports on how the company measures up to the cockamamie “Paris goals” of reducing carbon dioxide emissions (see 
Two days ago, we brought you the very sad news that New York State has fallen and is now under a Communist dictatorship (see 
For the third time, U.S. Senator Joe Manchin (liberal Democrat from West Virginia) has introduced a permitting reform bill to save the Mountain Valley Pipeline (MVP) from the clutches of colluding leftists who sit on the U.S. Court of Appeals for the Fourth Circuit. Manchin is rebranding this bill (essentially the same one he introduced last year that bombed out) as the “Building American Energy Security Act of 2023” (full copy below). He introduced the bill in the U.S. Senate yesterday.
During yesterday’s quarterly phone call with analysts to discuss the 1Q23 performance of Equitrans Midstream, a big topic of conversation was the 94% completed (but stalled) Mountain Valley Pipeline (MVP). Equitrans (builder of MVP) CEO Thomas Karam said, “The path to an MVP completion during 2023 is narrower but based on the diligent and comprehensive work being done by the staff at various state and federal agencies and the expected overall permitting timeline, we believe the possibility of commencing forward construction this summer still exists.” He also said the U.S. Court of Appeals for the Fourth Circuit (4th Circuit) and their prospective rejection of new permits for the project is not “that dire of a position.” We 100% disagree.
In late 2015, MPLX (i.e. Marathon Petroleum) bought out and merged in the Utica Shale’s premier midstream company, MarkWest Energy, for $15 billion (see