MDN Upstream Index (MUI) – Jun 5, 2023
The most recent day of active trading was Fri., Jun. 2, 2023. The numbers below reflect Friday’s closing numbers.
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Other Stories of Interest: Mon, Jun 5, 2023
MARCELLUS/UTICA REGION: Utica Shale Academy holds graduation ceremony; NATIONAL: Exxon bets new ways to frack can double oil pumped from shale wells; Biden abandons plan to nominate radical environmentalist at highway safety agency; Hourly pay for us shale workers tops $43; INTERNATIONAL: Saudi to cut output by 1MM BPD in solo OPEC+ move.
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Brooke County | Cameron County | Energy Companies | Olympus/Huntley & Huntley | Pennsylvania | Range Resources Corp | Seneca Resources | Southwestern Energy | Washington County | Weekly Permits | West Virginia | Westmoreland County
8 New Shale Well Permits Issued for PA-OH-WV May 22-28
New shale permits issued for May 22-28 in the Marcellus/Utica fell again for a second week. There were only 8 new permits issued, down from 12 new permits issued the previous week (and 26 the week before that). This is the latest indicator of a slowdown in gas drilling in our region–the first indicator being a sudden dropoff a few weeks back in the rig count (see U.S. Natural Gas Drilling Rig Count Craters, Down 10% in One Week). Last week’s permit tally included 6 new permits for Pennsylvania, no new permits for Ohio, and 2 new permits in West Virginia.
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MDN Upstream Index (MUI) – Jun 2, 2023
The most recent day of active trading was Thu., Jun. 1, 2023. The numbers below reflect yesterday’s closing numbers.
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Ohio State Lands Now Open for O&G Leasing – Virtual Ribbon-Cutting
Yesterday the virtual ribbon was cut, and drillers could, for the first time, begin to apply for permits to drill under (not on top of) Ohio state lands and state parks. In January, Ohio House Bill (HB) 507 became law with the signature of Gov. Mike DeWine (see OH Gov. Signs Bill Expanding Drilling in State Parks, NatGas “Green”). The new law allows shale drilling under Ohio state-owned land. In fact, it encourages (pushes for) more drilling under state-owned land. The question now is, will anybody show up and apply? Chances are pretty good they will.
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Anti-Drilling/Fossil Fuel | Energy Services | Industrywide Issues | Pipelines | Regulation | Transco | Williams
Williams Asks FERC for 3 Yr Extension to Complete NY-NJ NESE Pipe
It’s time to catch up on a project we haven’t written about in some time. In March 2017, Williams filed a full, official application for the Northeast Supply Enhancement (NESE) Project (see Williams Files with FERC to Expand Transco Pipeline to NYC, NE). NESE is meant to increase pipeline capacity and flows heading into northeastern markets. Both New York and New Jersey, where portions of the project would be built, have pushed back against the project, causing Williams to seek time extensions with FERC. The most recent time extension expired in May. Williams has asked FERC for another three years, until May 3, 2025, to get the NESE project built.
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Energy Companies | Geothermal | Industrywide Issues | Monongalia County | Northeast Natural Energy | West Virginia
M-U Driller Northeast Natural Energy Believes Geothermal the Future
Marcellus driller Northeast Natural Energy (NNE) has begun to drill a geothermal and carbon capture and sequestration (CCS) data collection well, all the way down to 15,000 below the surface (see WVU & NNE Drilling Test Well for CCS, Geothermal Energy). The test well is being drilled near the Morgantown Industrial Park in cooperation with (under the direction of) West Virginia University and the U.S. Dept. of Energy. The study and the data collected from the well aim to test the potential of geothermal energy in the region and gather information on the potential for underground CCS in the Appalachian basin. NNE Drilling Manager, Josh Dalton, says he believes this will be the future for companies like his–drilling geothermal wells instead of Marcellus wells. We respectfully disagree.
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Seneca Resources Deploying Aurion to Track & Report GHG Emissions
Seneca Resources Company, the Marcellus/Utica drilling arm of utility giant National Fuel Gas Company (headquartered in Williamsville, NY), has contracted with a company called Tachyus (headquartered in Houston, TX) to use its cloud-based greenhouse gas tracking and reporting service called Aurion. The purpose is, of course, to lower Seneca’s carbon and fugitive methane footprint–and to prove that is has lowered it.
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PA Dems Continue False Narrative on Bonding Rates for O&G Wells
Last summer Pennsylvania House Bill (HB) 2644 was passed into law, becoming Act 96 of 2022 (see New PA Act 96 Helps Boost Plugging Orphan Wells – Left Goes Nuts). Part of the new law keeps the power to raise bonding amounts for conventional wells with the legislature rather than allowing PA’s unelected Democrat bureaucrats in the bowels of the DEP’s Environmental Quality Board (EQB) from arbitrarily raising rates to punish drillers. The radical Democrats who control the PA House (with a razor-thin, one-seat majority) introduced a bill a few weeks ago attempting to undo Act 96 (see PIOGA Responds to Bill Raising Bonding Rates for Conventional Wells). Using complicit media outlets, the radical Dems continue to spread their false narrative (propaganda) in an attempt to undo the common sense law.
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Individuals Can Now Mine Bitcoin via Compass Ohio 2 Facility
We’re about tell you about bitcoin mining and blockchains, a topic we know VERY little about. We feel like we’ve entered the Twilight Zone! However, we believe there’s a connection (in this case) with the Utica Shale. So strap in and hold on…We spotted a press release from a company we hadn’t heard of before called Compass Mining, which claims it is the world’s first and largest online marketplace for bitcoin mining hardware and hosting. (Hold on, we’ll explain that in a moment.) Compass Mining says it has partnered with another company, Arthur Mining, to launch a bitcoin mining site in Ohio, called Ohio 2.
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May U.S. Rig Count Saw Biggest Monthly Drop in 3 Years – Down 44
The Baker Hughes U.S. rig count fell by 44 in May, the biggest drop in three years. Last week the count fell another nine, to 711, the lowest the count has been since May of 2022 (one year ago). U.S. oil rigs fell by five to 570 last week, their lowest since May 2022. Gas rigs dropped by four to 137, their lowest since March 2022. Ouch. How did the Marcellus/Utica fare?
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MDN Upstream Index (MUI) – Jun 1, 2023
The most recent day of active trading was Wed., May 31, 2023. The numbers below reflect yesterday’s closing numbers.
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Other Stories of Interest: Thu, Jun 1, 2023
NATIONAL: Which generation is most in demand in oil, gas right now?; Students, climate activists push universities to fully cut ties from fossil fuel industry; INTERNATIONAL: U.S. oil enters world’s most important benchmark.
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BKV/Banpu | Bradford County | Chesapeake Energy | Coterra Energy (Cabot O&G) | Diversified Energy | Energy Companies | Energy Services | EQT Corp | Industrywide Issues | Inflection Energy | Keystone Clearwater Solutions | Lackawanna County | Lycoming County | Pennsylvania | Pennsylvania General Energy | Regulation | Repsol | Seneca Resources | Southwestern Energy | Susquehanna County | Tioga County (PA) | Wyoming County (PA)
SRBC Water Withdrawal Restrictions Hit 42 PA Oil & Gas Operators
The weather has been fantastic for those of us living in the northeastern U.S. over the past few weeks. Clear blue skies (when they aren’t clouded with wildfire smoke from Canada), really warm temperatures, and absolutely no rain to spoil outdoor activities. Here in the Binghamton, NY area, we went from a surplus of rain and swollen rivers and lakes just a month ago to a rain deficit today. Lawns and fields and beginning to turn brown. Hey, we’re not complaining! But we do need some rain. The lack of rain in the Susquehanna River Basin has triggered water withdrawal restrictions for 42 oil and gas drillers and four other large water users (46 in all) by the Susquehanna River Basin Commission (SRBC). In many cases, the SRBC order is to “cease withdrawal.”
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If Debt Bill Passes, All 4th Circuit Lawsuits re MVP Dismissed
Although U.S. Senator Joe Manchin “absolutely thinks” that Congress will pass the debt ceiling bill negotiated by President Joe Biden and House Speaker Kevin McCarthy, it’s still an open question as to whether or not it will pass. There are plenty of people on both ends of the political spectrum who are more than unhappy with the bill and plan to vote against it. At least, that’s what they say now. Today will be the acid test when a finalized bill appears and gets a vote in the House of Representatives. The billed, called the “Fiscal Responsibility Act of 2023,” contains language that forces the completion of the 303-mile Marcellus/Utica Mountain Valley Pipeline (MVP). Manchin says if the bill passes, all currently open and pending lawsuits against MVP in the U.S. Court of Appeals for the Fourth Circuit will be immediately dismissed.
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Equitrans Midstream Stock Soars 42% Thanks to MVP in Debt Bill
click for larger version Although the debt ceiling bill (“Fiscal Responsibility Act of 2023”) is far from being voted on and passed, the investor world thinks it’s a done deal based on how *they* vote–with their money. The debt bill contains a provision that forces the completion of Mountain Valley Pipeline (MVP), a 303-mile Marcellus/Utica natural gas pipeline from Wetzel County, WV, to Pittsylvania County, VA. The pipeline is 94% completed but has been snared in delays brought on by Big Green lawsuits and a complicit and colluding 4th Circuit Court of Appeals. If the debt ceiling bill passes and it retains the language about MVP, the company building it, Equitrans Midstream, will benefit. Equitrans’ (ETRN) stock price has soared, up over 41% this week on the news about MVP in the debt bill.
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