MDN Upstream Index (MUI) – May 11, 2023
The most recent day of active trading was Wed., May 10, 2023. The numbers below reflect yesterday’s closing numbers.
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Other Stories of Interest: Thu, May 11, 2023
NATIONAL: White House backs faster energy project permits, joining Republicans; INTERNATIONAL: Sunak says UK needs fossil fuels; Record amounts of LNG idling at sea.
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U.S. NatGas Production to Hit Record High in 2023, Demand to Fall
Once a month, U.S. Energy Information Administration (EIA) analysts issue the agency’s Short-Term Energy Outlook (STEO), their best guess about where energy prices and production will go in the next 12 months. Yesterday’s May edition predicts that U.S. natural gas production will rise to hit a new, all-time record high of 101.09 Bcf/d (billion cubic feet per day) this year! That’s up from last year’s record-high of 98.13 Bcf/d. However, the report also predicts domestic gas consumption will fall. What about prices? More supply with less demand typically means lower prices.
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WV Hangs Out the “Open for Business” Sign for Gas-Fired Power
In March, West Virginia Senate Bill (SB) 188, aimed at making WV’s gas-fired power generation more competitive with its neighbors in Pennsylvania and Ohio, was passed by the legislature and signed into law by Gov. Jim Justice (see WV Bill Promoting New Gas-Fired Power Plants Signed into Law). The new law, dubbed the Grid Stabilization and Security Act of 2023, directs the Dept. of Economic Development secretary to identify and designate sites considered appropriate for natural gas electric generation projects. It also caps the time the state Air Quality Board has to hear appeals of permits for such projects to no more than 60 days.
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Anti-Drilling/Fossil Fuel | Bradford County | CNG/LNG | Energy Services | Exporting | Industrywide Issues | New Fortress Energy | Pennsylvania
Dela. Riverkeeper Releases Sham “Report” Against LNG Export Plan
THE Delaware Riverkeeper appears to be obsessed with New Fortress Energy’s plan to liquefy natural gas in Bradford County, PA, and ship it via rail and truck to a former DuPont dynamite factory site in New Jersey along the Delaware River for export. Riverkeeper released a “report” (propaganda) bashing the LNG export plan. Riverkeeper paid a consulting firm that hires itself out to Big Green groups to produce the report.
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Antero Resources | Chesapeake Energy | CNX Resources | Coterra Energy (Cabot O&G) | Energy Companies | EQT Corp | Gulfport Energy | Range Resources Corp | Seneca Resources | Southwestern Energy
How Did M-U Gas Drillers Spend Their 2022 Record Haul of Cash?
Investors in shale oil and gas companies suffered for years with little or no returns for the money they invested. Five of eight large Marcellus/Utica drillers saw their share prices decrease by an astonishing 85% or more from 2008 to 2019 (see Former EQT CEO: Shale Revolution a “Disaster” for Investors). Just prior to the COVID pandemic hitting, shale companies began to change and focus on less drilling and more profitability. That change paid off last year, in a big way. Shale companies saw record profits in 2022. What did they do with all that money?
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Electrical Generation | Industrywide Issues | Long Island | New York | New York County | Regulation | Westchester County
Traitor Con Ed Finishes $275M Power Line to Replace Peaker Plants
We are extremely unimpressed with New York City’s main utility company, Consolidated Edison. Con Ed supplies customers in all of New York City and Westchester County with electricity, and major portions (but not all) of NYC and Westchester with natural gas. The company has thrown in its lot (colluded with) New York’s far-left Democrats on a plan to kill off natural gas for its customers, believing it can eliminate some of its competitors. Con Ed is more than happy to build new projects, like a six-mile electric transmission line through Queens, and then pass the $275 million price to its customers to pay back. The new transmission line is meant to deliver enough extra electricity that Con Ed can shut down the gas-fired peaker plants it uses to help supply electricity on heavy usage days.
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MAD: Time to Oppose “Permitting Reform” for Pipelines & Renewables
Ever hear of the term MAD–or mutually assured destruction? It was popularized during the Cold War we had with Communist Russia (i.e. the Soviet Union) in the last century. The MAD doctrine said if one side used a nuclear weapon against the other, the other side would retaliate. The war would quickly escalate, and each side would essentially destroy the other side, and there would be nothing left but cinders. MAD meant nobody, in their right mind, would launch the first nuke. Let’s apply that doctrine to today’s environmental Communists on the left (i.e. the Democrats in Washington). They HAVE launched the equivalent of a nuclear attack against the fossil fuel industry. We think it’s time to retaliate and take them out, too (no winners). How? By refusing to vote in favor of so-called “permitting reform” that would make it easier to build so-called renewable energy projects in this country. Let’s let the left have a taste of the destruction they have brought on fossil energy for the past 20 years or so. See how THEY like it. Yeah, it’s MAD.
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MDN Upstream Index (MUI) – May 10, 2023
The most recent day of active trading was Tue., May 9, 2023. The numbers below reflect yesterday’s closing numbers.
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Other Stories of Interest: Wed, May 10, 2023
NATIONAL: Oil rises after US reveals plans to refill SPR; Study debunks relationship between gas stoves and childhood asthma; INTERNATIONAL: What is OPEC+ and how is it different from OPEC?
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NextEra Energy Selling Its Stake in NE Pa. Marcellus Pipeline
Yesterday, the management of NextEra Energy announced it has officially lost its collective mind. The company is selling its two natural gas pipeline investments–one in Texas and the other right here in the heart of the Marcellus Shale–because it wants to concentrate 100% on unreliable (and government-funded) “renewable” energy projects instead. You may recall that NextEra bought Meade Pipeline Co LLC for $1.37 billion in 2019 (see NextEra Energy Buys 39% Stake in Atlantic Sunrise Pipe for $1.37B). Meade is another name for a small consortium that invested in the Atlantic Sunrise pipeline project, which is majority owned and operated by Williams and a feeder pipeline of Marcellus molecules to the mighty Transco Pipeline system.
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Columbia Gas Building New Gas Feeder Pipe in Cleveland, OH Suburb
Hinckley Township (Medina County), Ohio We don’t have many details, but we’ll share what we know about a new natural gas pipeline project in Hinckley Township, Ohio (Medina County, a suburb of Cleveland). Columbia Gas of Ohio announced it will build a new (short) main line to replace a pipeline that connects to a current supplier that is going away. Columbia has some 2,400 customers in the area that are at risk of not having natural gas for the 2023-2024 heating season unless action is taken now to replace the supplier that is disappearing.
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Summit Midstream 1Q – Marcellus Flows Down, Utica Flows Up
Summit Midstream Partners, formed in 2009 and headquartered in The Woodlands, Texas, operates natural gas, crude oil, and produced water gathering (pipeline) systems in several unconventional shale plays, including the Marcellus and Utica. Last week Summit issued its first quarter 2023 update. While most upstream and midstream companies have seen positive cash flow and profits over the past year, Summit continues to miss the mark. The company lost $14.1 million in 1Q23 versus losing $5 million in 1Q22.
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NY’s Statewide Ban on NatGas in New Buildings Heading to Court
Last week MDN brought you the sad news that New York State has fallen and is now under a Communist dictatorship, with the freedom to choose an energy source now gone (see NY State has Fallen – Gas Stoves & Peaker Plants Banned in Budget). Gov. Hochul and the Democrat legislature unilaterally voted to ban new homes and businesses from connecting to natural gas lines–even though such a ban was ruled to be unconstitutional in California just a few weeks ago (see Fed Appeals Court Overturns Berkeley, CA “First in Nation” Gas Ban). Can the California ruling be used to overturn the NY ban?
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Oklahoma Blacklists 13 Financial Firms, Including BlackRock
Oklahoma has officially joined a growing list of states pulling its business from banks and investment firms that boycott the fossil fuel industry. Last week Oklahoma State Treasurer Todd Russ published a list of 13 firms, including BlackRock (the largest investment firm in the world), that the state will no longer do business with. The list also includes Wells Fargo, JPMorgan Chase, Bank of America, and State Street. This is how we fight back against the anti-fossil fuel cabal–by taking money out of their pockets–hitting them where it counts.
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Ice Core Samples Debunk Theory of Man-Made Global Warming
We’ve noticed that the more science and objective proof is offered to prove that the warming of planet Earth is a natural cycle and not caused by humans, the more shrill and unhinged the left becomes. They resort to name-calling (you’re a “climate denier”), and they even, in their unguarded moments, suggest that perhaps people who espouse an opinion different from theirs should be jailed (see RIT Professor Says Jail Those Who Don’t Believe in Global Warming). The left cannot defend its positions in a rational debate, so they seek to shut down the debate. They declare, “science has spoken” as if the pronouncement has come from the mouth of God. Science has done nothing of the sort. Science doesn’t speak–it’s an iterative process that changes and improves with time. Science is also measurable and repeatable.
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