MDN Upstream Index (MUI) – May 5, 2023
The most recent day of active trading was Thu., May 4, 2023. The numbers below reflect yesterday’s closing numbers.
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Other Stories of Interest: Fri, May 5, 2023
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.
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Chesapeake Energy Continues to Scale Back Drilling, but Not Too Much
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.
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Gulfport 1Q Net Income Swings +$1B to Positive, Avg 1.06 Bcfe/d
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 Marcellus Veteran John Reinhart Joins Gulfport Energy as CEO). Yesterday Gulfport issued its first quarter 2023 update. The company made $523 million in net income during 1Q23 versus losing $493 million in 1Q22–a swing of over $1 billion! What about the number of wells drilled and production?
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EQT Seeks to Extend Note Redemption Extra 6 Mos. for Tug Hill Deal
Last September, EQT Corporation announced it is buying privately-owned Tug Hill Operating’s West Virginia shale assets for $5.2 billion (see Confirmed: EQT Buys Tug Hill’s THQ Appalachia for $5.2 Billion). The deal adds 90,000 acres and 800 MMcf/d (million cubic feet per day) of production to EQT’s existing, massive, portfolio. But the Bidenistas at the Federal Trade Commission (FTC) got involved, slowing down the deal. Because of the FTC dragging its feet, EQT and Tug Hill recently renegotiated the timeline, adding a full year–to the end of 2023 (see EQT $5.2B Deal to Buy Tug Hill Extended Additional Year to Close). Now EQT needs to extend the timeline for notes it issued as part of the purchase.
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Proxy Firm, CNX Accuse Each Other of Lying re Paris Goals Proposal
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 Calif. Hotel Liberal Pressures CNX to Report on Loony Paris Goals). When you dig into the proposal, it’s actually an attempt to silence DeIuliis–to stop him from openly criticizing leftists and environmental wackos.
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Alternative Energy | Anti-Drilling/Fossil Fuel | Industrywide Issues | New York | Regulation | Statewide NY
Communist NY Forcing Schools, Hospitals to 100% Renewables by 2035
Two days ago, we brought you the very sad news that New York State has fallen and is now under a Communist dictatorship (see NY State has Fallen – Gas Stoves & Peaker Plants Banned in Budget). Our freedom to choose which energy source we want to use is gone. Little did we know of another measure passed as part of the state budget that requires municipally-owned properties, including many hospitals and schools, as well as public housing and public transit, forcing them to switch to unreliable renewable energy by 2035.
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Mainstream Media Attacks WV Gov Justice Over Senate Run
WV Gov. Jim Justice Last week West Virginia’s larger-than-life (literally) Governor, Jim Justice, announced he is running to replace traitor Joe Manchin in the U.S. Senate in 2024 (see WV Gov. Jim Justice to Announce Senate Run Against Joe Manchin). We immediately began to see stories in the mainstream media attacking Justice and trying to prop up Manchin. It’s hard for lefties in the mainstream media to prop up Manchin because, lately, Manchin has criticized their boss, Joe Biden.
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MDN Upstream Index (MUI) – May 4, 2023
The most recent day of active trading was Wed., May 3, 2023. The numbers below reflect yesterday’s closing numbers.
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Other Stories of Interest: Thu, May 4, 2023
OTHER U.S. REGIONS: Haynesville natural gas production reached a record high in March 2023; Tellurian to stop Haynesville drilling until US gas prices recover; NATIONAL: Oil falls below $69 as recession fears grow; Forcing consumers to purchase electric vehicles a new low for Biden; Pipeline incidents affecting environment down 16% in 2018-22.
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Energy Services | Equitrans/EQT Midstream | Industrywide Issues | Pipelines | Regulation | Statewide WV | West Virginia
Joe Manchin Floats New “Save MVP” Permitting Bill, Biden Supports
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.
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Energy Services | Equitrans/EQT Midstream | Industrywide Issues | Litigation | Pipelines | Regulation
Equitrans: Path to Finish MVP in 2023 “Still Exists” but “Narrower”
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.
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Energy Services | Industrywide Issues | MarkWest Energy | Pennsylvania | Pipelines | Processing Plants | Washington County
MPLX 1Q – Harmon II Processing Plant Coming Online in 2024
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 MarkWest Energy Investors/Unitholders Approve Merger with Marathon). The “new” MarkWest, aka MPLX, plays on a much larger stage now, including ownership and operation of major assets in the Permian Basin and in the Bakken Shale, in addition to the Utica/Marcellus. However, most of MPLX’s activity (and revenue) comes from the M-U. Yesterday MPLX issued its first quarter 2023 update.
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Dominion Energy | Electrical Generation | Energy Services | Industrywide Issues | Statewide VA | Virginia
Dominion Contemplates Building More Gas-Fired Power Plants in Va.
Even though Dominion Energy sold its interstate pipeline network in 2020 (see Dominion Cancels Atlantic Coast Pipe, Sells Pipe Biz for $9.7B) and is now rumored to be interested in selling its local gas distribution pipeline network (see WSJ, Utilities Pursue Pipeline Sales as Natural-Gas Bans Catch On), Dominion hasn’t completely forsworn all fossil energy. According to a report by the Associated Press, Dominion, via a report filed with the Virginia State Corporation Commission, contemplates a future of building new small natural gas-fired power plants to feed the electric grid in Virginia.
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Why 100% Hydrogen Will Never Power Your Home; Why Antis Hate H2
Rational thought was purged from the radicalized left long ago. Still, it’s worth mentioning from time to time just how illogical and irrational the “environmental” left has become in its thinking and pronouncements. For example, extremely combustible hydrogen emits NO carbon dioxide when burned. It simply turns into water. So you might think replacing natural gas with hydrogen would be a dream come true for anti-fossil fuel zealots. But you would be wrong. Antis HATE hydrogen energy and are now actively working to defeat it even as they work to defeat natural gas. Why?
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National Science Teaching Assn. Rejects Scientific Method re Climate
The left has infected and corrupted hard science, like math, chemistry, biology, and geology. Even the scientific method is no longer used by the very organization that is supposed to promote real (hard) science: the National Science Teaching Association (NSTA). Members of the CO2 Coalition, an organization of scientists that spreads the good news about the benefits of carbon dioxide, attended and “manned” a booth at a recent NSTA meeting held in Atlanta, Georgia. Because the CO2 Coalition handed out (among other things) a paper disagreeing with the official view of NSTA that mankind is superheating the planet with CO2 emissions, the NSTA kicked them out. Physically escorted them out of the facility. There is no free speech and certainly no scientific method observed at the NSTA.
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