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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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 
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.
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 
NATIONAL: Partners in clean ammonia projects eye billions in federal tax incentives; Wind and solar are not nearly enough – Biden suddenly supports fossil fuels; Just how important is the U.S. shale industry?; Dozens of Dem lawmakers pressure White House to crack down on natural gas; Supreme Court rules day rate workers entitled to overtime pay; INTERNATIONAL: OPEC+ has lots of dry powder for further cuts; Europe ended winter with most natgas in storage on record.
This is precisely what we feared might happen and why we were against the merger of Cimarex Energy and Cabot Oil & Gas, now called Coterra Energy (see 
On Friday, Pennsylvania Attorney General Michelle Henry announced her office has filed criminal charges against two men for falsifying paperwork and risking catastrophe while working on a natural gas pipeline project in western PA. The AG’s Environmental Crime Section and the US Department of Transportation’s Office of Inspector General investigated a case of suspected fraud in falsifying records for portions of a MarkWest Liberty Pipeline to transport NGLs.
The Shell ethane cracker plant in Beaver County, PA (near Pittsburgh) has experienced a number of problems over the past six months during startup, including flaring and foul odors (see 
The Pennsylvania-based Community Environmental Legal Defense Fund (CELDF), along with Citizens for Rights of the Ohio River Watershed (CROW), are trying to gather enough signatures from Cincinnati residents to put a measure on a city ballot that would create a so-called Bill of Rights (i.e. bestow human rights) for the Ohio River and its watershed. We wonder what the Ohio River “thinks” about that! This isn’t the first time the radicalized CELDF has tried this stunt in Ohio (see 
Here’s something truly noteworthy–something you need to sit up and pay attention to. Last Thursday, all four Federal Energy Regulatory Commission (FERC) commissioners–two Democrats and two Republicans–sat before the Senate Energy and Natural Resources Committee in a hearing and said the same thing. All four FERC commissioners warned the Senators that too many coal- and gas-fired power plants are retiring without enough new sources coming online to replace them. They said the situation is “catastrophic” and “the red lights are flashing.”
National Fuel Gas Company (NFG), headquartered in Buffalo, NY, is the parent company for Marcellus/Utica driller Seneca Resources and the parent of midstream company Empire Pipeline. Earlier this week, NFG issued its latest quarterly update. NFG operates on a weird fiscal year system. This latest update is for the company’s second quarter, which would be everybody else’s first quarter update. The big news from the update is that Seneca Resources has agreed to acquire upstream assets in northwestern Pennsylvania from Southwestern Energy for $127 million.