MDN Upstream Index (MUI) – May 3, 2023
The most recent day of active trading was Tue., May 2, 2023. The numbers below reflect yesterday’s closing numbers.
Read More “MDN Upstream Index (MUI) – May 3, 2023”
-
-
Other Stories of Interest: Wed, May 3, 2023
OTHER U.S. REGIONS: Cheniere lands first offtake contract for Sabine Pass expansion; NATIONAL: Why shale frackers should be in a strong position in 2023; Upstream M&A slides to $9B in 1Q23; INTERNATIONAL: Aramco in talks with Sinopec, Total on $10B Saudi Gas deal.
Read More “Other Stories of Interest: Wed, May 3, 2023” -
Equitrans Update on Rager Gas Leak, MVP, OVCX & More
Earlier today Equitrans Midstream, the former EQT Midstream (now a standalone company), issued its first quarter 2023 update. The update is actually a series of updates about the company’s vitally important (to the Marcellus/Utica) pipeline and midstream projects. In the update, we learn more about the company’s Rager Mountain Natural Gas Storage Field accident; we learn the latest about the Mountain Valley Pipeline (MVP) project, essentially on hold; and we learn about the Ohio Valley Connector Expansion Project (OCVX), expected to be in-service the first half of 2024.
Read More “Equitrans Update on Rager Gas Leak, MVP, OVCX & More” -
Increased Bonding Won’t Plug PA’s Abandoned Oil & Gas Wells
Yesterday MDN told you about a new assault on the oil and gas industry in Pennsylvania coming from the Chairman of the House Environmental Resources & Energy Committee, anti-fossil fuel zealot Greg Vitali, who (along with 13 other leftists) introduced House Bill (HB) 962, aimed at raising the bonding rates for drilling new conventional wells in the state (see PIOGA Responds to Bill Raising Bonding Rates for Conventional Wells). We brought you the Pennsylvania Independent Oil & Gas Association (PIOGA) official communique to Vitali and others on the committee outlining why the bill is unnecessary and harmful. Today we have an editorial from PIOGA running in the Pennsylvania Capital-Star.
Read More “Increased Bonding Won’t Plug PA’s Abandoned Oil & Gas Wells” -
US LNG Exports Hitting New Highs – 107 Cargoes Departed in April
U.S. LNG (liquefied natural gas) exports are hitting new highs each month now that the Freeport LNG facility came back online in March (see Freeport LNG Plant Back to Full Capacity Using 2.1 Bcf/d of NatGas). March saw a new, all-time high export of 7.80 million tonnes of LNG (see U.S. LNG Exports Hit New All-Time High in March Thx to Freeport). Last month (April), U.S. export volume was virtually the same at 7.78 million tonnes.
Read More “US LNG Exports Hitting New Highs – 107 Cargoes Departed in April” -
Crude & NatGas Drilling Slowing, Which Affects Propane Supplies
Commodities like oil and natural gas are just about the purest form of free market capitalism on the planet. They are textbook supply-and-demand commodities. When supply goes up or down, given the same demand, the price for the commodity will go up or down inversely. It doesn’t take long for the markets to “balance.” The same on the demand side. If demand goes up or down and supply stays the same, the price will go up or down. But what about propane? The propane market is different and much harder to predict.
Read More “Crude & NatGas Drilling Slowing, Which Affects Propane Supplies” -
NY State has Fallen – Gas Stoves & Peaker Plants Banned in Budget
We’re not even sure how to process this, or where to begin. We previously warned MDN readers that New York Gov. Kathy Hochul, an extremist, is trying to ban natural gas hookups in every single new home and business across the “Empire” State (see NY Gov. Hochul Loses Her Mind – Wants to Ban Gas in New Buildings). She even wants to ban gas in existing homes, but that’s too much even for NY’s Democrats to stomach (see New York Legislators Block Hochul NatGas Ban for Existing Homes). As part of the 2023-2024 budget deal, Hochul got her way. Beginning in 2025, if you build a new home (or business) in New York State, you will not be allowed to connect it to an existing natural gas pipeline system. You will be banned from installing a gas (or propane) stove in the house. We now live in a Communist, non-free state. New York has fallen.
Read More “NY State has Fallen – Gas Stoves & Peaker Plants Banned in Budget” -
Secretive PA Gov. Josh Shapiro a Major Dud Since Taking Office
PA Gov. Josh Shapiro – a major dud When campaigning for Pennsylvania Governor, Josh Shapiro said he was an “all of the above” kind of energy guy. He also said choosing between protecting the environment and promoting the state’s robust energy industry was a “false dichotomy.” It turns out Josh Shapiro was (suprise!) lying through his teeth. And you (who voted for him) got suckered. (You didn’t get suckered if you read and believed MDN, of course. We repeatedly warned you about him during the campaign.) Since taking office, Shapiro has been a major dud–someone who doesn’t know how to lead. He’s bereft of any idea of what to do and how to do it. When it comes to the environment and energy policy, Shapiro assembled a secretive group to guide him (see PA Gov Appoints Secretive Group to Work on Global Warming Plan).
Read More “Secretive PA Gov. Josh Shapiro a Major Dud Since Taking Office” -
MDN Upstream Index (MUI) – May 2, 2023
The most recent day of active trading was Mon., May 1, 2023. The numbers below reflect yesterday’s closing numbers.
Read More “MDN Upstream Index (MUI) – May 2, 2023” -
Other Stories of Interest: Tue, May 2, 2023
NATIONAL: North America rig loss streak rumbles on; Are oil and gas professionals worried about AI?
Read More “Other Stories of Interest: Tue, May 2, 2023” -
Accidents | Columbia Pipeline Group | Energy Services | Industrywide Issues | Pipelines | TC Energy/TransCanada
Fire at Miss. Compressor Station Reduces M-U Flows to Gulf Coast
click for larger version It’s interesting that a single point of failure, one compressor station, can impact an entire region. Last Friday morning around 1 am, storms moved through Alcorn County, Mississippi. Lightning struck a “vertical gas pipe” at the Columbia Gulf Transmission Corinth natural gas compressor station, releasing and igniting natural gas. One local news station characterized it as a “massive gas fire” that “prompted county-wide response.” The fire burned for over four hours until firefighters could put it out. Some 2.2 billion cubic feet per day (Bcf/d) of Marcellus/Utica molecules flow through that compressor station on their way to the Gulf Coast.
Read More “Fire at Miss. Compressor Station Reduces M-U Flows to Gulf Coast” -
Southwestern Energy 1Q – Added 13 M-U Wells, 23 Haynesville Wells
Southwestern Energy, with major assets in the Marcellus/Utica and Louisiana Haynesville, issued its first quarter 2023 update late last week. The company generated an impressive $1.9 billion in net income for the quarter versus losing $2.7 billion in 1Q22. That’s an incredible swing of $4.6 billion in one year! The company generated $99 million in free cash flow for the quarter. Southwestern reported total net production of 411 Bcfe (billion cubic feet equivalent), or 4.6 Bcfe per day, including 3.9 Bcf per day of gas and 107 MBbls (thousand barrels) per day of liquids. Southwestern invested $665 million of capital and placed 36 wells online to sales, including 13 in the Marcellus/Utica and 23 in the Haynesville.
Read More “Southwestern Energy 1Q – Added 13 M-U Wells, 23 Haynesville Wells” -
CNX 1Q – Production Slides, Profits Soar on Derivatives
Last week CNX Resources issued its first quarter 2023 update. The company generated $710 million of net income versus losing $923 million in the same quarter last year. However, actual revenue for selling gas and NGLs was down from a year ago ($456 million vs. $745 million). The net income figure also includes gains and losses on derivatives (hedging). In 1Q22, CNX lost $1.7 billion on its derivatives, but in 1Q23, the company made $762 million on derivatives. Production fell in 1Q23, down to 135.9 Bcfe (or 1.51 Bcfe/d), versus 150.9 Bcfe (1.68 Bcfe/d) in 1Q22.
Read More “CNX 1Q – Production Slides, Profits Soar on Derivatives” -
Anti-Drilling/Fossil Fuel | Industrywide Issues | Litigation | Pennsylvania | Regulation | Statewide PA
Sue-and-Settle: DRBC Bans Conventional Fracked Water Road Spreading
The Delaware River Basin Commission (DRBC), which treats the 17 counties in Pennsylvania under its jurisdiction as a fiefdom, has colluded with the leftists of the Big Green group Damascus Citizens for Sustainability to “settle” a lawsuit brought by the group against DRBC “forcing” the DRBC to further restrict and ban wastewater from conventional wells from being spread on roadways (dirt roads) in the 17 PA counties located behind the Iron Curtain of the DRBC.
Read More “Sue-and-Settle: DRBC Bans Conventional Fracked Water Road Spreading” -
PIOGA Responds to Bill Raising Bonding Rates for Conventional 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). The new law requires the state Dept. of Environmental Protection (DEP) to use a portion of new federal funding to create a grant program to support experienced well-plugging companies that work to maximize the volume of orphan wells being plugged in the Commonwealth. It also keeps the right 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 doing it–which caused the left to begin howling at the moon. Now that the Democrats control the PA House (with a razor-thin majority), Democrat radicals are trying to undo HB 2644.
Read More “PIOGA Responds to Bill Raising Bonding Rates for Conventional Wells” -
Carbon Capture | Energy Companies | Industrywide Issues | Northeast Natural Energy | Statewide WV | West Virginia
WVU & NNE Drilling Test Well for CCS, Geothermal Energy
During the second week of May, Marcellus driller Northeast Natural Energy will begin to drill a geothermal and carbon capture and sequestration (CCS) data collection well–all the way down to 15,000 below the surface. The test well is being done 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.
Read More “WVU & NNE Drilling Test Well for CCS, Geothermal Energy”
