MDN Upstream Index (MUI) – May 12, 2023
The most recent day of active trading was Thu., May 11, 2023. The numbers below reflect yesterday’s closing numbers.
Read More “MDN Upstream Index (MUI) – May 12, 2023”
-
-
Other Stories of Interest: Fri, May 12, 2023
NATIONAL: LNG is surging – can FERC reviews keep up?; Bitcoin mining and ChatGPT can help reduce gas flaring; Energy Secretary defends Biden admin’s gas-stove regulations; US permit crackdown poses new hurdles for proposed LNG projects.
Read More “Other Stories of Interest: Fri, May 12, 2023” -
Anti-Drilling/Fossil Fuel | Energy Companies | Indiana County | Industrywide Issues | Litigation | Pennsylvania | Pennsylvania General Energy | Regulation | Wastewater
Bad Guys Win: PA General Energy to Plug Grant Twp Injection Well
Since 2015 we’ve reported on the case of Grant Township (Indiana County, PA), a town that passed an ordinance cooked up by the radical Big Green group Community Environmental Legal Defense Fund (CELDF) to try and block a state-approved injection well proposed by Pennsylvania General Energy (see our Grant Township articles here). There have been number of legal twists and turns–with Grant and the CELDF losing every single time. We have a very sad update to share: Pennsylvania General Energy (PGE), the builder seeking a permit to expand a depleted well to use as an injection well, is throwing in the towel.
Read More “Bad Guys Win: PA General Energy to Plug Grant Twp Injection Well” -
Anti-Drilling/Fossil Fuel | Electrical Generation | Industrywide Issues | Pennsylvania | Research | Statewide PA
UPenn Fake Report Endorses Marcellus-Killing RGGI Carbon Tax
A laughably fake “report” just published by the University of Pennsylania (UPenn) and the far-left group Resources for the Future (RFF) makes this wild claim about the Regional Greenhouse Gas Initiative (RGGI), a Marcellus-killing carbon tax scheme that will shut down most coal- and natural gas-fired power plants in the state: “Regional Greenhouse Gas Initiative would lower Pennsylvania emissions, add to state revenues, and have little to no impact on electricity rates.” Yeah, right. UPenn/RFF are trying to sell a bridge in Brooklyn too, just in case you’re in the market to buy one.
Read More “UPenn Fake Report Endorses Marcellus-Killing RGGI Carbon Tax” -
Chevron | Energy Companies | EQT Corp | Hydraulic Fracturing | Industrywide Issues | Litigation | Pennsylvania | Regulation | Washington County
DEP Finds Chevron Drilling Did Not Contaminate Water Well with PFAS
Last November, MDN told you about a lawsuit filed by a family in Washington County, PA, against Chevron (now EQT) for drilling and fracking done in 2011-2012 near the family’s home (see PA Lawsuit Blames Chevron Fracking for PFAS Chemicals in Water Well). The lawsuit alleges Chevron used PFAS or “forever chemicals” in the fracking solution, and that those chemicals had leaked into the family’s water well. The PA Dept. of Environmental Protection (DEP) investigated and recently released the results of its investigation into whether or not PFAS from fracking polluted the water well.
Read More “DEP Finds Chevron Drilling Did Not Contaminate Water Well with PFAS” -
Epsilon Energy Expands Beyond PA Marcellus with Permian Investment
Epsilon Energy concentrates most of its effort on developing Marcellus Shale wells in Susquehanna County, PA–that is, until now (see below). Epsilon typically does not do its own drilling. The company joint venture partners with (gives money to) other companies, like Chesapeake Energy, and the other company typically does the drilling. Epsilon issued its first quarter 2023 update yesterday. The company’s net gas production was 2.5 Bcf (billion cubic feet) in total, not per day, during 1Q23. That amounts to 27.3 MMcf/d (million cubic feet per day) on average. Epsilon generated revenues of $9.4 million for 1Q23, down 39% from 4Q22.
Read More “Epsilon Energy Expands Beyond PA Marcellus with Permian Investment” -
PA Chamber Coalition Asks Gov. Shapiro to Reform Broken Permitting
Earlier this week, the Pennsylvania Chamber of Business and Industry, along with 67 other business associations and local chambers of commerce, sent a letter to Gov. Josh Shapiro and the PA legislature urging them to take “decisive action” in reforming the state’s “dysfunctional and unpredictable permitting system.” Among the signatories of the letter were shale groups, including the American Petroleum Institute (API) of Pennsylvania, the Marcellus Shale Coalition (MSC), and the Pennsylvania Independent Oil & Gas Association (PIOGA).
Read More “PA Chamber Coalition Asks Gov. Shapiro to Reform Broken Permitting” -
States Ask FERC to Block BlackRock from Imposing ESG on Utilities
A group of 17 states, including Ohio and West Virginia, filed a motion yesterday with the Federal Energy Regulatory Commission (FERC) asking the commission to block BlackRock, the largest asset manager in the world, from forcing utility companies in which BlackRock invests to adopt so-called ESG policies. BlackRock buys up a significant portion of ownership in a company and then tries to force that company to stop using fossil energy via the back door of forcing it to implement ESG (environment, social, governance) policies. It is “woke” investing, plain and simple. And the Attornies General of 17 states have had enough of it.
Read More “States Ask FERC to Block BlackRock from Imposing ESG on Utilities” -
WV Sen. Joe Manchin Pledges to Oppose All Biden EPA Nominees
U.S. Senator Joe Manchin, a liberal Democrat from conservative West Virginia, is desperately trying to hold on to his job following the 2024 election. Manchin thought nobody would notice when he caved to pressure from his own party and voted to pass the devastatingly bad (and misnamed) Inflation Reduction Act (see Tragedy: Joe Manchin Caves & Agrees to Big Green Build Back Better). After his vote to betray the country and the WV citizens he represents, Manchin’s poll numbers went down the proverbial toilet. He is extremely unpopular in WV. So Manchin does what he can to try and improve his poll numbers–like announcing he will not support any and all new Biden EPA nominees from now on.
Read More “WV Sen. Joe Manchin Pledges to Oppose All Biden EPA Nominees” -
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.
Read More “MDN Upstream Index (MUI) – May 11, 2023” -
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.
Read More “Other Stories of Interest: Thu, May 11, 2023” -
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.
Read More “U.S. NatGas Production to Hit Record High in 2023, Demand to Fall” -
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.
Read More “WV Hangs Out the “Open for Business” Sign for Gas-Fired Power” -
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.
Read More “Dela. Riverkeeper Releases Sham “Report” Against LNG Export Plan” -
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?
Read More “How Did M-U Gas Drillers Spend Their 2022 Record Haul of Cash?” -
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.
Read More “Traitor Con Ed Finishes $275M Power Line to Replace Peaker Plants”