Mgmt Changes at Gulfport – Getting the Montage Band Back Together
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 Marcellus/Utica 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 announced two more additions to senior management, a new CFO and new Senior VP of Operations (top driller). Both of them formerly worked at Montage Resources. Sure looks like Reinhart is getting the Montage band back together again!
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The Pennsylvania Game Commission (PGC) owns and manages more than 1.5 million acres of state game lands throughout the Commonwealth. The primary purpose of these lands is the management of habitat for wildlife and providing opportunities for lawful hunting and trapping. You might think PGC gets most of its revenue from hunting and trapping licenses and fees. You would be wrong. PGC allows shale drilling on some of its vast holdings, and leases and royalties generate about 7X the income for PGC than all other sources combined.
National Grid is desperately trying not to run out of natural gas for its customers in Brooklyn and Queens (on Long Island). It appears because of opposition from crazy leftists, they won’t succeed. For several years the company has fought a battle to run a tiny pipeline to its Greenpoint, Brooklyn facility to provide extra natural gas. That project is going nowhere fast. National Grid has/had a backup plan in case it could not complete the pipeline project–add two extra LNG vaporizers to the Greenpoint facility to turn trucked LNG back into gas that can flow through the system. It seems even Plan B is now gone. What’s left are coming gas outages for Long Island.
The NYMEX futures price for natural gas recently hit a 30-month low (see 
We really have seen it all now. A news story appearing in the Washington Free Beacon discusses how a large Democrat Political Action Committee (PAC) is trashing Gov. Ron DeSantis for his support of natural gas. American Bridge 21st Century launched a website on Monday that hits DeSantis over his support for natural gas, the use of fracking, and projects like the Keystone XL pipeline. The PAC, which told DeSantis in its launch post that “we’re coming for you,” suggested DeSantis’s position has harmed the environment and contributed to climate change. Yet a lobbying firm closely connected to the PAC, ABI Associates, has gotten $240,000 from the Interstate Natural Gas Association of America (INGAA)! Words escape us…
OTHER U.S. REGIONS: Societe Generale explains why it pulled out of Rio Grande LNG; NATIONAL: Biden has limited options to respond to OPEC+ cut; U.S. natgas slides again, oil-to-gas price ratio highest in 11 years; OPEC surprise oil cut and Biden’s missed opportunity to refill reserves; The debt ceiling debate creates an opening for permitting reform; Biden’s Inflation Reduction Act to cost taxpayers triple gov’t estimate; INTERNATIONAL: Oil soars after unexpected production cut; Europe launches new LNG benchmark to help contain price spikes; Old refineries incapable of manufacturing enough light hydrocarbons.
The ARCH2 (Appalachian Regional Clean Hydrogen Hub) project, the West Virginia-led effort to attract government funding for one of 6-10 regional hydrogen hubs, took a leap forward today with the announcement by Adams Fork Energy, Haldor Topsoe, and CNX Resources Corp. of a plan to build a “multi-billion-dollar” clean ammonia manufacturing facility in southern West Virginia. CNX will provide natural gas to the plant, tentatively scheduled to begin construction in 2024 in Mingo County, WV. The ammonia plant will be an “anchor project” in the ARCH2 Hydrogen Hub application currently under consideration by the U.S. Dept. of Energy.
The Pennsylvania Public Utility Commission (PUC) published notice in the April 1 Pennsylvania Bulletin that it has denied a request by the Pennsylvania Independent Oil & Gas Association (PIOGA) to reconsider the agency’s plan to regulate small, completely safe natural gas gathering pipelines. We have the news of the PUC’s rejection, and what it means, along with an exclusive–the official response from PIOGA.
The West Virginia Public Energy Authority (PEA) is a seven-member board that aims to make the best use of WV’s abundant natural energy resources. State code gives the board power to buy, lease, and issue bonds to build electric power plants and natural gas transmission projects. Gov. Jim Justice reactivated the board in the summer of 2021 after it had been dormant for most of a decade. The first meeting of the new board was held in February 2022 (see 
We have new evidence that so-called environmental groups, including a long list of anti-fracking groups in Pennsylvania, don’t really care about the environmental at all. They only care about the power to dictate to you what energy sources you can and cannot use–as a way of controlling you. Great strides have been made in capturing and sequestering (storing underground) carbon dioxide (CO2). These so-called environmental groups all say that CO2 is killing Mom Earth. Yet when real science is employed to control CO2 (to sequester it), they attempt to block it. Why is that?
Three weeks ago, Chesapeake Energy announced a 15-year deal to provide natural gas for LNG exports to Gunvor Singapore Pte (see 
The Net Zero Asset Owner Alliance (NZAOA) is a group formed under the umbrella of the United Nations. It is a “member-led initiative” of institutional investors committed to transitioning their investment portfolios to mythical net-zero greenhouse gas emissions by 2050. The group’s members (some of the biggest banks and investment firms in the world) have some $11 TRILLION of assets under management. It’s mind-bogglingly huge. NZAOA issued an edict last week to its members: No new direct investments in upstream oil and gas infrastructure projects for new fields. Period.
We have watched, with some distress, the crashing and burning of the price for natural gas in recent weeks and months (see 