MDN Upstream Index (MUI) – Apr 13, 2023
The most recent day of active trading was Wed., Apr. 12, 2023. The numbers below reflect last yesterday’s closing numbers.
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Other Stories of Interest: Thu, Apr 13, 2023
MARCELLUS/UTICA REGION: How energy & agriculture deliver for Pennsylvanians; OTHER U.S. REGIONS: Haynesville rig count crests as low gas prices bear down; NATIONAL: Will ChatGPT affect oil and gas jobs?; Oil climbs to 2023 high as supplies taper; Elon’s terrible, horrible, no good, very bad battery math; The expensive impossibility of green hydrogen from part-time wind and solar.
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CNX Resources | Energy Companies | EQT Corp | Hydrogen | Industrywide Issues | Statewide WV | West Virginia
WV, EQT, Battelle Submit ARCH2 Application for M-U Hydrogen Hub
Yesterday MDN told you about the recently-filed application by the State of Pennsylvania to attract one of 6 to 10 so-called hydrogen hubs to the Keystone State (see PA Loses Equinor, Gains Mitsubishi in Hydrogen Hub Application). In the (very little) information disclosed by PA about its application, the big news was that Equinor had dropped out of the project. Today the news is about a competing hydrogen hub application proffered by West Virginia. The Appalachian Regional Clean Hydrogen Hub (ARCH2) team confirmed that it, too, had submitted its full application to the U.S. Department of Energy’s (DOE) Office of Clean Energy Demonstrations (OCED) in the Hunger Games contest, with a plan to attract a $1 billion hydrogen hub to the Mountain State.
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Anti-Drilling/Fossil Fuel | Industrywide Issues | Lease & Royalty Payments | Pennsylvania | Statewide PA
PA DCNR Sec. Dunn’s Anti-Gas Bias Evident for All to See
DCNR Sec. Cindy Adams Dunn Cindy Adams Dunn has been, and continues to be, a major disappointment as Secretary of the Dept. of Conservation and Natural Resources (DCNR). She has held that position through all of Tom Wolf’s pathetic administration, and Josh Shapiro, in an explicable fit of poor judgment, has kept her on in his administration. Responding to a statement made by Republican State Sen. Gene Yaw, Dunn trotted out the classic false dichotomy argument, saying the outdoor recreation economy draws in more revenue for the state than oil and gas drilling.
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Strike One for Antis Trying to Block Law re Drilling Under OH Parks
In January, Ohio House Bill (HB) 507 became law with the signature of Gov. Mike DeWine (see OH Gov. Signs Bill Expanding Drilling in State Parks, NatGas “Green”). The new law allows shale drilling under (but not on top of) Ohio state-owned land. In fact, HB 507 encourages (pushes for) more drilling under state-owned land. Predictably, Big Green attacked the new law in court, hoping to find a sympathetic judge willing to help their cause (see Radicals Sue to Block Ohio Law re Drilling Under State Land). In what we hope is a sign of good things to come, a Franklin County judge on Monday denied Big Green’s request to temporarily block the new law with a restraining order.
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April STEO Trims 2023 Henry Hub by Another 3% to $2.94/MMBtu
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 latest edition once again revises down the price EIA believes the Henry Hub will average for all of 2023. Last month’s STEO predicted an annual average of $3.02/MMBtu in 2023. This month’s STEO says the HH will average $2.94. Let’s add some color around that prediction.
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Shortline Railroad Wins Award for PA Marcellus Transload Facility
We can’t resist a good railroad story. The American Shortline and Regional Railroad Association (ASLRRA) has just recognized the Reading & Northern (R&N) Railroad, based in Port Clinton, PA, with one of the industry’s highest honors for marketing achievement. The ASLRRA recognized R&N for its development of a large Marcellus Shale transload facility in Tunkhannock (Wyoming County), PA. Opened in late 2021, the facility began full operations in early 2022 and handled over 2200 carloads of frack sand despite many challenges facing the Marcellus Shale region.
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EIA Predicts Assoc. Gas Grows Next 30 Yrs, Up to 32% of Production
Using numbers from its recently published Annual Energy Outlook (AEO) for 2023, the U.S. Energy Information Administration (EIA) predicts natural gas production coming from oil-focused plays, called “associated gas,” will continue to grow for the next 30 years. EIA says associated gas will make up somewhere between 20% and 32% of all natural gas produced over that period of time. As oil drilling continues to expand, so too will associated gas production.
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Natural Gas is the New Oil – World Events Affect Price Everywhere
Some interesting insights from S&P Global Commodity Insights into how the world has changed. S&P’s analysts say the Russia-Ukraine war is in the process of “resetting” the energy sector, with natural gas turning into a global and interconnected market affected by events and dynamics far beyond its traditional physical scope. In fact, S&P says natural gas is now similar, to some extent, to what oil used to be for decades. We will explain.
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MDN Upstream Index (MUI) – Apr 12, 2023
The most recent day of active trading was Tue., Apr. 11, 2023. The numbers below reflect last yesterday’s closing numbers.
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Other Stories of Interest: Wed, Apr 12, 2023
MARCELLUS/UTICA REGION: PA PUC executive director left three months ago; NATIONAL: 5 trends driving the oil and gas industry in 2023; INTERNATIONAL: LNG imports test EU resolve to quit Russian fossil fuel; Finally, the Europeans may be rejecting the EV Kool-Aid; OPEC is back in the driver’s seat.
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Encino Offered OH $1.8B Deal to Drill Under Salt Fork State Park
Yeah, you read the headline correctly. Encino Energy offered the State of Ohio $1.8 BILLION (estimated) to drill for natural gas and oil under Salt Fork State Park, located in Guernsey County, OH. The park includes 17,229 acres of land and 2,952 acres of water. In December, Encino made an offer to the state immediately after House Bill (HB) 507 passed. The offer includes a payment of $5,500 per acre as a signing bonus and 20% royalties. No drilling would be done inside the park. All drilling would be done on land surrounding (on the outside of) the park.
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Energy Companies | Equinor/Statoil | Hydrogen | Industrywide Issues | Pennsylvania | Shell | Statewide PA
PA Loses Equinor, Gains Mitsubishi in Hydrogen Hub Application
One of two original “anchor” applicants in the billion-dollar hydrogen hub Hunger Games contest that was part of Pennsylvania’s application was Equinor (the Norwegian super major formerly known as Statoil). The Pittsburgh Business Times reports Equinor is now out and has been replaced by Mitsubishi Power, which (among other things) builds natural gas and hydrogen turbines to generate electricity. Why did Equinor leave? Is this proposal in trouble?
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Anti-Drilling/Fossil Fuel | Energy Services | Equitrans/EQT Midstream | Industrywide Issues | Litigation | Pipelines | Regulation
Radical Anti Groups Challenge USFWS Permit for MVP Third Time
You knew it was only a matter of time. On March 1, the U.S. Fish and Wildlife Service (USFWS) issued a 297-page biological opinion of the Mountain Valley Pipeline’s (MVP) potential impact on threatened and endangered species if the 94% complete pipeline is allowed to finish (see USFWS Issues 3rd Finding that MVP Won’t Hurt Protected Species). As our headline indicated, the USFWS found that finishing up MVP won’t significantly hurt area critters. This is the third time the agency has issued the same report with the same finding of no significant harm. Yet, also for the third time, a group of radicalized environmentalists (leftists and Communists) have just filed a lawsuit challenging the permit.
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Anti-Drilling/Fossil Fuel | Industrywide Issues | Pennsylvania | Potter County | Regulation | Wastewater
Clara Twp Stops Responding re Ordinance Banning Injection Wells
Last week MDN told you about the long-festering issue of building a shale wastewater injection well in Clara Township in Potter County, PA (see EPA Approves Potter County, PA Injection Well, Waiting Now for DEP). It appears the state Dept. of Environmental Protection (DEP) is about to issue a permit for the well. The federal EPA has already signed off and approved the plan. However, the township is attempting to block the injection well by amending a previous ordinance. The town is on the cusp of adopting an amendment to the existing injection well ordinance. At least, that’s how it appears. Clara Township has stopped responding to requests for information about the status of the amendment.
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EQT to Plant Trees in Wheeling, WV to Help Company Reach Net-Zero
These days oil and gas companies (and other types of companies, too) have to “prove” they are helping to make Mom Earth better by achieving (giggle) “net-zero” carbon emissions. We giggle because net-zero is a myth. It’s a sham. And everybody knows it. But, these are the games people play now. Every night and every day now. Never meanin’ what they say now. Never sayin’ what they mean. (Whoops! Back to center.) Our own Marcellus/Utica companies, including the largest natural gas producer in the country, EQT, are forced to play the games too. Yesterday, EQT announced the company’s first “nature-based carbon offset initiative.” EQT will pay for trees to be planted in a Wheeling, WV park as atonement for emitting (sinning) CO2.
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