MDN Upstream Index (MUI) – Apr 21, 2023
The most recent day of active trading was Thu., Apr. 20, 2023. The numbers below reflect yesterday’s closing numbers.
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Other Stories of Interest: Fri, Apr 21, 2023
MARCELLUS/UTICA REGION: Climate change panel’s secrecy arrogant and unacceptable; OTHER U.S. REGIONS: FERC greenlights 2 Brownsville-area LNG projects; NATIONAL: Liberty Energy says 15 new frac fleets to hit U.S. market this year; INTERNATIONAL: Energy security trumps sustainability; Key oil demand landmark expected this August.
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EQT CEO Toby Rice Made $11.6M in 2022, Down from $16.9M in 2021
Yesterday EQT Corporation held its annual meeting in Pittsburgh. It was short and sweet. Everything presented in the company’s previously filed (with the SEC) notice about the meeting was approved at the meeting via proxy vote. Among the items approved was the always-ticklish issue of executive (and board) compensation. EQT has five named executive officers, including CEO and President Toby Rice. Toby’s regular annual salary is exactly $1 (not a typo). However, Toby gets bonuses based on the performance of the company. The board voted to grant Toby $780,000 in cash, and $10.8 million in company stock, for a total of $11.6 million in total compensation for 2022. And that’s down from 2021, when he made total compensation of $16.9 million.
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Anti-Drilling/Fossil Fuel | Industrywide Issues | Pennsylvania | Potter County | Regulation | Wastewater
Clara Township Adopts Modified Ordinance Banning Injection Wells
Class II Injection Well (click for larger version) Earlier this month, 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. On March 31, the Clara Town Board passed an amended version of its 1987 ordinance governing injection wells. The newly amended ordinance bans all injection wells in the township–something that is (according to our understanding) illegal under Pennsylvania state law.
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Kinder Morgan Begins Work on 3rd/Last East 300 Pipe Compressor
Quarterly earnings season is upon us once again. Seems like we just went through it three months ago! (That’s a joke, folks.) One of the first major oil and gas companies to announce quarterly earnings for the first quarter of 2023 is pipeline giant Kinder Morgan, Inc. (KMI). Given that KMI has multiple assets and new projects spread across the country, we’re not going to summarize the quarterly update. Instead, we are interested in and will focus on one particular project–the East 300 Upgrade Project, an upgrade of the Tennessee Gas Pipeline (TGP) to deliver 115 MMcf/d of capacity to Consolidated Edison and its customers in New York City and surrounding suburbs.
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Energy Services | Hydrogen | Industrywide Issues | Processing Plants | Statewide WV | TC Energy/TransCanada | West Virginia
Chemours & TC Energy Collaborate on 2 Hydrogen Hub Plants in WV
One of the world’s largest chemical companies, the Chemours Company (which you used to know as DuPont), along with TC Energy (which you used to know as TransCanada), announced a memorandum of understanding (MOU) for the potential development of two electrolysis-based hydrogen production facilities at or near Chemours’ Washington Works and Belle manufacturing sites in West Virginia. Both companies are part of the effort to attract a hydrogen hub to West Virginia called Appalachian Regional Clean Hydrogen Hub (ARCH2). The financial terms of the Chemours/TC Energy deal were not disclosed.
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Ohio Oil & Gas Generated $57M in Property Tax Revenue in 2021
According to data recently compiled and shared by the Ohio Oil & Gas Association (OOGA), during 2021 (the most recent year available), the oil and gas industry in Ohio paid a cumulative $57.6 million in ad valorem property taxes to the state. That is separate from a severance tax also paid by drillers in the Buckeye State. The O&G industry not only provides millions in tax revenue, but it also employs “more than 200,000” people in Ohio, and of course, all of those workers pay state income tax too. The economic impact of oil and gas (largely shale) in Ohio is enormous.
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CoBank: The Beginning of the End for Cheap Shale Gas
Lately, we keep reading predictions that the price of natural gas, while in the basement right now (low $2 range), will soon begin to go higher. And the price will stay higher. So say some experts (see our recent stories, $2.00 Natural Gas is Temporary, Just Like $10 Gas Was and Natural Gas is the New Oil – World Events Affect Price Everywhere). We just ran across another such prediction, this one from CoBank, a bank that provides loans, leases, export financing, and other financial services to agribusinesses and rural power, water, and communications providers in all 50 states. CoBank has just published a report (copy below) that hints this is the beginning of the end of cheap shale gas.
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U.S. Agriculture’s Essential Ingredient is…Natural Gas!
Apart from the obvious benefits rural landowners (farmers) receive when leasing their land for shale gas drilling, did you know that modern agriculture, those same farmers, could not exist without natural gas? U.S. agriculture is a MAJOR part of the U.S. economy, creating 17.2 million jobs (5 million direct jobs) and contributing a mind-blowing $1.75 trillion to our country’s GDP (gross domestic product). The agricultural sector accounts for nearly 15% of U.S. commercial and industrial natural gas demand. Key feedstocks like ammonia, which is used to make nitrogenous fertilizer, are produced from natural gas. America’s farms and ranches have been key beneficiaries of the growth in U.S. natural gas production.
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MDN Upstream Index (MUI) – Apr 20, 2023
The most recent day of active trading was Wed., Apr. 19, 2023. The numbers below reflect yesterday’s closing numbers.
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Other Stories of Interest: Thu, Apr 20, 2023
MARCELLUS/UTICA REGION: New York goes full central planning for the electricity sector; NATIONAL: Huge incentives, rising demand drive boom in clean ammonia projects; Kinder Morgan beats profit estimates on higher natgas, jet fuel volumes; Baker Hughes sees ‘multi-decade growth opportunity’ for natural gas; Clarity from Supreme Court needed on climate change litigation mess; Republicans, Democrats report progress on permitting reform legislation.
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Anti-Drilling/Fossil Fuel | Electrical Generation | Industrywide Issues | Pennsylvania | Regulation | Statewide PA
Radical Anti Groups Ask Fed EPA to Shut Down PA Fossil-Fired Power
Some 23 extremist so-called environmental groups from Pennsylvania (and beyond) sent a letter to federal Environmental Protection Agency (EPA) Administrator Michael Regan asking him to rachet up federal regulations to be so extreme it forces the remaining electric power plants in PA that use coal and natural gas to close down. The extremist groups include PennFuture (headed by former PA Dept. of Environmental Protection Secretary Pat McDonnell), the so-called Clean Air Council (funded by the Haas and Heinz families), and the Philadelphia Solar Energy Association.
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OH Landowners Frustrated with Old, Leaking Conventional O&G Wells
click for larger version There are more than 270,000 oil and natural gas wells across Ohio. Many of them (most) are conventional wells. Many (most) are also old (the first well was drilled in 1860). Some 80,000 of Ohio’s O&G wells are Clinton sandstone wells. Half of those, roughly 40,000, are inactive and many are “in a state of disrepair.” Rachel Wagoner, a journalist with Farm and Dairy Magazine, spent more than six months investigating Ohio’s old and abandoned oil and gas wells. She recently published an extensive report that finds some companies that own some of the wells simply ignore them and don’t/won’t fix them. Some companies take so long to respond when asked to address problems, it’s the same thing as refusing to fix them. In some cases, the unfixed wells are causing problems for landowners and nearby residents.
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CNX Partners with California Co. to Produce Clean Electricity
Sapphire FreeSpin® In-line Turboexpander An interesting announcement issued yesterday by CNX Resources says the company is partnering with a California company, Sapphire Technologies, to use technology that creates clean electricity by tapping into pressures used in producing natural gas. No financial details of the deal were disclosed. CNX will use Sapphire’s turboexpander technology at a facility somewhere in the Marcellus.
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Anti-Drilling/Fossil Fuel | Bradford County | CNG/LNG | Energy Services | Exporting | Industrywide Issues | New Fortress Energy | Pennsylvania
Here We Go Again – Sending LNG Safely by Rail Called “Bomb Train”
LNG rail car “You never let a serious crisis go to waste. And what I mean by that is it’s an opportunity to do things you think you could not do before.” – Rahm Emanuel, when he was Barack Obama’s White House Chief of Staff. By any standard you use, the rail disaster in East Palestine, Ohio, was (is!) a serious issue. To compare that disaster with a hypothetical train derailment of LNG (liquefied natural gas), referring to specially-outfitted rail cars that would carry the LNG (not yet allowed) as “bomb trains,” is the height of arrogance and ignorance. Yet a plan to use LNG rail cars to deliver Marcellus LNG from Bradford County, PA, to a port on the shoreline of the Delaware River in Gibbstown, N.J. is being compared to East Palestine in a laughable op-ed in the Philadelphia Inquirer.
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The Left Attacks “Responsible Gas” Certification Authorities
How many times have we said words along these lines: Even if you have a magic wand and could remove 100% of carbon dioxide emissions and 100% of methane emissions from the production and use of natural gas, the irrational nutters of the environmental movement would STILL hate natural gas and demand the end of its use. We have said those words and expressed those sentiments dozens of times–at least. The follow-on question we always ask is this: Why do we even try to placate the left with “responsible gas” certifications when they will never be happy? We have incontrovertible proof of our claims.
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