MDN Upstream Index (MUI) – Apr 6, 2023
The most recent day of active trading was Wed., Apr. 5, 2023. The numbers below reflect yesterday’s closing numbers.
Read More “MDN Upstream Index (MUI) – Apr 6, 2023”
-
-
Other Stories of Interest: Thu, Apr 6, 2023
NATIONAL: USA more than doubles EU LNG delivery target; One shale executive correctly called OPEC+ surprise cut; Where will WTI oil price be at end-2023?; Biden NHTSA nominee bundled funds for climate litigation; US cities receive nearly $200M in grants to upgrade natgas pipelines; Rural America needs permitting reform; Banking crisis adds to shale industry pessimism.
Read More “Other Stories of Interest: Thu, Apr 6, 2023” -
Diversified Energy | Energy Companies | EQT Corp | Industrywide Issues | Litigation | Statewide WV | West Virginia
Fed Court Rules EQT, Diversified Must Face WV Class Action
Last summer, MDN brought you the news about a lawsuit against Diversified Energy and EQT over the issue of old and “abandoned” wells in West Virginia (see Big Green Uses WV Landowners to Sue EQT, Diversified re Old Wells). In June 2018, MDN exclusively brought our readers the news that Diversified Gas & Oil (now called Diversified Energy) had purchased EQT Corporation’s Huron Shale assets, with a bunch of conventional wells, in Kentucky, Virginia, and West Virginia for $575 million (see Diversified Gas & Oil Adds to Conventional Assets in KY, VA, WV). Several WV landowners, prompted (and supported) by Big Green groups, sued the EQT and Diversified last July, alleging the wells no longer produce and (under law) must be plugged. The new news is that a federal judge in WV ruled yesterday that a proposed class action by the landowners against the companies can proceed.
Read More “Fed Court Rules EQT, Diversified Must Face WV Class Action” -
U.S. LNG Exports Hit New All-Time High in March Thx to Freeport
Freeport LNG is back online, sucking up 2.1 (or more) billion cubic feet per day (Bcf/d) of natural gas, some of it from the Marcellus/Utica, exporting LNG to other countries. Freeport was out of commission following an explosion and fire in June 2022 until several weeks ago (see Freeport LNG Plant Back to Full Capacity Using 2.1 Bcf/d of NatGas). Some new export capacity came online while Freeport was down. Now that Freeport is back, combined with new capacity from LNG exporters, the U.S. exported more LNG in March than it ever has–7.73 million tonnes.
Read More “U.S. LNG Exports Hit New All-Time High in March Thx to Freeport” -
The Golden Age of U.S. LNG Provides Energy Security for World
Within two years, LNG replaced all of the gas world markets lost coming from Russia. U.S. export revenues from LNG grew exponentially over the last six years. Export volumes and wealth from LNG could potentially lead to an astonishing $100 billion in new LNG developments in the U.S.! LNG will be a strong driver of U.S. natural gas production over the next seven years. The U.S. may double its exports, or more, from now to 2030. We are, writes author and petroleum engineer Ian Palmer, in the midst of a “Golden Age” for LNG. What is a Golden Age? And what does it mean for LNG?
Read More “The Golden Age of U.S. LNG Provides Energy Security for World” -
EIA Predicts Steady Demand for Oil & Gasoline Thru 2050 & Beyond
In March, the U.S. Energy Information Administration (EIA) published its Annual Energy Outlook for 2023 (see EIA Annual Outlook Predicts O&G, M-U Still Going Strong in 2050). We noted at the time that a chart showing the dominance of oil and gas energy over the next 30 years had disappeared from the report. Since that time, EIA has published a few “deep dive” posts on its Today in Energy website. Yesterday was another such post, this one showing charts for the production of “petroleum and other liquids.” The charts show EIA’s expectation that (yes) oil and its related products will still be going strong 30 years from now.
Read More “EIA Predicts Steady Demand for Oil & Gasoline Thru 2050 & Beyond” -
GOP Senators Intro Bill to Block Biden DOE from Banning Gas Stoves
Last week five Republican U.S. Senators introduced the Natural Gas Appliances Standards (Natural GAS) Act of 2023. The bill would block any rulemaking by the Dept. of Energy (DOE) that could have the effect of outlawing the sale of a range of natural gas appliances, including (most particularly) gas stoves. Among other things, the bill stipulates the DOE may not put forward a rule that would limit the features of gas stoves, such as quick boil times, number and size of burners, and design of grates.
Read More “GOP Senators Intro Bill to Block Biden DOE from Banning Gas Stoves” -
Antis Oppose New York Changing Methane Accounting Timeline
This is another in our series of what it’s like living “Behind Enemy Lines.” MDN editor Jim Willis lives in Upstate New York (Binghamton area). Our freedoms in NY are being stripped away at an alarming rate. The radical left is in full control of the state, as is illustrated by a recent debate between Gov. Kathy Hochul (a far-left radical) and others in the Democrat Party even further to the left of Hochul, if such a thing is possible. The people left of Hochul are resisting a reasonable compromise in the current budget that would change the current timeline for methane accounting from 20 years to 100 years.
Read More “Antis Oppose New York Changing Methane Accounting Timeline” -
POGLA Event May 6: Landowners, Industry & The Legislature
One of MDN’s favorite organizations is the Pennsylvania Oil and Gas Landowner Alliance (POGLA), an organization representing oil, gas, mineral, and royalty owners throughout the Commonwealth of PA. POGLA will host a conference titled Landowners, Industry & The Legislature, on May 6, 2023, from 8 am to 5 pm in Washington, PA. This event has the MDN stamp of approval. If you are a landowner or rights owner in PA, and if there’s any way you can attend this low-cost event near Pittsburgh, we heartily encourage you to do so.
Read More “POGLA Event May 6: Landowners, Industry & The Legislature” -
MDN Upstream Index (MUI) – Apr 5, 2023
The most recent day of active trading was Tue., Apr. 4, 2023. The numbers below reflect yesterday’s closing numbers.
Read More “MDN Upstream Index (MUI) – Apr 5, 2023” -
Other Stories of Interest: Wed, Apr 5, 2023
MARCELLUS/UTICA REGION: Manchin unloads on climate activists re MVP; NATIONAL: USA gasoline prices could hit $4 thanks to OPEC+ cut; The police state is here and “governed” by Joe Biden; An OPEC-driven U.S. drilling boom? Not so fast.; Calling all consumers: it’s time to recall our failing energy policies; INTERNATIONAL: New OPEC+ cuts will push oil to $110 this summer.
Read More “Other Stories of Interest: Wed, Apr 5, 2023” -
Anti-Drilling/Fossil Fuel | Energy Services | Equitrans/EQT Midstream | Industrywide Issues | Litigation | Pipelines | Regulation | Statewide WV | West Virginia
4rd Circuit Clown Judges Reject WV DEP Permit for MVP 2nd Time
Last week it was a miracle when the three-judge panel from the U.S. Court of Appeals for the Fourth Circuit (i.e. 4th Circuit clown judges) turned back an appeal of a permit issued by the Virginia State Water Control Board allowing Mountain Valley Pipeline (MVP) to cross some 150 streams and wetlands in Southwest West Virginia (see 4th Circuit Judges Hand Rare Permit Victory to Mountain Valley Pipe). This week the three clowns reverted to their typical fossil fuel-hating form, rejecting (for a second time) a similar permit issued by the West Virginia Dept. of Environmental Protection.
Read More “4rd Circuit Clown Judges Reject WV DEP Permit for MVP 2nd Time” -
EQT Does Deal with Blockchain/Software Co to Sell Low-Carbon Gas
Yesterday, EQT Corporation and Context Labs announced a partnership to advance the commercialization of verified low-carbon intensity natural gas products and carbon credits. The partnership brings together EQT, the largest natural gas producer in the U.S., and Context Labs, an expert in distributed ledger technology, advanced climate data, and analytics. The partnership will help EQT prove that the natural gas it produces is low-carbon and responsible, and make it easier to market the gas to those who want to buy (and pay more for) low-carbon gas.
Read More “EQT Does Deal with Blockchain/Software Co to Sell Low-Carbon Gas” -
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!
Read More “Mgmt Changes at Gulfport – Getting the Montage Band Back Together” -
PA Generates Record $370M from Game Land Leases & Drilling
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.
Read More “PA Generates Record $370M from Game Land Leases & Drilling” -
National Grid Withdraws Request to Build LNG Vaporizers in NYC
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.
Read More “National Grid Withdraws Request to Build LNG Vaporizers in NYC”