OTHER U.S. REGIONS: Southwest Louisiana gas pipeline projects targeting LNG export demand; NATIONAL: U.S. LNG exports flat despite Freeport LNG partial restart; Hot USA LNG labor market incoming; INTERNATIONAL: Russia set to mothball damaged Nord Stream gas pipelines.
Read More “Other Stories of Interest: Mon, Mar 6, 2023”
Yesterday the Pennsylvania Independent Fiscal Office (IFO) released its latest quarterly Natural Gas Production Report for October through December 2022 (full copy below). There were 136 new horizontal wells spud (drilled) in 4Q22, a decrease of 18 wells (-12%) compared to 4Q21. Natural gas production volume was 1,856 billion cubic feet (Bcf) in 4Q22, down a big 100 Bcf (-5.1%) from 4Q21. It is the fourth quarterly decrease in production in a row (comparing the same quarters year-over-year). Sadly, 4Q22 production was also down from 3Q22–by 1.2%.
Read More “PA Shale Production & Drilling Tumble in Latest IFO Qtly Report”
Spanish-owed Repsol owns 214,000 net acres of leases in the Marcellus Shale, primarily located in northeastern Pennsylvania in Bradford, Susquehanna, and Tioga counties. Early last year (in January 2022), Repsol closed on a deal to buy Rockdale Marcellus out of bankruptcy for $222 million, adding Rockdale’s acreage and wells to Resol’s portfolio (see Sale of Rockdale PA Assets to Repsol Closes – $220M Cash, $2M Debt). However, Repsol is a big company with operations far beyond the Marcellus. Repsol operates around the world in 25 countries, covering upstream, midstream, and downstream. Repsol’s upstream operations are both onshore and offshore in 15 countries! Here’s some new news, at least for us…
Read More “Investor EIG Buys 25% of Repsol Upstream Ops, Including Marcellus”
In 2020, EOG Resources, one of the largest oil and gas drillers in the U.S. (with international operations in Trinidad and China), sold *all* of its Marcellus assets, which were located in Bradford County, PA, to Tilden Resources for $130 million (see EOG Resources Sells Marcellus Assets for $130M, Exits Basin). EOG left the M-U building. But the company couldn’t stay away. Last November, we told you that EOG admitted to stealthily amassing 395,000 net acres in the Ohio Utica for very little money (see EOG Resources Accumulates 395K Acres in Ohio Utica for Under $500M). EOG calls its new position the “Ohio Utica combo play.” How much drilling does EOG plan to do in its Ohio assets in 2023?
Read More “EOG Drilling Handful of New Wells in Ohio Utica in 2023”
West Virginia Senate Bill (SB) 188, the Grid Stabilization and Security Act, is aimed at making WV more competitive with its neighbors–Pennsylvania and Ohio–with respect to siting more gas-fired power plants in the state. While there was a lot of early momentum to pass the bill, it came to a screeching halt early last week in the House of Delegates (see WV Bill Promoting New Gas-Fired Power Plants Suddenly Derailed). The state’s powerful coal lobby does not like some of the language in the bill, which stalled progress. However, the measure is once again moving in the House. There was a vigorous debate yesterday in the House about whether or not to fold SB 188 into a similar House bill aimed at promoting more coal use in the state.
Read More “WV Bill Promoting New Gas-Fired Power Plants Debated in House”
In January of this year, Ohio Gov. Mike DeWine signed House Bill (HB) 507 into law, a new law that expands the ability to drill for oil and gas in state parks and also legally redefines natural gas as a source of “green energy” (see OH Gov. Signs Bill Expanding Drilling in State Parks, NatGas “Green”). The new law has torqued off the radical left in the state. You would think from the comments by greenies that drilling on and under public land will be the end of days. Except we have a shining example of successfully and safely drilling shale wells on Ohio public lands for years: The Muskingum Watershed Conservancy District (MWCD).
Read More “Shale Drilling Safe and Successful on Ohio Public Lands for Years”
Yesterday something remarkable happened. Universal Hydrogen Co. flew a 40-passenger regional airliner using hydrogen fuel cell propulsion for 15 minutes. The airplane, nicknamed Lightning McClean, reached an altitude of 3,500 feet. Universal Hydrogen converts existing aircraft to use hydrogen fuel cells. It’s an innovative approach and (from our perspective) holds the most promise of (eventually, in many years) replacing jet fuel. Fuel cell technology cuts out huge batteries, which are impractical in airplanes.
Read More “Universal Hydrogen Completes First Flight of Hydrogen Regional Airliner”
New shale permits issued for Feb. 20-26 in the Marcellus/Utica slide lower last week. There were 29 new permits issued in total last week (down from 35 the week before), including 24 new permits for Pennsylvania, no new permits for Ohio, and five new permits issued in West Virginia. Last week the top receiver of new permits by far was the largest natural gas driller in the country, EQT Corporation, with 20 new permits split between Greene and Washington counties in southwestern PA.
Read More “29 New Shale Well Permits Issued for PA-OH-WV Feb 20-26”
The most recent day of active trading was Thu., Mar. 2, 2023. The numbers below reflect yesterday’s closing numbers.
MARCELLUS/UTICA REGION: Severance tax proposed on natural gas drilling in Pennsylvania; NATIONAL: US gas storage withdrawal slightly outpaces consensus, NYMEX stumbles; New analysis debunks reports blaming gas stoves for respiratory illness; Drilling and completion set the stage for hydrocarbon production; INTERNATIONAL: Fifth of oil, gas workers feel like outsiders at work; How U.S. shale changed the face of global politics.
Read More “Other Stories of Interest: Fri, Mar 3, 2023”
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 M-U 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 issued its 4Q and full 2022 update. The company made $749 million in net income during 4Q22, versus $558 million in 4Q21 (up 34%). Gulfport’s net income for the full year was $495 million in 2022, versus losing $113 million in 2021. What about the number of wells drilled and production?
Read More “Gulfport Makes $495M in 2022, Drilled & Turned to Sales 28 Wells”
Will the third time be the charm? Probably not. On Wednesday, 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. We have a full copy of the opinion below. It finds that completing the MVP project will NOT harm protected species. Two other times USFWS issued this same report, and two times the radical judges of the 4th Circuit Court of Appeals (three Democrats) have overturned the opinion and blocked a permit needed to allow MVP to finish. Will it happen again?
Read More “USFWS Issues 3rd Finding that MVP Won’t Hurt Protected Species”
Camera Bartolotta is one of those rare finds in swampy Harrisburg, PA. She’s a State Senator who sees the value of pipelines. But more than just valuing pipelines, she’s smart and articulate, and she makes a strong case that Pennsylvania and the entire country need more pipelines–NOW. Bartolotta points out in an opinion column that although Joe Biden has promised billions of dollars of investment in roads and bridges and railroads and electric vehicle charging stations, all of it using your money and mine (i.e. taxpayer money). Pipelines, on the other hand, are built with private investment. Pipelines don’t require a dime of taxpayer money. And they’re the safest form of transportation on earth! So why does dementia Joe ignore pipelines?
Read More “PA State Sen. Bartolotta Makes Strong Case for More NatGas Pipes”
Willie Phillips, the Acting Chairman of the Federal Energy Regulatory Commission (FERC), continues to impress us. We reported in January that Phillips said he would tackle a new policy for pipeline approvals (see Acting FERC Chair Willie Phillips Will Tackle New Pipe Policy). He’s trying to balance the uncompromising leftist wackos in his own Democrat Party with common sense folks who seek to advance natural gas projects. He’s charting a “middle ground” and attempting to restart many stalled gas pipeline and LNG projects. How’s it going?
Read More “FERC Dem Chairman Willie Phillips Making Progress on Pipes, LNG”
In 2022, 897 million cubic feet per day (MMcf/d) of interstate natural gas pipeline capacity was added from five projects to the interstate gas pipeline system, according to the U.S. Energy Information Administration (EIA). That is the least amount of capacity added to the interstate natural gas pipeline system since the EIA began data collection in 1995. This ignominious achievement happened under the Bidenistas, while Richard “Dick” Glick was Chairman of the Federal Energy Regulatory Commission (FERC).
Read More “Least Amount of New NatGas Pipe Capacity Ever Added was 2022”
The CO2 Coalition, established in 2015 for the purpose of educating thought leaders, policy makers, and the public about the important contribution made by carbon dioxide to our lives and the economy, has just published an important new report called “Challenging ‘Net Zero’ with Science” (full copy below). The report flatly states that so-called “net zero” initiatives of governments and private organizations are scienti?cally invalid and will lead to worldwide impoverishment and starvation if implemented. Net zero–and its goal to eliminate the use of fossil fuels–is dangerous to the future of humanity. This is real science, not the fake stuff peddled by mainstream Democrat media.
Read More “CO2 Coalition Challenges Dangerous Net Zero Plans with Science”
