MDN Upstream Index (MUI) – May 2, 2023
The most recent day of active trading was Mon., May 1, 2023. The numbers below reflect yesterday’s closing numbers.
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Other Stories of Interest: Tue, May 2, 2023
NATIONAL: North America rig loss streak rumbles on; Are oil and gas professionals worried about AI?
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Accidents | Columbia Pipeline Group | Energy Services | Industrywide Issues | Pipelines | TC Energy/TransCanada
Fire at Miss. Compressor Station Reduces M-U Flows to Gulf Coast
click for larger version It’s interesting that a single point of failure, one compressor station, can impact an entire region. Last Friday morning around 1 am, storms moved through Alcorn County, Mississippi. Lightning struck a “vertical gas pipe” at the Columbia Gulf Transmission Corinth natural gas compressor station, releasing and igniting natural gas. One local news station characterized it as a “massive gas fire” that “prompted county-wide response.” The fire burned for over four hours until firefighters could put it out. Some 2.2 billion cubic feet per day (Bcf/d) of Marcellus/Utica molecules flow through that compressor station on their way to the Gulf Coast.
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Southwestern Energy 1Q – Added 13 M-U Wells, 23 Haynesville Wells
Southwestern Energy, with major assets in the Marcellus/Utica and Louisiana Haynesville, issued its first quarter 2023 update late last week. The company generated an impressive $1.9 billion in net income for the quarter versus losing $2.7 billion in 1Q22. That’s an incredible swing of $4.6 billion in one year! The company generated $99 million in free cash flow for the quarter. Southwestern reported total net production of 411 Bcfe (billion cubic feet equivalent), or 4.6 Bcfe per day, including 3.9 Bcf per day of gas and 107 MBbls (thousand barrels) per day of liquids. Southwestern invested $665 million of capital and placed 36 wells online to sales, including 13 in the Marcellus/Utica and 23 in the Haynesville.
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CNX 1Q – Production Slides, Profits Soar on Derivatives
Last week CNX Resources issued its first quarter 2023 update. The company generated $710 million of net income versus losing $923 million in the same quarter last year. However, actual revenue for selling gas and NGLs was down from a year ago ($456 million vs. $745 million). The net income figure also includes gains and losses on derivatives (hedging). In 1Q22, CNX lost $1.7 billion on its derivatives, but in 1Q23, the company made $762 million on derivatives. Production fell in 1Q23, down to 135.9 Bcfe (or 1.51 Bcfe/d), versus 150.9 Bcfe (1.68 Bcfe/d) in 1Q22.
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Anti-Drilling/Fossil Fuel | Industrywide Issues | Litigation | Pennsylvania | Regulation | Statewide PA
Sue-and-Settle: DRBC Bans Conventional Fracked Water Road Spreading
The Delaware River Basin Commission (DRBC), which treats the 17 counties in Pennsylvania under its jurisdiction as a fiefdom, has colluded with the leftists of the Big Green group Damascus Citizens for Sustainability to “settle” a lawsuit brought by the group against DRBC “forcing” the DRBC to further restrict and ban wastewater from conventional wells from being spread on roadways (dirt roads) in the 17 PA counties located behind the Iron Curtain of the DRBC.
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PIOGA Responds to Bill Raising Bonding Rates for Conventional Wells
Last summer Pennsylvania House Bill (HB) 2644 was passed into law, becoming Act 96 of 2022 (see New PA Act 96 Helps Boost Plugging Orphan Wells – Left Goes Nuts). The new law requires the state Dept. of Environmental Protection (DEP) to use a portion of new federal funding to create a grant program to support experienced well-plugging companies that work to maximize the volume of orphan wells being plugged in the Commonwealth. It also keeps the right to raise bonding amounts for conventional wells with the legislature rather than allowing PA’s unelected Democrat bureaucrats in the bowels of the DEP’s Environmental Quality Board (EQB) from doing it–which caused the left to begin howling at the moon. Now that the Democrats control the PA House (with a razor-thin majority), Democrat radicals are trying to undo HB 2644.
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Carbon Capture | Energy Companies | Industrywide Issues | Northeast Natural Energy | Statewide WV | West Virginia
WVU & NNE Drilling Test Well for CCS, Geothermal Energy
During the second week of May, Marcellus driller Northeast Natural Energy will begin to drill a geothermal and carbon capture and sequestration (CCS) data collection well–all the way down to 15,000 below the surface. The test well is being done in cooperation with (under the direction of) West Virginia University and the U.S. Dept. of Energy. The study and the data collected from the well aim to test the potential of geothermal energy in the region and gather information on the potential for underground CCS in the Appalachian basin.
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EPA Continues to Delay Approval of Class VI CCS Injection Wells
To store carbon dioxide (CO2) underground, you need a Class VI CO2 injection well. Currently, the federal EPA is the primary regulator (has “primacy”) in regulating Class VI wells in all but two states (neither of which is a Marcellus/Utica state). PA and other oil and gas states are seeking to become the lead regulator for Class VI CO2 wells, which we explained in a post in March (see Understanding “Primacy” Issue for Class VI (CO2) Injection Wells). It’s critically important for individual states, like PA, to be the lead regulator–to have “primacy” in regulating Class VI wells. Yet the Biden EPA is slow-walking the process that would give individual states primacy.
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MDN Upstream Index (MUI) – May 1, 2023
The most recent day of active trading was Fri., Apr. 28, 2023. The numbers below reflect Friday’s closing numbers.
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Other Stories of Interest: Mon, May 1, 2023
MARCELLUS/UTICA REGION: Impact of obstacles to gas production frustrating; NATIONAL: Former Williams CEO Joseph H. Williams dies at 89; Orbiting methane ‘speed cameras’ are catching polluters in the act; Green inflation and the end of capitalism; INTERNATIONAL: Japan’s JERA sees more LNG going to Asia as domestic demand shrinks.
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EQT 1Q – Tug Hill on Track, Rice a Fan of “Electrify the World”
EQT Corporation, the largest natural gas producer in the U.S., issued its first quarter 2023 update yesterday. The company reported a profit of $1.2 billion in net income during 1Q23 versus losing $1.5 billion in the same quarter a year ago. That’s nearly a $3 billion swing in one year! The company generated $774 million in free cash flow in 1Q. Production was 459 Bcfe (billion cubic feet equivalent) for the quarter, which works out to be 5.1 Bcfe/d, down 7% from last year’s 1Q, which was 492 Bcfe (or 5.47 Bcfe/d).
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Antero 1Q – New World Record for Lateral Feet Drilled in 24 Hours
Yesterday Antero Resources, which is 100% focused on the Marcellus/Utica with over 500,000 net acres under lease (and the largest M-U driller in West Virginia), issued its first quarter 2023 update. The company reports net production averaged 3.3 billion cubic feet equivalent per day (Bcfe/d), an increase of 3% year-over-year. Of that production, liquids (NGLs) averaged 187 thousand barrels per day (MBbl/d), an increase of 17% from the year-ago period. Natural gas production averaged 2.2 Bcf/d, a decline of 3% from the year-ago period.
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CNX CEO Calls Lib California Hotel Shareholder Proposal “Spam-Like”
The war of words continues. Two days ago, MDN told you that the liberal owner of two hotels in California, Jon Handerly, who happens to own a few thousand shares of CNX Resources stock, wants shareholders to approve his cockamamie proposal to force the company to produce an annual report detailing the company’s “efforts” to comply with the nonsensical “Paris Agreement” to reduce so-called greenhouse gas emissions (see Calif. Hotel Liberal Pressures CNX to Report on Loony Paris Goals). CNX CEO Nick DeIuliis is against the proposal and is going very public with his views that the proposal is “spam-like in nature.”
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PA Sen. Gene Yaw Proposes to Rename State DEP, Drop “Protection”
You’ve gotta give Pennsylvania State Senator Gene Yaw credit–he sure knows how to get under the skin of the wackadoodle left! Yaw is the Majority Chairman of the Senate Environmental Resources and Energy Committee. His committee oversees (among other things) the state Dept. of Environmental Protection (DEP), which is the state agency that oversees energy industries, including shale drilling. Yesterday Yaw tweaked the left by announcing he will soon introduce a bill to remove the word “Protection” from the DEP’s name, and replace it with…
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US NatGas Production, LNG Exports Keep Growing Thru 2050 & Beyond
Although the Bidenistas are now in control of the formerly objective U.S. Energy Information Administration (EIA) and try to hide the truth about fossil energy, the truth has a way of coming out. In March, we told you about the latest edition of the EIA’s Annual Energy Outlook for 2023 (see EIA Annual Outlook Predicts O&G, M-U Still Going Strong in 2050). While the information was somewhat buried in the AEO23, if you sifted through the report, you came to the conclusion that fossil energy will still be going strong 30 years from now. In a follow-on post about that report issued yesterday, the EIA admitted in a Today in Energy post that, “U.S. natural gas production and LNG exports will likely grow through 2050.” That had to be a painful headline for a Bidenista to write.
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