MDN Upstream Index (MUI) – Mar 3, 2023
The most recent day of active trading was Thu., Mar. 2, 2023. The numbers below reflect yesterday’s closing numbers.
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Other Stories of Interest: Fri, Mar 3, 2023
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.
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Gulfport Makes $495M in 2022, Drilled & Turned to Sales 28 Wells
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?
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USFWS Issues 3rd Finding that MVP Won’t Hurt Protected Species
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?
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PA State Sen. Bartolotta Makes Strong Case for More NatGas Pipes
Sen. Camera Bartolotta 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?
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FERC Dem Chairman Willie Phillips Making Progress on Pipes, LNG
Acting FERC Chairman Willie Phillips 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?
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Least Amount of New NatGas Pipe Capacity Ever Added was 2022
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).
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CO2 Coalition Challenges Dangerous Net Zero Plans with Science
The Scientific Method 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.
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BlackRock CEO Larry Fink Tries to Bribe Republicans – Will It Work?
We’ve criticized BlackRock, the world’s largest investment firm with $10 trillion under assets, due to CEO Larry Fink’s insistence that public companies adopt ESG (environment, social, governance) policies that include reducing CO2 emissions. Fink’s demands are tantamount to divesting (or refusing to invest in) any company that produces or heavily uses oil and natural gas. A number of Republican-controlled states, including Texas, West Virginia, and Florida, have begun the process of dumping all BlackRock investment funds. Fink is worried–as he should be. He’s losing business. So he’s now doing what sleazy, corrupt leftists always do–resort to bribery.
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MDN Upstream Index (MUI) – Mar 2, 2023
The most recent day of active trading was Wed., Mar. 1, 2023. The numbers below reflect yesterday’s closing numbers.
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Other Stories of Interest: Thu, Mar 2, 2023
INTERNATIONAL: Aramco eyes stake in foreign LNG plant; The Golden Age for liquefied natural gas (LNG).
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Range Resources Addresses Pioneer M&A Rumor on 4Q Conference Call
Range Resources Corporation, the very first driller to sink a Marcellus shale well back in 2004 in western Pennsylvania, issued its fourth quarter and full-year 2022 update yesterday. During 2022, Range generated record cash flow from operations of $1.9 billion and produced an average of 2.1 billion cubic feet equivalent per day (Bcf/d) of natural gas. The company spent $492 million on drilling in 2022. Of keen interest to us was a response by Range’s CEO about the rumors that Pioneer Natural Resources is interested in buying or merging with Range.
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1 of 3 Freeport Trains Fully Online Producing & Exporting LNG
Freeport LNG continues to rapidly ramp up its liquefaction and export capability. The facility experienced an explosion and fire in June 2022. It was just over a week ago that the Federal Energy Regulatory Commission (FERC) granted the facility permission to restart two of three liquefaction trains (see FERC Clears Freeport LNG to Restart 2 of 3 Liquefaction Trains). Freeport says one of those trains is now fully back online and working, with the second close behind. Freeport has asked FERC for permission to bring the third and final train back online.
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Ongoing Low NatGas Prices Affecting Production, M&A, Everything
According to a recent Reuters article, “A 46% drop in natural gas prices this year is rippling across the U.S. shale patch, threatening to slow drilling and chill deal-making in a move unthinkable six months ago as global demand soared.” Although the Henry Hub price for natgas rose over the past few days with the changeover to the NYMEX April contract, the price is still well below $3/Mcf. At that price, natgas drillers (in the Marcellus/Utica and elsewhere) are dialing back their drilling programs–essentially maintaining the status quo with production volumes. And at current low prices, mergers and acquisitions activity has pretty much dried up.
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Search Firms Say Don’t Look for Hiring Boom in Oil & Gas in 2023
Two Houston, Texas-based headhunting firms specializing in the oil and gas space are saying the same thing: Don’t look for a hiring boom in the oil and gas sector in 2023. That doesn’t mean there’s a total hiring freeze or that there aren’t good jobs to be had. It just means don’t look for bidding wars to attract new employees to the O&G sector. Not gonna happen this year, say the experts. Why?
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Maryland Gov. Moore Withdraws Nomination of Gas Official to PSC
That was fast. Yesterday we told you that newly-elected Maryland Gov. Wes Moore had nominated someone who actually knows something about the energy industry, from the American Gas Association, to be a member of the Maryland Public Service Commission (see Big Green Torqued with Maryland Gov Over Appointing Gas Official). As we reported, Big Green had a cow. We speculated on whether or not Moore would withdraw the nomination–whether or not Moore has any male anatomy. Now we know the answer…he doesn’t.
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