MDN Upstream Index (MUI) – Feb 22, 2023
The most recent day of active trading was Tue., Feb. 21, 2023. The numbers below reflect yesterday’s closing numbers.
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Other Stories of Interest: Wed, Feb 22, 2023
NATIONAL: What nobody is telling you about hydrogen combustion engines; Oilfield service results, projections reflect E&P spending patterns.
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Beaver County | Energy Companies | Ethane | Industrywide Issues | Pennsylvania | Processing Plants | Shell
PA DEP Hits Shell Cracker with Emissions NOV, Antis Seek Shutdown
The Pennsylvania Dept. of Environmental Protection (DEP) issued a Notice of Violation (NOV) early last week to the Shell ethane cracker plant in Monaca (Beaver County), PA, now called the Shell Polymers Monaca facility, for the third time since it officially began operation last November. In a letter dated Feb. 13 (copy below), the DEP stated the facility violated rolling 12-month emission standards in both November and December. Shell faces fines of $25,000 per day for each day the facility exceeds emissions limits. In light of this most recent NOV, two anti-fossil energy groups have asked the DEP to immediately shut down the facility to stop extra air pollution in the region.
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Bucks County | Chester County | Energy Services | Industrywide Issues | Luzerne County | Monroe County | Northampton County | Pennsylvania | Pipelines | Regulation | Transco | Williams
PA DEP Issues Permits for Transco Northeast Expansion Pipe Project
A little over a month ago, MDN brought you the good news that the Federal Energy Regulatory Commission (FERC) has approved the Williams Regional Energy Access Expansion (REAE) project, a plan to beef up the Transco pipeline in Pennsylvania and New Jersey to deliver an extra 829 MMcf/d of Marcellus gas to PA, NJ, and Maryland (see FERC Approves Transco $950M Northeast Expansion Pipe Project). We have more good news: The Pennsylvania Dept. of Environmental Protection (DEP) announced it has issued permits to Williams to allow the project to move forward with construction.
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WV Bill Promoting New Gas-Fired Power Plants Suddenly Derailed
West Virginia Senate Bill (SB) 188 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. We reported last week that the bill seemed to be on a fast track to a final vote in the House, after the Senate approved it by a wide margin (see WV Bill Promoting New Gas-Fired Power Plants Nears Final Vote). However, last Wednesday, the bill hit a brick wall–the WV House moved SB 188 to its “inactive” calendar.
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Weymouth Compressor Plans NatGas Release for Pipe Maintenance
Just over one year ago, the Federal Energy Regulatory Commission (FERC) voted to keep the Weymouth compressor, the final piece of the $452 million Atlantic Bridge expansion project that was years in the making, up and running (see Victory! FERC Won’t Shut Down Weymouth, MA Compressor Station). Since that time, it’s been pretty quiet. Enbridge, the owner of the pipeline and compressor, needs to do some maintenance and will release a puff of natural gas from the station.
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PA Rep Causer Introducing Bill to Block Bans of Gas Stoves/Furnaces
Pennsylvania State Rep. Martin Causer, Republican from Bradford (McKean County), PA, is introducing a new bill to prohibit PA municipalities from banning the installation and use of natural gas stoves and furnaces. “Pennsylvanians deserve better than to have their freedom restricted by an overly involved government that thinks it knows better than they do,” Causer wrote in a memorandum to his fellow House members, asking them to join him in co-sponsoring the bill. In our opinion, every single Republican member of the PA House should be listed as a co-sponsor of Causer’s “energy freedom” bill.
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BKV/Banpu | Blackhill Energy | Bradford County | Chesapeake Energy | Clearfield County | Coterra Energy (Cabot O&G) | Energy Companies | EQT Corp | Industrywide Issues | Lycoming County | Pennsylvania | Pennsylvania General Energy | Potter County | Regulation | Repsol | S.T.L. Resources | Seneca Resources | Southwestern Energy | Statewide PA | Sullivan County | Susquehanna County | Tioga County (PA) | Wyoming County (PA)
SRBC Approves 233M Gal/Day of Water Use for 38 PA Shale Pads
The difference between the Susquehanna River Basin Commission (SRBC) and the Delaware River Basin Commission (DRBC) is stark. The former is well-run and rational, the latter is disorganized and irrational. At least with respect to fracking. Over the weekend, the SRBC published a notice in the Pennsylvania Bulletin to announce that during the month of January, the agency approved 38 requests for daily water use on shale well pads in the SRBC’s jurisdictional territory in Pennsylvania, totaling some 233.5 million gallons. Put another way, this is a handy list of where drilling will soon happen in northeastern PA.
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WV Leads 24-State Coalition Against EPA Waters of US Reg 2nd Time
The Barack Hussein Obama administration went crazy with over-regulation in many areas. One of them was to redefine “waters of the United States” (or WOTUS) as everything down to, no exaggeration, mud puddles. When Donald Trump took office, he set about to correct some of the insane abuses of the Obama era, including WOTUS. He finally got it fixed. However, the Bidenistas took up the cause once again. Radicals at the EPA announced a new rule in January aimed at re-regulating all waters, putting power over just about everything (including oil and gas drilling) into the federal government’s hands via WOTUS (see EPA Makes Another Attempt to Regulate O&G via Waters of US). West Virginia Attorney General Patrick Morrisey is co-leading 24 states (including fellow M-U state Ohio) in suing to block the new regulation.
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MDN Upstream Index (MUI) – Feb 21, 2023
The most recent day of active trading was Fri., Feb. 17, 2023. The numbers below reflect Friday’s closing numbers.
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Other Stories of Interest: Tue, Feb 21, 2023
NATIONAL: North America drops rigs; Biden’s ’10 years more of oil’ is more dangerous energy ignorance; INTERNATIONAL: China taking control of LNG as global demand booms; ‘No excuse’ IEA tells energy firms as methane emissions rise; How Europe ditched Russian fossil fuels with spectacular speed; The overprivileged West’s delusion of ‘transitioning away from oil’; EU formally bans new ICE vehicles.
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MDN Off Today – President’s Day Holiday 2023
Believe it or not, today is a New York Stock Exchange holiday (i.e. bank) holiday. MDN rarely takes a day off, so we tend to track with those holidays observed by the NYSE. Have no fear, we are monitoring the news, and if anything earth-shattering happens, we’ll bring you the latest. Otherwise, look for full-strength MDN to return tomorrow.– Jim Willis, Editor
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EQT Update: Revenue & Production Down in 4Q, but Up for Full Year
EQT Corporation, the largest natural gas producer in the U.S. (completely focused on the Marcellus/Utica), issued its fourth quarter and full year 2022 update yesterday. Both revenue and production fell slightly in 4Q22 over 4Q21 due to issues with third-party providers. Production for the entire year was just about even. However, because of the high price of natgas for most of 2022, EQT raked in $1.8 billion in net income last year versus losing $1.1 billion the year before.
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DT Midstream Update: Millennium, NEXUS, Marcellus/Utica Gathering
DT Midstream (DTM), headquartered in Detroit, owns major assets in the Marcellus/Utica region as well as other regions. DTM issued its fourth quarter and full 2022 update yesterday. Among major interstate pipelines that serve the M-U region, DTM is a 50% owner (along with Enbridge) in the NEXUS Pipeline, a 256-mile, 36-inch gas transmission pipeline that flows 1.5 Bcf/d of Utica gas from eastern Ohio to pipeline system interconnects in southeastern Michigan (and from there all the way to the Dawn Hub in Ontario, Canada). In 2022, DTM became the majority owner of the Millennium Pipeline, which stretches 263 miles from Corning, NY, to just outside New York City, delivering Pennsylvania Marcellus and Utica gas to utility and power plant markets across New York State and into New England.
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Banpu Boosting US Shale Gas Investments in Preparation for BKV IPO
Banpu is Thailand’s largest coal mining company. However, it is looking to reduce the amount of revenue it derives from coal from around 66% today to 50% by 2025. One of the ways Banpu is accomplishing that objective is by investing in American shale gas. Banpu partners with Kalnin Ventures and operates BKV Corporation (Banpu Kalnin Ventures), the American shale drilling arm of Banpu (96% owned by Banpu). Over the past seven years, BKV has become one of the top 20 gas-weighted natural gas producers in the U.S. Last year, Banpu filed plans with the Securities and Exchange Commission to launch an initial public offering for BKV (see Northeast PA Marcellus Driller BKV/Banpu Files with SEC for IPO). Earlier this week, Banpu CEO Chaimongkol Somruedee reaffirmed her company’s intention to move forward with more investments in American shale and a BKV IPO sometime this year.
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Gulf Coast’s Sleeping Giant, Freeport LNG, Begins to Wake Up
Earlier this week, we reported the exciting news that two shipments of LNG had been loaded and sailed from the Freeport LNG facility, which (until now) has been out of commission since June 2022 due to an explosion and fire (see Another Surprise! 2nd LNG Cargo Departs Freeport Facility). We have new news that a third cargo has loaded and left Freeport–once again using LNG that had been liquefied and stored prior to the shutdown in 2022. We now have word that a fourth LNG tanker is due to arrive at the facility next Monday. It seems the sleeping giant has awakened!
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