MDN Upstream Index (MUI) – Jan 23, 2023
The most recent day of active trading was Fri., Jan. 20, 2023. The numbers below reflect Friday’s closing numbers.
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Other Stories of Interest: Mon, Jan 23, 2023
MARCELLUS/UTICA REGION: Businesses, groups tell lawmakers PA regulatory burden, high energy costs must be lowered; NATIONAL: Investors plow into renewables, but projects aren’t getting built; INTERNATIONAL: Iran oil gushes into global market; U.S. LNG, underground storage help save Europe from another tough winter; Rhetoric from Davos dominated the week in energy; 185 global ports can bunker LNG.
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Antero Resources | Armstrong County | Blackhill Energy | Bradford County | Butler County | Chesapeake Energy | Columbiana County | Encino Energy | Energy Companies | Lycoming County | Monroe County | Ohio | Ohio County | PennEnergy Resources | Pennsylvania | Ritchie County | Seneca Resources | Snyder Brothers | Southwestern Energy | Tioga County (PA) | Weekly Permits | West Virginia | Wyoming County (PA)
25 New Shale Well Permits Issued for PA-OH-WV Jan 9-15
New shale permits issued for Jan. 9-15 in the Marcellus/Utica included 18 new permits in Pennsylvania, 5 new permits in Ohio, and 2 new permits in West Virginia. The top recipient of permits for last week was PennEnergy Resources, grabbing 6 permits to drill on a single pad in Butler County, PA. Right behind PennEnergy was Southwestern Energy with 5 permits total spread across all three states–3 in PA, and 1 each in OH and WV.
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Marcellus Veteran John Reinhart Joins Gulfport Energy as CEO
John Reinhart is the former President and CEO of M-U driller Montage Resources Corporation before that company was gobbled up by Southwestern Energy in 2020 (see Stop Press! Southwestern Energy Buying Montage Resources for $857M). Prior to that, Reinhart was President and CEO of M-U driller Blue Ridge Mountain Resources before it merged with Eclipse Resources in 2019 to become Montage (see Blue Ridge Merges with Eclipse, Renamed to Montage Resources). Reinhart is now becoming President and CEO of Gulfport Energy, effective next week.
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Acting FERC Chair Willie Phillips Will Tackle New Pipe Policy
Willie Phillips Yesterday, Acting FERC Chairman Willie Phillips chaired his first meeting as head of the commission since former Chairman Richard “Dick” Glick stepped down from the top job. The meeting was interrupted several times by wacko leftists protesters (leftists always behave badly, ever notice that?). Phillips struck a conciliatory tone in his remarks, saying his strength is in consensus-building. He’s about to put that strength to the test. Phillips pledged to move forward with a new policy for pipeline approvals–touching what was the third rail for Glick, the issue that electrocuted Glick’s career at FERC. Phillips says he will work on a new pipeline policy that has stakeholder buy-in, that is sustainable, and that will allow for the approval of projects needed for the reliability of the natural gas delivery system. So far, so good.
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Partial List of Hydrogen Hubs Making First Cut for DOE Funding
For more than a year, we have covered the topic of the Bidenistas’ Hunger Games contest to award $7 billion to some 6-10 “hydrogen hubs” across the country. Each winning hub will receive $500 million to $1 billion of government largesse to help build a hub in a given region. The money for the hub projects was allocated as part of the so-called Infrastructure bill, passed in November 2021 (see Biden So-Called $1.2T Infrastructure Bill Passes Thanks to RINOs). Some 79 “concept papers,” which is a pre-application, were received by the Dept. of Energy. Of the 79, only 33 were given “encouragement” by the DOE to advance to the next stage of the Hunger Games (see 33 of 79 Hydrogen Hub Teams Encouraged to Submit Full Applications). The DOE isn’t disclosing which of the lucky 33 made it, nor the list of the other 44 told to go pound sand. However, we have a list of 18 (of the 33) approved to advance to the next round and submit a full application.
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Sen. Joe Manchin Defends Misnamed IRA in Davos, Switzerland
Joe Manchin, the rather pathetic, has-been U.S. Senator from West Virginia, is sitting his bum in Davos, Switzerland, wining and dining and hobnobbing with leftist elites from around the world at the World Economic Forum. Manchin, you might recall, sold out the United States by voting for the Green New Deal, renamed to Build Back Better, and further renamed to the Inflation Reduction Act (see Tragedy: Joe Manchin Caves & Agrees to Big Green Build Back Better). Manchin did so after cutting a deal for the Senate to vote on a “permitting reform” bill that would, in essence, save the Mountain Valley Pipeline project from languishing in regulatory and litigation hell (see Joe Manchin Cuts MVP “Deal” in Return for Selling Out Country). It was a bad trade as the permitting “save MVP” bill has still not passed. In Davos, Manchin is trying to repair his tattered reputation, saying the Inflation Reduction Act was/is a good thing.
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UN Using Kayrros Tech to Snoop on U.S. O&G Methane Emissions
click for larger version Kayrros, a company founded in 2016, is a “global climate technology company” and a leader in “environmental intelligence.” Kayrros uses satellite imagery, artificial intelligence, and geo-analytics to help governments, investors and businesses “understand the risks posed by the changing climate and energy landscapes,” so that said entities can “make more informed decisions.” Kayrros, with offices in Paris, Houston, New York, London, Bangalore and Singapore, issued a press release to say the United Nations is contracting with Kayrros to (our word) snoop on all of the countries around the world (in particular the U.S.), to monitor methane emissions from space.
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MDN Upstream Index (MUI) – Jan 20, 2023
The most recent day of active trading was Thu., Jan. 19, 2023. The numbers below reflect yesterday’s closing numbers.
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Other Stories of Interest: Fri, Jan 20, 2023
OTHER U.S. REGIONS: Oklahoma treasurer makes energy discrimination a top issue; Calls grow for fossil fuel giants to pay into $75B fund to reverse climate change; NATIONAL: Upstream oil and gas will have another strong year in 2023; Increasing renewables likely to reduce coal and natural gas generation over next two years; The Biden administration finally admits its mistake in canceling the Keystone XL pipeline; How Al Gore has made $330m with climate alarmism; INTERNATIONAL: UK Labour Party calls for inverse OPEC alliance; Oil demand set to rise to record in 2023.
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Chesapeake Sells 90% of Eagle Ford Assets to WildFire for $1.4B
Yesterday Chesapeake Energy announced it has cut a deal to sell the majority of its Eagle Ford oil assets to WildFire Energy I LLC for $1.425 billion. The sale includes approximately 377,000 net acres and approximately 1,350 wells in the Brazos Valley region of its Eagle Ford asset, along with related property, plant, and equipment. In 2018 Chesapeake, under the direction of then-CEO Doug Lawler, purchased 420,000 net acres in the Eagle Ford shale and Austin Chalk formations in Texas from WildHorse Resource Development Corp for $4 billion (see Chesapeake Now Gone from Ohio Utica; Spends $4B in Eagle Ford). The company grew its Eagle Ford assets with more purchases and currently (prior to the sale) owns 610,000 acres.
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Chessy CEO Calls on Peers to Scale Back Production Given Low Price
Nick Dell’Osso Yesterday, a few hours after the news broke that Chesapeake Energy is selling 90% of its Eagle Ford acreage to WildFire Energy, Chessy CEO Nick Dell’Osso gave an interview (to someone, maybe Bloomberg, we’re not sure), to say that given the low price of natural gas right now, all U.S. producers should consider scaling back production. Dell’Osso said the low price is a “very clear signal” from the market that less gas is needed right now.
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Carrizo Oil & Gas | Energy Companies | Industrywide Issues | Lease & Royalty Payments | Litigation | Pennsylvania | Susquehanna County
PA Landowners Sue Callon for Shifting Assets to Avoid Class Action
We have two related lawsuits to report on involving landowners in Susquehanna County, PA, and Callon Petroleum. As most lawsuits are, these two are complicated. But, at a very high level, the concept is simple. The landowners allege that Callon Marcellus (formerly Carrizo Marcellus) shorted them on royalty payments. The landowners sued, but Callon sold its assets in northeastern PA (to BKV) and engaged in a shell game to move the proceeds of that sale ($74 million) directly to the mothership, Callon Petroleum, as a way of avoiding liability to pay, just in case they lose the royalty lawsuit.
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Energy Services | Industrywide Issues | Kinder Morgan | New York | New York County | Pipelines | Tennessee Gas Pipeline | Westchester County
Kinder Morgan Begins Work on 2 of 3 East 300 Pipeline Compressors
Kinder Morgan issued its fourth quarter 2022 update yesterday. Among the news updates, we learned that work on two of three compressor station projects along the Tennessee Gas Pipeline in Pennsylvania and New Jersey (near New York City) is now underway. There was also some big news about top management shuffles. CEO Steve Kean is retiring, setting off a game of musical chairs (or musical ladders) with existing employees moving up the ladder at the company.
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Texas AG Sues EPA to Block New Bidenista Waters of U.S. Rule
Earlier this month, radical Bidenistas at the EPA announced they have rewritten a rule aimed at regulating all waters in the U.S., putting power over just about everything (including oil and gas drilling) into the federal government’s hands via WOTUS, or Waters of the United States (see EPA Makes Another Attempt to Regulate O&G via Waters of US). Although previous rewrites ended up in court, this is a brand new rewrite, which is within the power of any President to do. Given the abusive nature of this particular rewrite, as soon as the new rule was officially published in the Federal Register (yesterday), Texas Attorney General Ken Paxton filed a lawsuit in U.S. District Court in Texas to block the new rule.
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Henry Hub Price is Crashing – When Will it Go Higher Again?
Yesterday the NYMEX Henry Hub price for natural gas dropped 27.5 cents from the previous day to close at $3.31/MMBtu. It is the lowest settlement price in 19 months, since June 22, 2021. The reason for the crash in price is low demand. Digging further, there is low demand because (1) the weather is warm this winter (so far, anyway), and (2) some 2 Bcf/d of demand is still gone because the Freeport LNG export facility remains offline. The question is, when will demand, and the price, go higher again? And how much higher will it go this year and next? The U.S. Energy Information Administration weighs in on those questions.
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