MDN Upstream Index (MUI) – Jan 17, 2023
The most recent day of active trading was Fri., Jan. 13, 2023. The numbers below reflect Friday’s closing numbers. (There was no trading yesterday.)
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Other Stories of Interest: Tue, Jan 17, 2023
OTHER U.S. REGIONS: When Joe Biden says no, Florida says go; NATIONAL: Produced water recycling approach attracts international attention; Borton-Lawson joins top ENR firm Verdantas; Bullish signals for oil, but not for natural gas; INTERNATIONAL: Canada adds another 38 rigs; What will be the top theme for oil and gas in 2023?; European gas slumps to 16-month low on strong supply outlook; Germany opens its 2nd liquefied natural gas terminal; Russian gas will eventually return to Europe as nations forgive and forget.
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MDN Off for MLK Day – Jan 16, 2023
Dear MDN Reader:Since it is a stock exchange holiday, and to honor the memory of Dr. Martin Luther King, Jr., MDN is taking today off, Monday, Jan. 16. Full strength MDN will return Tuesday!
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FERC Approves Transco $950M Northeast Expansion Pipe Project
In March 2019, MDN told you about a new Williams 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 Williams Announces Transco Competitor to PennEast Pipe in NEPA). The project, called the Regional Energy Access Expansion (REAE) project, was aimed at competing with the PennEast Pipeline project by flowing gas from northeastern Pennsylvania to the Trenton, NJ, area. PennEast got canceled after stiff opposition from liberal state officials in New Jersey. REAE is also facing opposition in NJ (see Williams’ PennEast Pipe Competitor Hits a Brick Wall in New Jersey). However, after a looooong and winding road, the Federal Energy Regulatory Commission (FERC) on Wednesday approved the project. This is a MAJOR victory!
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$150M Manufacturing Plant Coming to WV, Cites M-U NGLs as Reason
Some exciting news out of West Virginia to share. During last evening’s State of the State address, WV Gov. Jim Justice announced TCL Specialties, a subsidiary of TCL (Thirumalai Chemicals Limited), which is based in India, will break ground this month for two manufacturing facilities in Marshall County, West Virginia. The company will invest $150 million to build the first (of three) phases, manufacturing chemicals and food ingredients. And guess what most of the feedstock (raw inputs) will be for these new plants? NGLs (natural gas liquids) from the Marcellus/Utica.
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API 2023 Plan for Congress Includes 4.6 Bcf/d of New M-U Pipes
On Wednesday, the American Petroleum Institute (API) held an event in Washington, D.C., to unveil (and talk about) the organization’s 2023 plan for Congress that will “Make, Move and Improve American Energy.” Several members of Congress spoke along with API CEO Mike Sommers. One of the big topics of discussion at the event is the need for pipeline permitting reform, NOW, in this Congress. The API report (full copy below) says there is enough demand to send another 4.6 Bcf/d (billion cubic feet per day) of natural gas into northeastern markets–and we could and would have been doing just that if not for canceled pipeline projects due to lawsuits, delays, and government opposition.
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Accidents | Energy Companies | Industrywide Issues | Lycoming County | Pennsylvania | Pennsylvania General Energy | Pipelines | Regulation
PA Fish & Boat Commission Fines PGE for Muddy Water in Loyalsock
Pennsylvania General Energy (PGE) is constructing a natural gas pipeline, a freshwater pipeline, and facilities to withdraw fresh water at a site along the Loyalsock Creek, north of Montoursville in Lycoming County, PA. The company’s work resulted in a sediment plume that appeared in Loyalsock Creek for several miles downstream of the construction site, caused by the failure of erosion and sediment controls following a heavy rainstorm. The state Dept. of Environmental Protection (DEP) issued notices of violation (NOVs) on three separate occasions from September to November (see PA DEP Dings PGE 3rd Time for Causing Muddy Water in Loyalsock Creek). Yet it was the PA Fish & Boat Commission that just announced a settlement with PGE for creek pollution.
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Accidents | Energy Services | Energy Transfer Partners | Industrywide Issues | Pennsylvania | Pipelines | Washington County
Revolution Processing Plant Xmas Explosion Caused by Leaky Valve
Energy Transfer’s Revolution Pipeline cryogenic plant (click for larger version) Residents living in the vicinity of Energy Transfer’s Revolution Pipeline cryogenic plant in Bulger (Washington County), PA, got a surprise “present” on Christmas morning. Around 7:30 am, residents report hearing an explosion, followed by a fire, at the plant used to separate NGLs (natural gas liquids, including ethane, propane, and butane) from the raw gas stream that flows through the Revolution gathering pipeline (see ET Revolution Cryogenic Processing Plant Explodes in PA on Xmas). We told you earlier this week the plant has resumed “partial operations” (see Revolution Cryogenic Plant Partially Restarts Following Explosion). While an investigation into the matter is still ongoing, a preliminary report says the explosion occurred when a defective valve released a vapor cloud of natural gas liquids from one section of the plant and ignited.
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Moody’s Predicts Drillers Will Spend 10-15% More in 2023
In a recently issued report, Moody’s Investor Service predicts that while upstream oil and gas spending on capital expenses will come in lower than the levels seen between 2015 and 2019, spending in 2023 will be higher, by 10-15%, than it was last year. Upstream capital spending is set to reach $460 billion to $480 billion in 2023. As you might imagine, more than half of the increase is needed just to cover the cost of Bidenflation–not because there’s actually more drilling being done.
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Bidenistas Caught in Their Own Lies re Banning Gas Stoves
Earlier this week, we reported that the hard-left Bidenistas who control the U.S. Consumer Product Safety Commission (CPSC) are floating a trial balloon that they want to ban natural gas stoves, forcing you (if you have one) to replace it with an electric stove at a cost of around $1,400 (see Bidenistas Make a Run at Banning Natural Gas Stoves Nationwide). The stated reason for forcing a change is that gas stoves supposedly emit cancer-causing, and asthma-causing, chemicals. There are roughly 50 million gas stoves in use in homes across the U.S. There was such an uproar over this news that the White House and the CPSC appeared to walk back their comments. But did they, really?
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Antero Resources | Apex Energy | Ascent Resources | Belmont County | Coterra Energy (Cabot O&G) | Energy Companies | Gulfport Energy | Inflection Energy | Jefferson County (OH) | Lycoming County | Monroe County | Ohio | Pennsylvania | Southwestern Energy | Susquehanna County | Weekly Permits | West Virginia | Westmoreland County | Wetzel County
23 New Shale Well Permits Issued for PA-OH-WV Jan 2-8
New shale permits issued for Jan. 2-8 in the Marcellus/Utica included 14 new permits in Pennsylvania, 8 new permits in Ohio, and just 1 new permit in West Virginia. The top recipient of permits for last week was Apex Energy, grabbing 6 permits to drill on a single pad in Westmoreland County, PA. Right behind Apex was Coterra Energy with 5 permits to drill on a single pad in Susquehanna County, PA. Opposite sides of the state.
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MDN Upstream Index (MUI) – Jan 13, 2023
The most recent day of active trading was Thurs., Jan. 12, 2023. The numbers below reflect yesterday’s closing numbers.
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Other Stories of Interest: Fri, Jan 13, 2023
MARCELLUS/UTICA REGION: Utica Shale Academy seeking $2.4M to expand footprint; Observers hopeful about common ground between PA governor, legislature; Biden used Univ. of Pennsylvania to launder Chinese money, Shapiro ignored it; NATIONAL: It’s basically spring for the natural-gas market; Banning gas stoves gets Americans’ blood boiling; INTERNATIONAL: What will OPEC do in 2023?; Will oil hit $100 per barrel in 2023?
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Fed EPA Issues Draft Permit for New Brine Injection Well in PA
Proposed injection well schematic (click for larger version) Yesterday the U.S. Environmental Protection Agency’s Mid-Atlantic Region announced it has issued a draft permit to build and operate an underground brine wastewater injection well in Young Township (Jefferson County), Pennsylvania. The EPA plans to hold an online hearing on Feb. 13 to elicit public feedback on the proposed well. By our count, this will be the 17th wastewater injection well in the state (compared to more than 100 in Ohio).
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Chesapeake Energy | Energy Companies | Energy Services | EQT Corp | Equitrans/EQT Midstream | ESG | Industrywide Issues
EQT, Chessy, Equitrans Form M-U Methane Monitoring Club
Yesterday, Chesapeake Energy, EQT, and Equitrans Midstream launched what the three companies call the Appalachian Methane Initiative (AMI), a coalition committed to further enhancing methane monitoring throughout the Appalachia Basin with an aim to reduce methane emissions throughout the region. Is this yet another certification scheme to prove methane leakage is low?
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LG&E Takes Kentucky Arboretum to Court to Build Tiny Pipe
In May 2021, MDN told you that Louisville Gas and Electric Company (LG&E) had won Kentucky state approval to build a new 12-inch, 12-mile pipeline near Louisville to supply gas to homes and businesses that can’t connect to LG&E’s local natgas utility system because it is currently maxed out (see Pass the Jim Beam! Judge Clears Way for Gas Pipe Near Louisville, KY). The local Bernheim Arboretum has resisted attempts to build across three-tenths of one percent (0.028%) of Arboretum land–along an existing cleared path where electric lines already go (see KY Utility Hints at Defunding Local Arboretum Blocking New Pipe). The U.S. Army Corps of Engineers granted a permit for the full 12-mile pipeline, including across Arboretum land, in September of 2021 (see Pass the Jim Beam! Army Corps Issues Pipeline Permit for KY Forest). Yet the fossil fuel haters running the Arboretum refuse to allow construction. So it’s off to court…
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