MDN Upstream Index (MUI) – Mar 7, 2023
The most recent day of active trading was Mon., Mar. 6, 2023. The numbers below reflect yesterday’s closing numbers.
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Other Stories of Interest: Tue, Mar 7, 2023
NATIONAL: USA drops more rigs; The Inflation Reduction Act is very good at one thing; NH’s methane-powered T6 tractor hits the market; INTERNATIONAL: Chevron CEO says natgas markets fundamentally changed by war; GALACTIC: The first 3D printed rocket.
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Ohio O&G Commission Moves Rapidly to Lease State Land for Drilling
Last week MDN told you about a presentation by the Muskingum Watershed Conservancy District (MWCD) to the Ohio Oil & Gas Land Management (OGLM) Commission, a commission established years ago to lease state-owned land for shale drilling (see Shale Drilling Safe and Successful on Ohio Public Lands for Years). The OGLM dragged its collective feet, FOR YEARS, and finally, the state legislature had enough and passed a law bypassing the OGLM until it can get its act together (see OH Gov. Signs Bill Expanding Drilling in State Parks, NatGas “Green”). The new law lit a fire under the OGLM, which has adopted a standard lease and is proposing the legislature adopt tweaks to allow for higher royalties and a bidding process.
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Pro-Fossil Fuel, Anti-ESG Investor Seeks Nomination for President
Indian-American Vivek Ramaswamy, the conservative co-founder of the anti-ESG Strive Asset Management investment company (based in Ohio), delivered a rousing speech over the weekend at the annual Conservative Political Action Conference (CPAC) in Washington, D.C. In his speech, Ramaswamy said he would pull the U.S. out of the “religion” of climate cultists who insist that carbon dioxide is a pollutant and that we must end the use of fossil energy. As an added bonus, Ramaswamy said if elected, he would end American businesses doing business with and in China.
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PA State Sen. Yaw Proposes Creation of Independent Energy Office
PA State Sen. Gene Yaw Pennsylvania State Sen. Gene Yaw (Republican from Lycoming County), the Majority Chair of the Senate Environmental Resources and Energy Committee, announced last week that he intends to introduce legislation to establish an Independent Energy Office (IEO). The IEO would be established along the same lines as state’s successful Independent Fiscal Office (IFO). The IEO would, like the IFO, be a neutral agency that does not support or oppose the policies it analyzes.
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Leftist Dems Trot Out PA Severance Tax for Umpteenth Year in a Row
Once again, the lie machine that is the left, hellbent on destroying the Marcellus Miracle in Pennsylvania, is floating the idea of a Marcellus-killing severance tax. The big question is whether or not they will get the man THEY elected to office, Gov. Josh Shapiro, to go along with their insane plan to kill the Marcellus via high severance taxes. When Shapiro unveils his first state budget tomorrow, we’ll know the answer to that question. In the meantime, the wackadoodle machine cranked up its severance tax calls (once again, for the umpteenth year in a row) via the Pennsylvania Budget and Policy Center, a partisan, leftist propaganda outfit with zero credibility.
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Bidenistas Want to Axe Responsible Gas Certs, Create New Standard
The Bidenistas have taken notice that shale companies are beginning to use various private NGOs to certify the production of natural gas as responsible. There are currently four such independent certification authorities. The effort is picking up steam, and the Bidenistas don’t like the fact they are not in control. They can’t call the shots and determine what is and what is not “green enough” for them. So the Bidenistas are “holding talks” to try and establish a national (international) standard. Are they talking to the existing four certification authorities? No. They’re talking with “global energy companies and foreign officials in an effort to set standards for certified natural gas.” Yeah, the Bidenistas are talking with our competitors and our enemies to establish a new standard. Typical.
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Shell’s New CEO Changes Course, Says Cutting O&G Bad for Everyone
Shell CEO Wael Sawan Shell’s previous CEO, Ben van Beurden, went soft and in 2021, said he believes in the not-too-distant future Shell will not be in the oil and gas business but instead in the so-called renewables business, including hydrogen (see Shell CEO Admits Defeat – Says Fossil Fuels on the Way Out). Fortunately, van Beurden retired at the end of last year. Since Jan. 1, Shell’s new CEO has been Wael Sawan, who said last week that cutting oil and natural gas production is “not healthy” for consumers. What a breath of fresh air!
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MDN Upstream Index (MUI) – Mar 6, 2023
The most recent day of active trading was Fri., Mar. 3, 2023. The numbers below reflect Friday’s closing numbers.
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Other Stories of Interest: Mon, Mar 6, 2023
OTHER U.S. REGIONS: Southwest Louisiana gas pipeline projects targeting LNG export demand; NATIONAL: U.S. LNG exports flat despite Freeport LNG partial restart; Hot USA LNG labor market incoming; INTERNATIONAL: Russia set to mothball damaged Nord Stream gas pipelines.
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PA Shale Production & Drilling Tumble in Latest IFO Qtly Report
Yesterday the Pennsylvania Independent Fiscal Office (IFO) released its latest quarterly Natural Gas Production Report for October through December 2022 (full copy below). There were 136 new horizontal wells spud (drilled) in 4Q22, a decrease of 18 wells (-12%) compared to 4Q21. Natural gas production volume was 1,856 billion cubic feet (Bcf) in 4Q22, down a big 100 Bcf (-5.1%) from 4Q21. It is the fourth quarterly decrease in production in a row (comparing the same quarters year-over-year). Sadly, 4Q22 production was also down from 3Q22–by 1.2%.
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Investor EIG Buys 25% of Repsol Upstream Ops, Including Marcellus
Spanish-owed Repsol owns 214,000 net acres of leases in the Marcellus Shale, primarily located in northeastern Pennsylvania in Bradford, Susquehanna, and Tioga counties. Early last year (in January 2022), Repsol closed on a deal to buy Rockdale Marcellus out of bankruptcy for $222 million, adding Rockdale’s acreage and wells to Resol’s portfolio (see Sale of Rockdale PA Assets to Repsol Closes – $220M Cash, $2M Debt). However, Repsol is a big company with operations far beyond the Marcellus. Repsol operates around the world in 25 countries, covering upstream, midstream, and downstream. Repsol’s upstream operations are both onshore and offshore in 15 countries! Here’s some new news, at least for us…
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EOG Drilling Handful of New Wells in Ohio Utica in 2023
In 2020, EOG Resources, one of the largest oil and gas drillers in the U.S. (with international operations in Trinidad and China), sold *all* of its Marcellus assets, which were located in Bradford County, PA, to Tilden Resources for $130 million (see EOG Resources Sells Marcellus Assets for $130M, Exits Basin). EOG left the M-U building. But the company couldn’t stay away. Last November, we told you that EOG admitted to stealthily amassing 395,000 net acres in the Ohio Utica for very little money (see EOG Resources Accumulates 395K Acres in Ohio Utica for Under $500M). EOG calls its new position the “Ohio Utica combo play.” How much drilling does EOG plan to do in its Ohio assets in 2023?
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WV Bill Promoting New Gas-Fired Power Plants Debated in House
West Virginia Senate Bill (SB) 188, the Grid Stabilization and Security Act, 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. While there was a lot of early momentum to pass the bill, it came to a screeching halt early last week in the House of Delegates (see WV Bill Promoting New Gas-Fired Power Plants Suddenly Derailed). The state’s powerful coal lobby does not like some of the language in the bill, which stalled progress. However, the measure is once again moving in the House. There was a vigorous debate yesterday in the House about whether or not to fold SB 188 into a similar House bill aimed at promoting more coal use in the state.
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Shale Drilling Safe and Successful on Ohio Public Lands for Years
In January of this year, Ohio Gov. Mike DeWine signed House Bill (HB) 507 into law, a new law that expands the ability to drill for oil and gas in state parks and also legally redefines natural gas as a source of “green energy” (see OH Gov. Signs Bill Expanding Drilling in State Parks, NatGas “Green”). The new law has torqued off the radical left in the state. You would think from the comments by greenies that drilling on and under public land will be the end of days. Except we have a shining example of successfully and safely drilling shale wells on Ohio public lands for years: The Muskingum Watershed Conservancy District (MWCD).
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Universal Hydrogen Completes First Flight of Hydrogen Regional Airliner
click for larger version Yesterday something remarkable happened. Universal Hydrogen Co. flew a 40-passenger regional airliner using hydrogen fuel cell propulsion for 15 minutes. The airplane, nicknamed Lightning McClean, reached an altitude of 3,500 feet. Universal Hydrogen converts existing aircraft to use hydrogen fuel cells. It’s an innovative approach and (from our perspective) holds the most promise of (eventually, in many years) replacing jet fuel. Fuel cell technology cuts out huge batteries, which are impractical in airplanes.
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