NATIONAL: Strong demand for diesel leads to high prices, tight inventories; Dawson Geophysical says natural gas basins draw interest; Joe Biden takes his failed climate crusade worldwide.
Read More “Other Stories of Interest: Fri, Nov 11, 2022”
Ascent Resources, originally founded as American Energy Partners by gas legend Aubrey McClendon, is a privately-held company that focuses 100% on the Ohio Utica Shale. Ascent is Ohio’s largest natural gas producer (352,000 leased acres) and the 8th largest natural gas producer in the U.S. The company issued its third quarter update yesterday. Ascent averaged production of 2.34 Bcfe/d for the quarter, up significantly from the 1.98 Bcfe/d it averaged in 3Q21 (18% increase). Production was also up from the 1.97 Bcfe/d produced last quarter, 2Q22 (19% increase). Nearly all of Ascent’s production (94%) was natural gas, while the rest was oil and NGLs.
Read More “Ascent Resources 3Q – Production Up 18%, Adds Extra Frac Crew”
A press release issued yesterday announced the partnership between an Appalachian driller we aren’t familiar with, Oil Well Shares (OWS), and Canada-based OYA Renewables to form a joint venture called Chrysalis Energy. The new company will use OWS’s 1.5 million leased acres across Pennsylvania, Ohio, and West Virginia to build solar farms, wind farms, and “energy storage infrastructure projects.” We have some thoughts about this partnership and how it may impact landowners.
Read More “M-U Co. Partners with Renewable Co. to Build Solar, Wind, Storage”
ECA Marcellus Trust I, the royalty interest holder in some of the wells drilled and maintained by Greylock Energy in Greene County, PA, announced it will issue a payout (the equivalent of a dividend) to unitholders of 18 cents for 3Q22. That is the highest payout we’ve seen since we’ve been actively tracing it quarter by quarter. The company continues to hold back some profits ($90,000 in 3Q22) in order to build a cash reserve.
Read More “ECA Marcellus Trust I Gives Investors 18 Cents per Unit in 3Q22”
MDN editor Jim Willis lives in the Binghamton, NY, area. While traveling local highways and local town roadways, he often sees XNG tractor-trailers passing through the area (like the one pictured at left). XNG (Xpress Natural Gas) is a “virtual pipeline” company, compressing and hauling CNG (compressed natural gas) to customers in the northeastern United States. The company has a major depot in Montrose, PA, not far from MDN HQ, compressing and then transporting Marcellus gas to customers that don’t have the benefit of using pipelined gas. XNG has just ordered more CNG trailers.
Read More “XNG Virtual Pipeline Getting More CNG Trailers from Hexagon”
In our opinion, Pennsylvania voters made a major mistake in electing Attorney General Josh Shaprio as their next governor (see Red Tsunami that Wasn’t – Repubs May Take House, PA Biggest Loser). But that ship has now sailed. We must now deal with what is, not what might have been (sad as that is). We have pointed out in many posts over the years that Shapiro as AG targeted Marcellus companies, attempting to turn industrial accidents into crimes years after the fact (see our Shapiro stories here). Actions always speak louder than words. However, Shapiro did offer words of nominal support for the Marcellus industry during his candidacy. What has he said about energy and the Marcellus? And how will we know whether he truly supports the industry or not?
Read More “Gov-Elect Josh Shapiro’s Statements on Energy, Marcellus”
EPA Administrator Michael Regan, who President Joe Biden picked to lead the agency in early 2021, has been every bit the radical we feared he would be. An investigation by Fox News Digital found Regan has held secret meetings with the leaders of Big Green groups–including the Natural Resources Defense Council (NRDC) and League of Conservation Voters (LCV)–groups that actively seek to destroy the U.S. fossil fuel industry and are funded with foreign “dark money.” If this were a different administration and Donald Trump’s EPA was found to be having secret meetings anti-renewable energy organizations, it would be plastered on the front page of every newspaper in the land–for weeks. But Regan meeting with and colluding with these foreign-backed groups? Not a peep.
Read More “Biden EPA Caught Colluding with Dark Money Eco Groups”
NATIONAL: NPGA among groups calling for rail system stability; INTERNATIONAL: COP27 world’s dash for natural gas endangers climate goals.
Read More “Other Stories of Interest: Thu, Nov 10, 2022”
We sincerely thought yesterday’s election would have a far better turnout. We’re trying not to despair, but it’s hard. New York State is lost. It’s gone. Overrun with crime and zero prospects for fracking–ever. It’s time to leave NY (we never thought we would say it, but we’re giving up on NY). The Pennsylvania Marcellus industry is now in for four very hard years under Gov. Josh Shapiro. We warned you he would come for the Marcellus. We’ll be here to chronicle it. And John Fetterman? What a disaster. He’s never even held a real job, he can’t speak in complete sentences–and he’s your new U.S. Senator. A full-fledged Communist. PA–you will now get what you deserve. Tough words of tough love.
Read More “Red Tsunami that Wasn’t – Repubs May Take House, PA Biggest Loser”
EQT has sued its own (former) law firm, Baker Botts, and one of the partners at the firm, for allegedly giving the company bad advice with respect to the Hammerhead Pipeline gathering system owned by Equitrans Midstream (EQT’s former subsidiary). The lawsuit seeks at least $1 million in damages. Baker Botts is based in Texas, so the lawsuit was filed in the 61st District Court in Harris County, TX. Hammerhead is a $555 million, approximately 190-mile gathering system created by Equitrans to gather EQT’s production in southwest PA and haul it (64 miles) to Mobley, WV, where it will connect with the Mountain Valley Pipeline (MVP) and EQT’s Ohio Valley Connector pipeline (see EQT Midstream Plans 1.2 Bcf/d Hammerhead Pipeline to Feed MVP).
Read More “EQT Sues Baker Botts Law Firm Over Pipeline Deal”
Enerplus is based in Calgary, Alberta (Canada). It is a Canadian energy company. And yet the company has just announced the sale of its remaining Canadian assets located in Alberta and Saskatchewan to Surge Energy Inc. on Nov. 2 for CA$245 million (US$180 million). The reason for the sale? Enerplus wants to focus most of its time and effort (and money) on drilling in the Bakken Shale in North Dakota. However, Enerplus does maintain (and wants to continue) an active position in the Marcellus Shale, in northeastern Pennsylvania.
Read More “Enerplus Sells Rest of Canada Assets – Focus on Bakken, Marcellus”
The Catholic nuns of Lancaster County’s Adorers of the Blood of Christ are still, all these years later, trying to shake down Williams for more money because of a pipeline that runs underneath a cornfield owned by the sisters (hence our nickname for them). Using lawyers from Big Green groups, the nuns argued their “religious beliefs” were offended by the pipeline because it flows a nasty, filthy fossil fuel that causes global warming. We’ve lost track of how many lawsuits the sisters have filed, using OPM (other people’s money). The most recent lawsuit, filed in the Philadelphia-based U.S. Third Circuit Court of Appeals, was just shot down by the court.
Read More “Lancaster Sisters of the Corn Pipe Shakedown Rejected by Fed Court”
Howard Energy Partners (HEP) is a midstream/pipeline company that owns and operates natural gas and crude oil pipelines, natural gas processing plants, refined products storage terminals, deep-water dock and rail facilities, fractionation facilities, hydrogen production facilities, renewable diesel logistics facilities, and other related midstream assets in Texas, New Mexico, Oklahoma, Pennsylvania, and Mexico. The company owns more than 600 miles of natural gas gathering pipelines with some 100+ of those miles located in the PA Marcellus. Yesterday, Alberta Investment Management Corporation (AIMCo) announced it has purchased a controlling interest (87%) in HEP. AIMCo is the new owner.
Read More “HEP Gathering Pipeline in NE Pa. Gets a New Canadian Owner”
CNX Resources has done it again. Earlier this week CNX announced a deal to provide “abated” methane to New Frontier Aerospace, Inc. (NFA) to fuel NFA’s soon-coming hypersonic passenger jets. The NFA concept is beyond cool. The jets will take off and land vertically, fly at 5,000 miles per hour, covering up to 8,000 miles in just two hours. How about a trip from New York City to London in a little over 40 minutes?!
Read More “CNX to Provide Carbon-Negative Methane for Hypersonic Jet”
Once a month, the analysts at the U.S. Energy Information Administration (EIA) grab the official Henry Hub pricing dart board and play a quick game to determine what price they will predict for the average Henry Hub spot price for natural gas for the rest of this year, and an average price for all of next year. Two months ago (in September), EIA predicted in its Short-Term Energy Outlook (STEO) that the Henry Hub average price for natural gas in the fourth quarter of this year would hit $9/MMBtu, and the average for all of 2023 would be around $6/MMBtu (see Sept. EIA STEO Predicts $9 NatGas in 4Q22, $6 NatGas for 2023). The darts were flung again last week and this time landed on $6/MMBtu for 4Q22 and $5.46 for 2023.
Read More “Nov. EIA STEO Slashes Prediction for NatGas to $6/MMBtu in 4Q”
MARCELLUS/UTICA REGION: Pace Analytical Services adds four locations in Pennsylvania; OTHER U.S. REGIONS: Cheniere cleared to put shuttered Sabine Pass LNG tank back in service; NATIONAL: Kerry says Republican victory will end climate aid; Environmental groups push Interior to delay oil lease sales.
Read More “Other Stories of Interest: Wed, Nov 9, 2022”