Other Stories of Interest: Mon, Nov 14, 2022
NATIONAL: What the mid-term elections mean for U.S. Energy; INTERNATIONAL: Saudi oil chief says OPEC+ will stay cautious on production.
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Looks Like FERC’s Glick is History – Manchin Won’t Hold Hearing
Richard Glick – likely gone from FERC after Dec. 31 It looks like Federal Energy Regulatory Commission (FERC) Chairman Richard “Dick” Glick is about to be out of a job. Glick, a Democrat and former wind lobbyist who is an extreme anti-pipeline radical, was first appointed to FERC under Donald Trump. He was nominated by Joe Biden for reappointment to a second five-year term in May (see Joe Biden Renominates Dick Glick for Another FERC Term). Just last week, the rumor mill around the D.C. swamp predicted a hearing would be held next week by the Senate Energy and Natural Resources Committee, chaired by WV Sen. Joe Manchin, to reappoint Glick (see Rumor: Dick Glick to Get Senate Renomination Hearing on Nov. 15). No more. Yesterday, Manchin’s office said there will be no hearing for Glick–not this year, anyway. Meaning Glick is out.
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Williams CEO Pressures FERC’s Glick to Approve NE Pipe Expansion NOW
This is rare. The CEO of Williams (Alan Armstrong), one of the largest pipeline (midstream) companies in the U.S. and on the planet, sent an open letter (an official filing) to the Chairman of the Federal Energy Regulatory Commission (FERC), Richard “Dick” Glick, using pretty abrupt language to tell Glick FERC needs to approve the Regional Energy Access expansion project by November 30th or the project WILL be delayed by a full year. The letter has the look and feel of an ultimatum.
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EQT Deal Sends “Responsible” M-U Gas to Canada’s Largest Gas Utility
EQT Corporation, the largest producer of natural gas in the U.S, has cut a deal to send 15 petajoules (PJ) of RSG (responsibly sourced gas) from the Marcellus/Utica to Canada’s largest natural gas distribution company, Enbridge Gas, over the next 12 months. This is a major deal. Running the numbers, 15 petajoules works out to be roughly 14 billion cubic feet (Bcf) of Marcellus/Utica gas.
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Energy Services | Equitrans/EQT Midstream | Greene County (PA) | Industrywide Issues | Monroe County | Ohio | Pennsylvania | Pipelines | Regulation | West Virginia | Wetzel County
FERC Accepting Comments on Draft EIS for OVCX Pipe in PA-WV-OH
Earlier this year, Equitrans Midstream announced it had filed a new pipeline expansion project with the Federal Energy Regulatory Commission (see Equitrans Files New $160M Pipe Expansion Project with FERC). Called the Ohio Valley Connector Expansion Project (or OVCX), the $160 million project will add compression along Equitrans pipelines in Pennsylvania, Ohio, and West Virginia that allow the company to flow an extra 350 MMcf/d (million cubic feet per day) of natural gas. It appears OVCX is Equitrans’ “plan B” if the ultimate horror happens and Mountain Valley Pipeline (MVP) can’t be completed. FERC recently issued a draft environmental impact statement (DEIS) and is accepting comments on that document (and the project) until Nov. 21.
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Energy Services | Eureka Resources | Industrywide Issues | Litigation | Pennsylvania | Regulation | Susquehanna County | Wastewater
Sen. Katie Muth’s Attempt to Block Dimock Wastewater Plant Dismissed
Pennsylvania State Senator Katie Muth’s attempt to block a proposed frack wastewater treatment plant in Dimock (hours away from her own district) has completely bombed out. Muth tried to challenge and block a permit for the plant, an effort which was mostly rejected in court back in June (see PA EHB Dismisses Senator’s Request to Block Dimock Wastewater Plant). The PA Environmental Hearing Board (EHB), a special court set up to hear challenges to Dept. of Environmental Protection (DEP) decisions, allowed Muth one final remaining way to continue her challenge–by claiming she has personal “standing” to challenge the permit as a resident of the state. In September, Eureka Resources, the builder of the facility, asked the court to quash her claim of standing (see Dimock Wastewater Plant Hits Back Against PA Sen. Katie Muth). The court granted Eureka’s request on Wednesday.
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Energy Companies | Equinor/Statoil | Hydrogen | Industrywide Issues | Pennsylvania | Shell | Statewide PA
PA Decides to Back Shell/Equinor Application for $1B Hydrogen Hub
How unfortunate. The political leaders of Pennsylvania (like West Virginia and Ohio) could not find it in their hearts to combine forces with the other Marcellus/Utica states and back a single application with the Dept. of Energy to attract one of the 6-10 regional hydrogen hubs the Bidenistas will dole out as part of the so-called Infrastructure bill passed last year (see Biden So-Called $1.2T Infrastructure Bill Passes Thanks to RINOs). PA has decided to put all of its chips on a proposal by Shell and Equinor (see Shell/Equinor/US Steel Make Their Own Play for Hydrogen Hub).
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Lease & Royalty Payments | Ohio | Pennsylvania | Statewide OH | Statewide PA | Statewide WV | West Virginia
Bounty Minerals, Focused on Marcellus/Utica, Files $100M+ IPO
We have chronicled a number of companies that buy royalty and/or mineral rights from landowners in the Marcellus/Utica over the years (see our previous stories about royalty mineral rights sales here). We’ve written about White Hawk Energy, Rising Phoenix Royalties, Kimbell Royalty, and Peregrine Energy. One company that is a big player in the M-U mineral buying space we’ve not talked about (hasn’t appeared on our radar) is Bounty Minerals. The company just appeared on our radar in a big way as it is filing to go public with an initial public offering (IPO) of $100 million, with the potential it could go to $200 million or more.
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Antero Resources | Bradford County | Carroll County | Chesapeake Energy | Columbiana County | Encino Energy | Energy Companies | EQT Corp | Hilcorp Energy | Marshall County | Ohio | Ohio County | Pennsylvania | Range Resources Corp | Southwestern Energy | Tyler County | Washington County | Weekly Permits | West Virginia | Wetzel County
43 New Shale Well Permits Issued for PA-OH-WV Oct 31-Nov 6
New shale permits issued in the Marcellus/Utica came roaring back during the week of Oct. 31 through Nov. 6. Both Pennsylvania and Ohio issued 13 new permits during that week. But what’s this? West Virginia issued a whopping 17 new permits! The prior week WV issued only a single new permit.
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Other Stories of Interest: Fri, Nov 11, 2022
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.
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Ascent Resources 3Q – Production Up 18%, Adds Extra Frac Crew
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.
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Alternative Energy | Industrywide Issues | Lease & Royalty Payments | Ohio | Pennsylvania | Statewide OH | Statewide PA | Statewide WV | West Virginia
M-U Co. Partners with Renewable Co. to Build Solar, Wind, Storage
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.
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ECA Marcellus Trust I Gives Investors 18 Cents per Unit in 3Q22
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.
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XNG Virtual Pipeline Getting More CNG Trailers from Hexagon
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.
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Gov-Elect Josh Shapiro’s Statements on Energy, Marcellus
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?
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Biden EPA Caught Colluding with Dark Money Eco Groups
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.
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