MDN Upstream Index (MUI) – Feb 13, 2023
The most recent day of active trading was Fri., Feb. 10, 2023. The numbers below reflect Friday’s closing numbers.
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Other Stories of Interest: Mon, Feb 13, 2023
MARCELLUS/UTICA REGION: West Virginia House OKs $105M for battery plant after debate; NATIONAL: RBN’s five-year natural gas market outlook; INTERNATIONAL: OPEC urges countries to invest significantly more in oil; Baltic nations go LNG hunting; IEA calls special meeting as gas crisis ‘not over’.
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FERC Finally Grants OK for Freeport LNG to Begin Loading Ships
Tuesday of last week, Freeport LNG, which has been out of operation since an explosion and fire in June 2022, asked the Federal Energy Regulatory Commission (FERC) for permission to begin re-introducing feedgas back into one of three liquefaction “trains” (units) at the facility. A day later, FERC agreed, and small amounts of gas began to flow (see FERC Approves Freeport LNG Request to Reintro Feedgas to 1st Train). Last Wednesday (a day later), Freeport said it was ready to begin loading ships with the LNG it’s producing and asked FERC for permission to do so. Yesterday FERC finally granted permission for loading ships–although Freeport still does not have permission to place any of its three LNG “trains” back into service officially. Not yet, anyway.
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Rich Negrin Assumes Role of PA DEP Secretary with No Senate Hearing
We spotted an article chronicling a visit to Pennsylvania by the Dept. of Interior Secretary Deb Haaland yesterday. She was there to tout money flowing to the Keystone State from the so-called Infrastructure bill in order to plug old abandoned oil and gas wells. What was interesting about her visit was not that she was there to promote the Bidenista agenda and proclaim how great the doddering old fool (her boss) is. The interesting thing is who was by her side: Rich Negrin. You may recall newly minted liberal Democrat Gov. Josh Shapiro nominated Negrin to be the next Secretary of the Dept. of Environmental Protection (DEP) just about 30 days ago (see Josh Shapiro Nominates Former NFL Player to Head PA DEP). So far, the State Senate has not held any hearings nor taken any votes on his nomination. Yet he is now the Acting Secretary of DEP, fully in charge.2/11/23 UPDATE: We have the inside scoop from a former Secretary of DEP as to how this works–the process for new heads of departments taking on the Acting role, the customs and traditions for how it is handled in PA. Please see the bottom of this article.
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PA Sen. Gene Yaw Sounds Off on Tardy Shale Permits, Other Issues
PA Sen. Gene Yaw Pennsylvania Senator Gene Yaw, who chairs the Environmental Resources and Energy Committee, recently had a sit-down with the editors of his hometown newspaper, the Williamsport Sun-Gazette. Yaw was “agitated,” according to the editors, worked up over the fact PA has an abundance of shale gas but can’t get it to market due to a lack of pipelines. He was also bent out of shape over the continuing issue of permit delays for new shale drilling by the state Dept. of Environmental Protection (DEP). Yaw says if the DEP can’t get its act together and approve simple permits for things like erosion and sedimentation control, the permits should (after a certain number of days) be automatically issued.
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Sen. Yaw Exposes Total Media Blackout on Philadelphia LNG Hearing
Last October, the Pennsylvania Senate Environmental Resources and Energy Committee held a hearing in Philadelphia about potentially locating an LNG export facility there. The country’s largest natural gas producer, EQT, showed up to discuss the key role gas has played in reducing emissions here at home and the role it could play in helping other countries reduce their emissions. Labor unions were there to talk about the jobs that would be created by such a facility. Penn LNG, the company that wants to build such a facility (and has lined up $6.4 billion so far to make it happen), was there too. But you didn’t know about it–because the event was ghosted by “mainstream” media.
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PA Court Hears Argument that RGGI Carbon Tax Creates MORE Emissions
Attorneys for both the Pennsylvania Dept. of Environmental Protection (DEP) and those representing gas-fired power plants were in PA Commonwealth Court on Wednesday. DEP’s attorneys argued the court should toss a lawsuit brought by the power-generating industry against an obscene carbon tax called the Regional Greenhouse Gas Initiative (RGGI) that DEP is trying to force on the state. Power generators argue in their lawsuit that RGGI will actually lead to MORE carbon pollution rather than less.
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CNX Issues Extensive Proved Reserves Update, Added 32 Wells in 2022
click for larger version CNX Resources issued an update on its reserves yesterday. Of particular interest to most folks (in particular investors) are “proved reserves,” which are volumes of oil and natural gas that geologic and engineering data demonstrate with reasonable certainty to be recoverable in future years from known reservoirs under existing economic and operating conditions. CNX says proved “developed” reserves at the end of 2022 were 6.2 Tcfe (trillion cubic feet equivalent). However, total reserves, which include Proved, Probable, and Possible Reserves (3P), equaled 11.7 Tcfe.
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Antero Resources | Ascent Resources | Belmont County | Bradford County | Doddridge County | Energy Companies | Gulfport Energy | Marshall County | Ohio | Olympus/Huntley & Huntley | Pennsylvania | Repsol | Tug Hill Operating | Weekly Permits | West Virginia | Westmoreland County
26 New Shale Well Permits Issued for PA-OH-WV Jan 30-Feb 5
New shale permits issued for Jan. 30 through Feb. 5 in the Marcellus/Utica were about half the number of the week before, but the week before was a recent record high. There were 26 new permits issued in total last week, including five new permits for Pennsylvania, six new permits for Ohio, and 15 permits issued in West Virginia. Which is a turnaround from previous months. Lately, WV has puttered along with just a few (if any) each week. Last week WV issued eight new permits to Antero Resources and seven new permits to Tug Hill Operating.
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MDN Upstream Index (MUI) – Feb 10, 2023
The most recent day of active trading was Thu., Feb. 9, 2023. The numbers below reflect yesterday’s closing numbers.
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Other Stories of Interest: Fri, Feb 10, 2023
OTHER U.S. REGIONS: Rhode Island climate goals may require statewide ban on new gas hookups; NATIONAL: As natural gas prices tumble, new worries for U.S. shale patch; For carbon-capture projects, storage risks require decades of monitoring; INTERNATIONAL: Cuadrilla owner takes $157m hit from fracking moratorium; Why taxing cow burps isn’t the best climate solution; China powers up use of liquefied natural gas.
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Canadian Bitcoin Operator Completes Purchase of WNY Gas-Fired Plant
Last September, the New York Public Service Commission (PSC), which oversees and regulates public utilities, approved the takeover of the Fortistar gas-fired power plant in North Tonawanda, NY, a town close to Niagara Falls, by Canadian crypto mining company Digihost. In December, the Federal Energy Regulatory Commission (FERC) offered its blessing too. All of which prompted the radicals of Earthjustice, representing two other disgusting radical groups–the Sierra Club and Clean Air Coalition of Western New York–to sue (see Green Radicals Sue NYS for Approving Niagara Falls Bitcoin Plant). Fortunately, the lawsuit didn’t stop the transfer, which happened yesterday. Digihost now owns the facility.
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Range 4Q Production Hits 2.2 Bcf/d, Proved Reserves Hit 18.1 Tcfe
A pair of announcements yesterday gave us a little peek into the numbers Range Resources will release later this month as part of its quarterly update. In one update, Range (the very first driller to sink a Marcellus well back in 2004) reported averaging 2.2 billion cubic feet equivalent per day (Bcfe/d) for production in the Marcellus/Utica region during the fourth quarter of 2022. A separate announcement said Range’s proved reserves for all of 2022 hit 18.1 trillion cubic feet equivalent (Tcfe), up 2% over the prior year.
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Marcellus Landowners Surprised by Reactivation of Expired Leases
Have you ever heard of reviving an expired lease through retroactive pooling and unitization? We sure hadn’t. But apparently, it’s a thing in the Marcellus region. According to the legal beagles at Pittsburgh energy law firm Houston Harbaugh, in some cases, landowners with leases that were expired are being notified those leases are now part of an amended (back-dated) declaration of pooling, which shows a date prior to the lease expiring.
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New England Once Again Burns Dirty Oil, Coal to Keep Lights On
Please don’t tell us politicians like Massachusetts Gov. Maura Healey and U.S. Senator Elizbeth “Pocahontas” Warren give a fig about global warming and carbon emissions. Their actions, along with the actions of other Democrat politicians, have blocked new natural gas pipelines into New England that would supply low-emission fuel to generate electricity for the region. When it gets brutally cold, as it did Feb 3-5, New England turns to burning oil and (yes) coal in order to keep the lights on for residents. It happened in December, and it happened again in February. So much for caring about Mom Earth. The actions of New England politicians speak so much louder than their many lying words…
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Lawmakers at State of Union Burst Out Laughing at Biden Oil Comment
Did you happen to catch President Biden’s State of the Union show? We didn’t. We couldn’t hack watching a doddering old fool spout nonsense for more than an hour. But we did catch the highlights from the speech. One highlight, in particular, was really funny. Biden was bashing Big Oil for “record profits” (he’s such a fool), and then, much to the horror of his handlers, Biden went off script and said that “We’re going to need oil for at least another decade.” The entire chamber erupted in laughter at such an asinine statement, which caught the old fool off guard, so he quickly added, “…and beyond that.”
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