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CNX Underwrites Office Space for Nonprofits, Small Biz in SWPA
We continue to be impressed with CNX Resources and its CEO Nick DeIuliis. CNX and the CNX Foundation are having a huge impact on the southwestern Pennsylvania (and tri-state) region where the company operates. In the past, we’ve told you about CNX and the work it is doing supporting underserved communities and populations in the tri-state region with $30 million in donations (see CNX Walks the Walk – Shows Disadvantaged Kids Path to Self Worth). CNX has done it again. This time the company is using some of its own office space, leasing it on the cheap as a “co-working” space for nonprofits and small minority and women-owned businesses in southwestern PA to use.
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Anti-fossil fuel zealots in Massachusetts are taking aim at a small “peaker” power plant that would generate up to 55 megawatts of electricity purely as a backup. The plant will be off most of the time, yet antis are attacking the plant like it’s radioactive. The small peaker plant is planned for Peabody, MA. The ultramodern plant (very low emissions) would be located next to two older peaker plants. Yet antis claim (falsely) that it will exacerbate problems in that region that “already experience higher rates of cancer, chronic kidney disease, chronic obstructive pulmonary disease, coronary heart disease and stroke.” A fake report from the Massachusetts Climate Action Network says the peaker, which will be off most of the time, will make it worse for those living in the region.
MARCELLUS/UTICA REGION: ‘Shalennial’ US gas salesman wants to kill global coal; Aging gas lines to be replaced across Bluefield; OTHER U.S. REGIONS: Offshore CCS projects could breath new life into Gulf of Mexico; Massachusetts wind power project ‘no longer viable’; NATIONAL: Manchin: Biden’s coal comments are ‘divorced from reality’; Shell and GE Gas Power pursue LNG decarbonisation path using hydrogen; U.S. electric-generating capacity for combined-cycle natural gas turbines is growing; INTERNATIONAL: COP27: rich countries should help pay for global warming elsewhere; Fracking firms plan £1bn legal fight over UK fracking ban.
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 
Pennsylvania House Bill (HB) 1059 is legislation to provide $142 million annually in state tax credits for several purposes, including clean hydrogen hubs, use of natural gas, semiconductor manufacturing, and milk processors. HB 1059 was approved by both the state Senate and House last week and sent along to Gov. Tom Wolf for his signature (see 
In June, seemingly out of nowhere, a plan to build an LNG export facility on the banks of the Delaware River south of Philadelphia made big headlines in Philly (see 
Rumors are circulating on Capitol Hill that the Senate Energy and Natural Resources Committee is eyeing Nov. 15 for Federal Energy Regulatory Commission (FERC) Chairman Richard “Dick” Glick’s confirmation hearing for a second five-year term. We sincerely hope those rumors are wrong. 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 last May (see 
On Tuesday, the co-CEO of Energy Transfer, Marshall McCrea, went on an extended rant during the company’s quarterly update about Joe Biden’s energy policies and the Bidenistas in federal agencies who are attacking the fossil fuel industry. McCrea compared Biden’s policies to a sitcom, like a Saturday Night Live skit. McCrea said, “I mean, my goodness, if this doesn’t seem like a sitcom or Saturday Night Live skit, it’d be funny if it wasn’t so tragically sad. I guess we’re kind of tired of being attacked in the fossil-fuel business.” His comments triggered something. We think we know the genesis of McCrea’s comments comparing Biden to an SNL skit. Last weekend, just before Halloween, SNL ran a faux Halloween movie trailer about Biden running in 2024. It is *hysterically* funny. The skit skewers not only Biden, but other potential 2024 candidates, including Kamala Harris, Beto O’Rourke, Pete Buttigieg, Bernie Sanders, and (yes) even Hillary Clinton! You know when the left turns on itself and uses humor to destroy its own candidates, it’s all over and done.
Something of an improvement from last week’s new permits report when there were only 11 new permits. For the week of October 24-30, there were 28 new permits. But not because of the return of new permits in Pennsylvania. Instead, Ohio was the shining light. PA reported 11 new permits, all of them in Lycoming County, with seven going to Repsol and four going to Inflection Energy. Ohio issued 16 new permits, with Encino Energy grabbing six, Southwestern Energy getting five, and Ascent Energy receiving four. Finally, WV had a single new permit, for Tug Hill Operating (soon to be EQT), in Wetzel County.
Love is a verb–an action. And actions speak loudly–more loudly than words. Chesapeake Energy issued its third quarter update yesterday. The company is big and getting bigger with each quarter. Chessy produced 4.1 Bcfe/d in 3Q. The company operated an average of 16 rigs in 3Q, drilling 58 wells and placing 50 wells online to production. Chesapeake is currently operating 13 rigs, including five in the Marcellus, two in the Eagle Ford, and six in the Haynesville. The company plans to add a seventh Haynesville rig by the end of November. Actions speak louder than words. The company drills more in the Haynesville, indicating it loves that play more.
Gulfport Energy, the third-largest driller in the Ohio Utica Shale (by the number of wells drilled), emerged from bankruptcy in May 2021 with a new board and new top management. By September of last year, rumors began circulating that the company was shopping itself for sale (see 
Last December, Columbia Gas Transmission pre-filed with the Federal Energy Regulatory Commission (FERC) to build the Virginia Reliability Project that will add 100 MMcf/d of incremental capacity on Columbia’s system to serve delivery points in southeast Virginia, namely Virginia Natural Gas (see