Did Russian Cyberattack Cause Freeport LNG Explosion & Fire?
Two weeks ago the second-largest LNG export terminal in the U.S., Freeport LNG located near Galveston, Texas, experienced an explosion and fire (see Explosion Rocks Freeport LNG Export Plant – Offline for 3 Weeks). Initially, Freeport officials said the plant and its 2 Bcf/d of LNG production would be offline for “at least” three weeks. Last week we got the bad news that Freeport will be offline until September, at which time it may partially return to service. Full service at Freeport is not expected until the end of the year (see NYMEX NatGas Down 20% in Single Day on Freeport LNG Bad News). Until now we thought the explosion was just an accident or random equipment failure. However, credible sources are suggesting the explosion may have been caused by Russian hackers.
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The board of directors at Southwestern Energy Company voted to authorize the company to buy back $1 billion of its own stock. The buyback program will run from now until the end of 2023. The aim of stock buyback programs, as well as dividends, is to put more money into the pockets of investors. In the case of a stock buyback, each outstanding share (after the buyback) becomes a little more valuable. Southwestern is attempting to make its stock attractive for investors. This morning SWN share prices were trading around $6.91, up 47% year-to-date. On June 1 it was higher–trading at $9.64.
President Joe Biden is getting grumpy and thin-skinned in his old age. He thinks oil drillers and refineries should get up and tap dance on cue when he says so, even though he wants to bankrupt them and put them out of business a few years down the road. Leftwing media is catching on that the Bidenistas can’t demand more output now, requiring investments in the billions, while sending the loud message the same companies will be out of business in a few years as renewable nirvana takes hold (see 
In March the U.S. Securities and Exchange Commission (SEC) said it will begin to force all publicly traded companies to disclose their so-called greenhouse gas (GHG) emissions and the imaginary climate risks their businesses face (see 
MARCELLUS/UTICA REGION: Giuliani says make NY ‘best fracking state’ in US; Tankers divert to Trinidad, Maryland after Freeport LNG blast; OTHER U.S. REGIONS: Venture Global and EnBW sign LNG sales and purchase deals; Exxon in talks with U.S. to bring forward Golden Pass LNG expansion; NATIONAL: Easing heat, ‘monumental reshaping’ of supply fuels more losses for natgas; As crucial test looms, Big Greens are under fire; INTERNATIONAL: These are the largest energy companies by market cap right now.
Tug Hill Operating is focused on acquiring, exploring, developing, and producing oil and natural gas in the onshore U.S. with a primary focus on the Marcellus Shale in the Appalachia Basin (Southwest Appalachia in West Virginia, and Northeast Appalachia in Pennsylvania), Eagle Ford Shale in South Texas, Niobrara Shale in the Rockies region, and other select basins and formations. According to sources speaking with Reuters, Tug Hill is looking to divest its West Virginia assets for $5 billion.
Wrapping up the coverage of the recent Hart Energy DUG East Conference, Pittsburgh Business Times reporter Paul Gough pulled together comments by various speakers on the topic of LNG and whether or not the Marcellus/Utica can and will benefit from a growth in American LNG exports. Opinions by some of the biggest drillers in the M-U diverged on this topic.
In March the U.S. Securities and Exchange Commission (SEC), corrupted by the Bidenistas, said it will begin to force all publicly traded companies to disclose their so-called greenhouse gas (GHG) emissions and the imaginary climate risks their businesses face (see 
Have you been watching the NYMEX Henry Hub futures price? It’s been dropping like a rock since last week when a fire caused Freeport LNG and its 2 Bcf/d of exported LNG to go offline (see 
Today, June 20th, is a stock exchange and bank holiday. Juneteenth is a federal holiday in the U.S. commemorating the emancipation of enslaved African Americans. Juneteenth marks the anniversary of the announcement of General Order No. 3 by Union Army General Gordon Granger on June 19, 1865, proclaiming freedom for enslaved people in Texas. Originating in Galveston, the holiday has since been celebrated annually on June 19 in various parts of the United States, often broadly celebrating African-American culture. The day was first recognized as a federal holiday in June 2021, when President Joe Biden signed the Juneteenth National Independence Day Act into law.