EQT Issues 2020 ESG Report, Claims Net Zero by 2025 “or Sooner”
Yesterday EQT, the largest natural gas producer in the U.S., released its annual Environmental, Social and Governance (ESG) Report, outlining the company’s 2020 operational data and initiatives aimed at improving the way EQT produces “environmentally responsible,” reliable, and low-cost energy. Additionally, EQT announced targets to achieve net zero Scope 1 and 2 so-called greenhouse gas (GHG) emissions in its production operations by or before 2025–less than four years away.
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One of the driving forces behind the whole ESG (environmental, social, governance) push that aims to force oil and gas companies to foreswear using the very product they extract from the ground is what we called pimple-faced Millennial investors. Kids who grew up watching Captain Planet cartoons–and believing what they watched. A form of mind-control and brainwashing. A sharp investment expert has analyzed investing for ESG and proves it’s a sham. It’s a fraud. It’s the “Great Wall Street Money Heist”…
All three Marcellus/Utica states received permits to drill new shale wells last week. Pennsylvania issued 9 new permits, all but one of them for the same well pad in Greene County. Ohio issued 3 new permits, two on a single pad in Monroe County. And West Virginia issued just 1 new permit last week–to a company we had not previously heard of.
MARCELLUS/UTICA REGION: Shale Academy preparing for upcoming school year; OTHER U.S. REGIONS: Driftwood LNG enters into long-term lease with Lake Charles; Tellurian weighs ‘business combination’ to aid upstream plan tied to Driftwood LNG; Texas upstream employment continuing to rise, with job count up sharply; New Mexico becomes No. 2 crude producer; NATIONAL: Former Texas driller shifts focus to plugging old wells; Biden-backed carbon border tax faces fight from developing world; SEC commissioner says exec. comp should be tied to ESG; Cummins to produce natural gas fuel delivery systems; INTERNATIONAL: Oil prices advance as OPEC+ deals with setback; Limited prospect of global LNG market softening in 2022.
On June 3 we published a post posing the question of whether or not the U.S. Army Corps of Engineers would delay the already-years-delayed Mountain Valley Pipeline (MVP) for yet another year (see 
The price of natural gas for the NYMEX futures contract (July) based on the price at the benchmark Henry Hub, hit a new, 30-month high yesterday closing at $3.62/MMBtu. But that’s not even the biggest news. The spot price of natural gas at multiple locations across the country (including the Marcellus/Utica) is cooking, largely due to the hot temps in both the Pacific Northwest and the East Coast. The cash price at Algonquin city-gates (Boston area) rose about $1 to trade at $4.87/MMBtu, while Transco Zone 6 NY (New York City area) was up 79 cents at $3.93/MMBtu. Cove Point LNG (exports 100% Marcellus molecules) cash prices climbed 66.5 cents to $3.845.
Earlier this month MDN told you that the Federal Energy Regulatory Commission (FERC), under the direction of Chairman Richard “Dick” Glick, had hit the pause button on finishing up final approvals so the agency can take the next six months to complete full environmental impact statements (EIS’s), gauging whether or not five pipeline projects will cause too much mythical, man-made global warming (see 
Politicians derive their power from touching *your* money. They love to take money out of one of your pockets, handle it (siphon some of it off for themselves and their favorite cronies), and then put some (not all) of it back into another of your pockets–all while telling you that you should enjoy the violation you’ve just received. This is the elaborate hoax Pennsylvania Gov. Tom Wolf and those who want to slap an insane, regressive carbon tax on all Pennsylvanians are attempting with the Regional Greenhouse Gas Initiative (RGGI)–a carbon tax aimed at eliminating coal-fired power plants and vastly reducing the number of Marcellus-fired power plants.
For the past year or more DUCs (
We’re always jazzed when we unearth information related to the Marcellus/Utica nobody else has yet discovered or highlighted. We think we’ve found something interesting related to a recently updated spreadsheet maintained by the U.S. Energy Information Administration (EIA). On Friday the EIA published a post to trumpet the news that 19 “liquids” pipeline projects are “moving toward completion in 2021.” In reviewing the list we discovered two projects related to the M-U in 2021, and a third M-U project coming in 2022. All three have an impact on the ability of M-U drillers to move NGL’s out of our region to higher-paying markets.
According to Bloomberg, the world’s importers of natural gas are waking up to a stark realization: “there isn’t enough supply to go around.” Our long, cold winter (so much for “global warming”) coupled with a warm and toasty summer has (a) depleted natural gas supplies, and (b) will keep those supplies low going into next winter. Despite all the blabbering from Europe and Asia about switching to so-called renewable energy sources, the stark fact is that natural gas supplies more heat and electricity to the world than any other single source. Period. Sooner or later the left must deal with reality and pull their collective heads out of their… fantasies.
There is no denying that permits issued to drill new wells in all of the Marcellus/Utica, including Ohio, have gone down over the past couple of years. Price is the main reason–the low price of natgas, that is. Even with all of the lower drilling budgets, less drilling, and (yes) layoffs, we spotted a statistic about Ohio that gives us encouragement. According to JobsOhio, the state’s economic development agency, “about 200,000 Ohioans are employed by the oil and gas industry.” That’s great news!
One of our main criticisms with what is supposed to be real scientific inquiry in recent years is that real science–observation and testing to verify a hypothesis–has been replaced by computer models of what “may” or is “likely” to be true. We have yet another case in the form of a study recently published by a Syracuse University researcher who says using computer models he can prove regular old conventional oil and gas drilling is just as bad for methane migration into water supplies as horizontal shale fracking. The researcher claims there’s not a dime’s worth of difference–that both are bad for groundwater supplies.
As we have pointed out more than a few times, one of the biggest problems we have with so-called ESG (environment, social, governance) programs lauded by the oil and gas industry, including those in the Marcellus/Utica, is the lack of an objective standard. Anyone can define ESG any way they want. In fact, last week we published an article in which the president at LNG Europe Institute for Methane Fuels (based in Austria) said, “ESG is an utter waste of space and money to provide a bunch of expensive consultants with ‘good for nothing’ jobs and also to provide cover for managers of mainly public companies” (see