Allegheny County | CNX Resources | Energy Companies | EQT Corp | Industrywide Issues | Jobs | Pennsylvania
CNX Gets More Diverse – Working with Minority-Owned Co. EQT Dumped
Yesterday, CNX Resources, Bettis Brothers, and The Bus Stops Here Foundation announced a partnership intended to bring greater awareness and access to opportunities in the natural gas industry to disadvantaged urban and rural communities in the Pittsburgh region. Does the Bettis name ring any bells? It should. Pittsburgh-based IntegrServ, a trucking company partly owned by former Pittsburgh Steeler Jerome Bettis, filed a federal lawsuit last summer against EQT claiming discrimination against his company (a minority-owned company) after EQT canceled a contract worth some $66 million (see Trucking Company Sues EQT for Racial Bias, Canceled $66M Contract).
Read More “CNX Gets More Diverse – Working with Minority-Owned Co. EQT Dumped”
Another week, another rig count to share with you. As we often point out, rig counts go up and down each week, so it’s good not to get too wrapped up in the “up one week down the next” narrative. After the rig count crashed to historic, all-time lows last year (due to the pandemic and price war from Russia and Saudi Arabia), we began to report more frequently on the rig count. It has become an early indicator for the pace of our country’s economic recovery.
On Monday of this week we reported about natural gas withdrawals from underground storage for the week ending Feb. 12, which were the twelfth largest on record since 2010 and the biggest one-week withdrawal in the past two years (see 
OTHER U.S. REGIONS: Texas natural gas production fell by almost half during recent cold snap; Port Canaveral to welcome first liquified natural gas-powered cruise ship in North America; NATIONAL: EIA: US weekly LNG exports increase; New postal delivery vehicle omits natural gas option; Americans can’t afford president Biden’s green obsession; Jennifer Granholm sworn in as energy secretary; INTERNATIONAL: Macquarie launches WaveCrest Energy to develop LNG markets in Asia, Latin America.
Yesterday Cabot Oil & Gas issued its fourth-quarter and full-year 2020 update. Cabot continues to be one of the few drillers that consistently makes a profit quarter after quarter, year after year–even during a downturns like what happened in 2020. Although down from 2019, in 2020 Cabot made just over $200 million in net income. They drilled 74 wells, completed 86 wells, and produced an average of 2.3 billion cubic feet equivalent per day (Bcfe/d) last year.
Range Resources issued its fourth-quarter and full-year 2020 update yesterday. Range was the very first driller to sink a Marcellus well, back in 2004. The company currently owns ~460,000 acres in the M-U, most of it in the “wet gas” region which produces higher-profit NGLs. Range made $38 million in net profit during 4Q20, but lost $712 million for the entire year. However, the yearly loss is better than 2019 when Range lost $1.7 billion (heading in the right direction).
In December MDN brought you the news that the Pennsylvania Dept. of Environmental Protection (DEP) is proposing and seeking comments on changes to the state’s Chapter 105 (water obstructions and encroachments) permit (see 
More than six years ago a group of landowners in Wayne County, Illinois sued the state for its refusal to grant permits to drill and frack in the New Albany Shale deposit. Over the years the case morphed and the plaintiff became Next Energy, LLC, which acquired the leases to explore and develop the shale under the landowners’ property. The huge news is that the U.S. Supreme Court has taken an active interest in the case and is demanding the Illinois Attorney General file a response to the case–a key indicator the Supremes are leaning toward hearing the case.
Cheniere Energy operates two huge LNG export facilities–one in Sabine Pass, Louisiana, the other in Corpus Christi, Texas. Cheniere is the #1 LNG exporter in the U.S. Yesterday the company issued its fourth-quarter and full-year 2020 update. The company said it secured over 4 million tonnes of LNG supply deals during 4Q20. While the company took a hit with canceled cargoes during the pandemic, Cheniere expects 2021 to rebound and be a banner year. Why do we care? Because a significant quantity of Marcellus/Utica gas flows to the Cheniere facilities for export.
The Gas Exporting Countries Forum (GECF) is an international governmental organization providing a framework for exchanging experience and information among member cuntries. The GECF is a gathering of the world’s leading gas exporting countries and was set up as an international governmental organization with the objective to increase the level of coordination and strengthen the collaboration among its members. GECF publishes an annual report called Global Gas Outlook 2050 (full copy below) that provides long-term energy projections based on assumptions regarding macroeconomic conditions, energy prices, and policies. The most recent report, issued yesterday, makes a startling prediction.
Yesterday Equitrans Midstream, formerly EQT Midstream, delivered its fourth quarter and full-year 2020 update. A key focus for the company is completing the 303-mile Mountain Valley Pipeline (MVP) project from Wetzel County, WV to Pittsylvania County, VA. Company officials yesterday expressed confidence they will get the balance of the 92% already-completed project done and fully online by the end of this year. That is terrific news indeed!
Yesterday Equitrans Midstream issued its 4Q and full-year 2020 update (see today’s lead story). There was discussion during the Q&A portion of yesterday’s Equitrans conference call referring to the company’s recent request to the Federal Energy Regulatory Commission (FERC) to change the type of stream crossing process it can use at 120 locations to cross 181 water bodies and wetlands so it can complete the Mountain Valley Pipeline (MVP) project this year.
Our headline is a bit cryptic, so we’ll explain right up front that G&P stands for gathering and processing. In pipeline giant Williams’ latest update (covering 4th quarter and full-year 2020) company reps said the Northeast G&P unit “continues to come on very strong producing record results and contributing $29 million of additional EBITDA this quarter.” They also said Northeast (namely Marcellus) gathering volumes grew by 7% in 4Q, and processing volumes grew by 9%.
In 2016 Crestwood Equity Partners formed a joint venture with New York City’s largest utility company, Consolidated Edison Inc., to operate a critical link of pipelines and storage facilities in the heart of the Utica/Marcellus, called Stagecoach Gas Services (see 
You have to hand it to Pennsylvania State Sen. Gene Yaw, he sure knows how to set off the crazies in the Keystone State. Yesterday Yaw issued a fantastic op-ed saying if Gov. Wolf gets his bizarre Regional Greenhouse Gas Initiative (RGGI) carbon tax adopted, Pennsylvanians can look forward to power outages like those recently experienced in Texas, which happened in large part because of the failure of “renewable” energy sources like windmills. Yaw’s comments have the lefties yammering away to “correct” Yaw’s non-standard and non-approved speech.