Pieridae Delays Future LNG Exports from Goldboro N.S.
Canada’s Pieridae Energy, planning to build the Goldboro LNG project in Nova Scotia, announced in April it would not make a final investment decision (FID) to build the $10 billion project until “conditions improve” (see Pieridae Delays FID on Nova Scotia Goldboro LNG Export Project). Pieridae has a contract with German utility Uniper to deliver LNG beginning late 2024/early 2025. That timeline has now changed too.
Read More “Pieridae Delays Future LNG Exports from Goldboro N.S.”
After positive feedback from our inaugural weekly drilling permits report last week (see 
MARCELLUS/UTICA REGION: Pa. lawmakers discuss coronavirus during Think About Energy Forum; NATIONAL: Tetco explosion, more production cuts send natural gas futures blasting past $2/MMBtu; Natural gas breaks $2.00 on upside rally and next target; U.S. energy-related carbon dioxide fell by 2.8% in 2019, slightly below 2017 levels; This could be the beginning of a tremendous oil rally; Oil at $30 may be enough to revive shale activity, say drillers; Oil majors delay deals amid volatile crude prices, lockdowns; INTERNATIONAL: TC Energy says natural gas flows (so far) unaffected by COVID-19; The 2020 oil crash’s unlikely winner: Saudi Arabia; Trump told Saudi: Cut oil supply or lose U.S. military support.
A major announcement yesterday from both Shell and National Fuel Gas Company (NFG) says Shell has cut a deal to sell all of its remaining Appalachian assets, which includes 450,000 acres and some 350 producing M-U shale wells along with pipeline assets, to NFG for $541 million. The deal is expected to close by the end of July.
It pains us to report this, but there has been another explosion of Enbridge’s Texas Eastern Pipeline Company (TETCO) pipeline in Kentucky. Last August one of the TETCO lines exploded in Lincoln County, Kentucky, killing one and sending six to the hospital (see 
We won’t lie, this news turns us red hot with anger. The sleazy Pennsylvania Attorney General, Democrat Josh Shapiro (who wants to ingratiate himself with wacko leftists because he’s running for governor) has just forced Inflection Energy to pay $40,000 to three Big Green groups as penance for an accident that allowed frack wastewater to escape into an unnamed creek. Inflection had to cop to committing a crime and pay money to groups seeking to destroy the company. THIS IS OUTRAGEOUS!
If an upstream (drilling) company with a long-term pipeline contract files for bankruptcy, does that give the company the right to break their pipeline contract? A major shipper on the Rockies Express (REX) pipeline, Ultra Resources, is expected to file for bankruptcy very soon. REX is concerned Ultra may claim its bankruptcy is a “get-out-of-the-contract free” card. REX has asked FERC to preemptively “assert its jurisdiction” as the arbiter of whether or not companies like Ultra can skip out of contracts.
Oilandgaspeople.com was established 10 years ago to connect job seekers with companies looking to employ them, throughout the oil and gas industry. Oilandgaspeople.com has been merged into a new site called 
Josh Fox, the propagandist who made the Gasland fictional documentary bashing natural gas (see 
Range Resources issued its first-quarter 2020 financial and operational update late last week. The company reported net income significantly increased to $145 million in 1Q20, up a staggering 10,117% from $1.4 million in 1Q19. Production averaged 2.3 billion cubic feet equivalent (Bcfe) per day, approximately 70% natural gas (the rest NGLs). Range says production in 2020 will stay about the same as 2019, yet they will only operate one drilling rig and one fracking crew in 2020 to maintain that level of production.
Cabot Oil & Gas, which is one of, perhaps the best-run shale drillers in the Marcellus/Utica, issued its first-quarter 2020 update on Friday. Cabot generated $53.9 million in net income in 1Q20 and $49.8 million in free cash flow (down from $308.4 million in free cash flow from 1Q19). Cabot is one of (the only?) natural gas drillers with five consecutive years of generating free cash flow. What’s ahead for Cabot in 2020 and beyond?
Southwestern Energy issued its first-quarter 2020 update on Friday. The company reported total production of 201 billion cubic feet equivalent (Bcfe) in 1Q20, which includes 1.7 Bcf/d of gas and 83,000 barrels per day of liquids. That’s up more than 10% from 1Q19’s 182 Bcfe, but down slightly from 4Q19’s 208 Bcfe. Southwestern reported a net loss of $1.5 billion, almost all of which was due to an impairment charge of $1.48 billion (in other words, it was a paper loss). The company made $594 million in profit in 1Q19.
Late last week National Fuel Gas Company (NFG), the parent company of Marcellus/Utica driller Seneca Resources, issued its second-quarter (everyone else’s first quarter) financial and operational update. The company’s natural gas production increased 10.7 billion cubic feet (Bcf), up 24%, due primarily to production from new Marcellus and Utica wells completed and connected to sales. The production increase is all the more impressive because Seneca curtailed (shut-in) 2.7 Bcf of natural gas production during the quarter due to lower spot prices at sales points in Pennsylvania.
Last year at this time the EQT’s then-management team was locked in a heated battle with the Rice boys–Toby and Derek Rice–who wanted to boot the existing management team and run the company themselves. EQT’s management at the time delayed the annual meeting until July (see