Williams 1Q20 – Critical NESE Pipe Deadlines Next 30 Days
Williams, the midstream/pipeline giant with major operations and assets in the Marcellus Shale, released its first-quarter update and held a conference call with analysts yesterday. The company wrote down the value of several projects, including the Constitution Pipeline, which led to a paper loss of $518 million in 1Q20. That’s the bad news. The good news is that the Marcellus (which Williams calls its Northeast G&P segment) saw revenues rise 23% in 1Q20.
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Dominion Energy issued its first-quarter 2020 update yesterday showing the company had a paper loss (due to impairments) of $270 million in 1Q. Given the company wrote down $2.6 billion worth of assets, losing $270 million on paper seems pretty darned good. Dominion is a BIG company with lots of different businesses. It is a midstream/pipeline company, a power generation company, and a utility delivering power to end-users. Lots of fingers, lots of pies. The one thing we were looking for in this update is new info about the company’s 600-mile Atlantic Coast Pipeline (ACP) from the Marcellus/Utica to Virginia and North Carolina.
In September 2017 to much fanfare, CSX (railroad company) announced the opening of its new Pittsburgh Intermodal Rail Terminal in McKees Rocks, PA. The new facility is a truck and railroad transloading facility connecting southwestern Pennsylvania to markets across the country and around the world. CSX said at the time, “The Pittsburgh intermodal terminal is the last key component of CSX’s National Gateway Initiative, an $850 million public-private partnership designed to create a highly efficient network of double-stack rail and intermodal terminals, connecting East Coast markets to consumers, manufacturers and businesses in the Midwest.” That was then, this is now.
Two weeks ago MDN told you about Virginia Natural Gas (VNG) and their request for state permission to build 24 miles of new pipeline and two new compressor stations (expanding a third compressor), connecting to the mighty Transco pipeline system to flow Marcellus/Utica gas to the northeast Va. region (see 
The Trump Administration listens. And acts. Two weeks ago Marcellus/Utica drillers and members of Congress from western Pennsylvania lobbied the Trump Administration for changes to the CARES Act (Coronavirus Aid, Relief, and Economic Security Act) to allow M-U drillers to participate (see 
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 
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