Yesterday Cabot Oil & Gas issued an operational update for 2019 that includes new guidance for 2020. Think of it as a sneak preview at the forthcoming quarterly update, due out Feb. 21. In the preview, Cabot says it will spend 27% less on drilling in 2020 than they did in 2019 due to the ongoing low price of natural gas.
Read More “Cabot O&G 2020 Sneak Preview: Spend & Drill Less, Flat Production”
Montage Resources provided a sneak preview yesterday for what to expect in 2020. You may recall Montage is the name of the company that resulted after the merger of Eclipse Resources with Blue Ridge Mountain Resources 11 months ago (see Blue Ridge Merges with Eclipse, Renamed to Montage Resources). Montage says it will drill 65% of its 2020 wells in the Ohio Marcellus. You read that right–the Marcellus play in Ohio!
Read More “Montage Resources 2020 Sneak Preview: More OH Marcellus Drilling”
Last week MPLX (i.e. MarkWest Energy) issued its 4Q and full-year 2019 financial and operating update, along with guidance on what to expect in 2020. MarkWest (as we call them, old habits die hard) has major operations in the Utica and Marcellus–via gathering pipelines and processing plants. MarkWest reports “significant year-over-year growth” in the M-U region, but predicts a slowdown in that growth in 2020.
Read More “MarkWest Says “Difficult to Forecast” Marcellus/Utica for 2020″
Pennsylvania House Bill (HB) 1100, aimed at attracting new petrochemical investment to the state, was voted on and passed by the full PA Senate yesterday–with some key changes. Gov. Tom Wolf (liberal Democrat) says he will veto the bill anyway–denying the state billions of private economic stimulus it could receive (see Gov Wolf to Veto Bill Attracting Cracker-Type Investment to NEPA). The bill was passed by a large bipartisan majority in both the House and Senate. House Speaker Mike Turzai issued an announcement calling on Wolf to sign the bill, for the benefit of all Pennsylvanians. Don’t hold your breath.
Read More “PA Senate Tweaks, Passes Bill Attracting Cracker-Type Investment”
The Ohio Supreme Court, on Christmas Eve, threw a lifeline to an effort to overturn an Ohio law that provides corporate welfare in the form of $1 billion of ratepayer (taxpayer) money to FirstEnergy, which recently changed its name to Energy Harbor (see OH Supreme Court Keeps Door Open to Reverse $1B Nuke Bailout). Last week the Supremes snatched the lifeline away and the current effort to block the $1 billion bailout is officially dead.
Read More “Legal Effort to Overturn FirstEnergy $1B Ohio Nuke Bailout Dead”
Listen up those interested in a new job working for the shale industry: JobNewsUSA.com is conducting an Oil, Gas, & Transportation Job Fair in Washington, PA on Feb. 27 at the DoubleTree by Hilton Hotel Pittsburgh – Meadow Lands. Among the companies that will be there recruiting: Chemoil Energy, Deep Well Services, EAP Industries, Halliburton, Keystone Clearwater Solutions, NPL Construction, ROC Service Company…and more!
Read More “Washington (SWPA) Job Fair Feb. 27 – Find a Shale Job!”
John Hess, CEO of oil giant Hess Corporation, had some interesting comments at the Argus Americas Crude Summit held yesterday in Houston, Texas. Among those comments is that while U.S. shale is important, it’s “not the next Saudi Arabia.” Hess says major oil shale plays will peak in the next few years and then decline. His strategy is to drill all he can in the Bakken, and then use the money to buy up offshore oil plays.
Read More “John Hess Says Shale Oil Close to Peak; Global Warming is Real”
MARCELLUS/UTICA REGION: Coal-fired electricity generation in New England and New York has diminished; Trump popularity reigns in Ohio county tying its future to natural gas; Students are celebrating a small victory after Penn announced it won’t invest directly in some fossil fuels; South Philly refinery sale delayed, and will not be resolved this week; Equitrans adds 2 energy execs to its board of directors; Chevron CEO talks about the decision to pull out of Appalachia; OTHER U.S. REGIONS: BJ Services testing natural gas-fired turbine for frac crews in Haynesville Shale; Activists against gas-fired power plants rally at State Capitol; NATIONAL: U.S. onshore gas, oil production to ‘calm…not cease,’ says TIPRO; ‘All-electric’ movement picks up speed, catching some off guard; INTERNATIONAL: Britain plans to ban sales of new gasoline cars by 2035, but details are fuzzy; Coronavirus has OPEC in a panic.
Read More “Shale Energy Stories of Interest: Wed, Feb 5, 2020”
Pennsylvania House Bill (HB) 1100, aimed at attracting NEW petrochemical investment to the state, is due to be voted on (and passed) by the PA Senate this week. Gov. Tom Wolf (liberal Democrat) has vowed to veto the bill–denying the state billions of economic stimulus it could receive. Why the veto? Your guess is as good as ours. Likely because it will encourage more use of PA’s abundant natural gas supplies, and that doesn’t sit well with radicalized enviro types.
Read More “Gov Wolf to Veto Bill Attracting Cracker-Type Investment to NEPA”
Yesterday we received a somewhat strange note from the Delaware River Basin Commission. We’re subscribed to receive communications from the DRBC relating to the PennEast Pipeline project. The DRBC note says that PennEast has withdrawn their application seeking permission from the DRBC to use or discharge water from the basin during the construction of the pipeline project. DRBC doesn’t quite know what to make of the request and says they are “currently reviewing the letter” and have “no additional comment at this time.” Oooo…chilly.
Read More “DRBC Miffed that PennEast Withdrew Application for Permission”
In January the Pennsylvania Dept. of Environmental Protection (DEP) finally, after more than a year, allowed Energy Transfer to restart the final bits of construction needed to complete the Mariner East 2 (ME2) pipeline project (see PA DEP Slaps Energy Transfer Again – $2M Fine re Mariner East 2). No one is happier to restart construction than the union members of Steamfitters Union Local 420.
Read More “SEPA Union Workers Eager to Return to Work on Mariner East Pipe”
T.C. “Mike” Chung, a professor of materials science and engineering in the College of Earth and Mineral Sciences at Penn State University has just received a three-year, $1.12 million federal grant to develop materials that allow natural gas to be stored at lower pressures, which in turn could lead to better fuel tanks for NG powered vehicles.
Read More “Penn State Gets $1.2M DOE Grant to Design Better NGV Fuel Tank”
According to our favorite government agency, the U.S. Energy Information Administration (EIA), the price of natural gas will, on average, remain below $4 per thousand cubic feet (Mcf) for (gasp)–the next 30 years. You read that right. Lower for longer is, according to EIA, the reality for the next full generation. EIA recently released its “Annual Energy Outlook 2020” (full copy below). In addition to low gas prices, EIA predicts that so-called renewables will eclipse natural gas in electricity production by 2050. We say: When pigs fly.
Read More “EIA Annual Energy Outlook 2020 Says Gas Under $4/Mcf Thru 2050”
Vermont U.S. Senator “crazy” Bernie Sanders along with New York Congresswoman Alexandria “occasional-cortex” Ocasio-Cortez introduced a breathtakingly fascist bill last Friday meant to strip away personal freedom and property rights by banning ALL hydraulic fracturing for oil and gas everywhere. Some of the ban would happen immediately–on all federal lands. The ban is complete and total on all private land within five years–by Jan. 1, 2025. Need we say more about whether or not you should vote for *any* Democrat in 2020?
Read More “Crazy Bernie & AOC Intro Bill to Ban ALL Fracking in 5 Years”
Last Thursday MDN editor Jim Willis had the pleasure of pre-recording an appearance on the radio program Shale Gas News, co-hosted by Jim’s friend Bill desRosiers (from Cabot Oil & Gas). We have the recorded segment below. In the interview, Jim offers up the main “threats” that he sees for the Marcellus/Utica (indeed all shale drilling) in 2020.
Read More “MDN on the Radio! Jim’s Top Concerns for M-U Shale in 2020”
MARCELLUS/UTICA REGION: Philly refinery’s former owner, Sunoco, files formal objection ahead of bankruptcy sale; Sanders’ proposed fracking ban would cost him Pennsylvania and probably the election; Veolia Water Technologies may close Moon Township office; Cabot to provide lunch at Susquehanna County Ag Day; OTHER U.S. REGIONS: Kean, Thompson slam Gov. Murphy’s energy master plan to shut off natural gas by 2050; Flurry of changes continue in Texas Gulf Coast gas markets; NATIONAL: U.S. crude oil and natural gas production increased in 2018, with 10% fewer wells; Elizabeth Warren’s gas royalties; US natural gas prices continue freefall this winter; Natural gas waits for spring; INTERNATIONAL: Natural gas won’t decarbonize shipping, but the fuel is here to stay; Cruise ships switching fuel to cleaner liquefied natural gas.
Read More “Shale Energy Stories of Interest: Tue, Feb 4, 2020”