Dominion Energy has formed a joint venture partnership with Interstate Gas Supply to form Wrangler Retail Gas Holdings. Dominion will, over the next three years, contribute all of its non-regulated retail energy marketing operations to Wrangler under the terms of the agreement. Wranger will operate a non-regulated natural gas retail energy marketing business.
Read More “Dominion Forms Gas Marketing JV, Unloading Non-Reg Biz”
Socialism is evil. It’s the same root political philosophy as Communism, leading to a society in which individual freedoms are stripped away–the very freedoms purchased at a high price by our ancestors with their blood and treasure. Want to know what’s at the end of the road for so-called socialism? Take a look at what’s been happening in Hong Kong under Chinese iron-fisted rule. And yet socialism (aka Communism) has spread through the environmental movement like a disease. Like the Black Plague. And now, many of our precious young people are contaminated and threaten to bring our society to its knees. Rhode Island is the perfect example.
Read More “Rhode Island Eco-Socialists Threaten State with NatGas Outages”
A few weeks ago MDN said the Marcellus/Utica produces more than twice as much natural gas as the Permian–33.3 Bcf/d in November for the M-U versus 16 Bcf/d for the Permian (see EIA Oct ’19 Drilling Report: Permian Gas Grows More than M-U). The Permian, an oil play, is a serious competitor to our region when it comes to gas production because when you drill for oil, gas comes out of the borehole too (associated gas). But the Permian is not the only play that potentially competes with the M-U on gas. There are other oil plays producing “associated gas.”
Read More “Where Does Most “Associated Gas” Come From?”
Thank you to MDN subscribers and readers yesterday who had to endure MDN website outages. Believe me, it was frustrating for me too! A quick update on the site moving forward, and what I’ve done to (hopefully) ensure what happened yesterday does not happen again.
Read More “A Note from Jim About MDN Website Issues”
MARCELLUS/UTICA REGION: PADD 1 distillate shortage threatens winter price spikes; OTHER U.S. REGIONS: Phasing out natural gas yields dubious benefits, but much economic pain; NATIONAL: The Trump administration begins the formal U.S. withdrawal from the Paris climate agreement; Disney Cruise Line orders LNG-fueled trio; KBR immune from shale slump during third quarter; Natural gas soars on cold-weather forecasts; The peak oil denier takes a victory lap; The cost of decommissioning wind turbines is huge; INTERNATIONAL: Fracking could start again as firm behind drilling tries to get ban overturned; Energy companies say the oil glut–and shrinking profits–aren’t over yet; Saudi Aramco starts IPO; OPEC sees its market share shrinking for years as shale triumphs.
Read More “Shale Energy Stories of Interest: Tue, Nov 5, 2019”
Dominion Energy released their third quarter 2019 update late last week. The company reports earnings of $975 million ($1.17 per share), an increase of 14.2% from the previous year. Dominion, as you may know, is a huge company involved in not only the pipeline business, but the utility business. They generate and deliver electricity to millions of customers. They deliver natural gas to millions of customers. The key issue right now for us with regard to Dominion is the status of their Atlantic Coast Pipeline (ACP) project. CEO Tom Farrell says that ACP is still a go.
Read More “Dominion Energy 3Q – Commitment to Atlantic Coast Pipe “Unwavering””
Gulfport Energy, one of the biggest drillers in the Ohio Utica Shale (210,000 acres), concentrates its drilling in the Ohio Utica and the Oklahoma SCOOP plays. Gulport’s third quarter 2019 update shows the company produced 1,527.0 million cubic feet equivalent per day (MMcfe/d) in 3Q19, up 7% from 1,427.5 MMcfe/d produced in 3Q18. The company lost $48.8 million (31 cents per share) in 3Q19. The biggest news, for us, is Gulfport’s announcement they are shopping some of their non-operated assets in the Ohio Utica.
Read More “Gulfport 3Q – Looking to Sell Non-Operated Utica Assets”
National Fuel Gas Company (NFG), headquartered in Western New York (near Buffalo), is the only remaining fully integrated energy company left in the Marcellus/Utica region–maybe in the country. Meaning they are the only company that drills for the energy (oil and gas), pipelines the energy they discover to market (midstream), and is also the utility company that delivers the energy to end users. Big company. Important company. NFG’s drilling arm is called Seneca Resources, and their pipeline/midstream arm is Empire Pipeline. Last Friday NFG issued its quarterly (and full year) update. Both Seneca and Empire got talked about.
Read More “NFG 4Q – Low Gas Price Good for Customers, Not for Company”
Before environmentalist wackos got really wacko in opposing *anything* remotely related to natural gas, including gas-fired powered plants, Competitive Power Ventures got their 680-megawatt CPV Valley Energy Center in Wawayanda (Orange County), NY approved and (eventually) built and online (see CPV Marcellus-Fired Elec Plant in Orange County Now Online!). Valley Energy Center encountered a LOT of resistance near the end, including some from Gov. Cuomo himself, who tried to get the already-operating plant shut down (see Judge Refuses to Shut Down Orange County, NY Gas-Fired Plant). Now the nearby Town of Newburgh (also in Orange County) wants to retire an old gas-fired power plant and build a new one right next to it. The wackos are already in overdrive against the Danskammer Energy project.
Read More “Battle Begins to Build Another NatGas Electric Plant Near NYC”
With friends like these, who needs enemies? Two utility companies–National Grid and Eversource, both operating in Massachusetts–are the primary customers for the gas that flows through the Spectra Energy/Enbridge Atlantic Bridge pipeline project. The last piece of that project is to build a compressor station in Weymouth, MA. National Grid and Eversource now say the Weymouth compressor is not necessary–they have enough gas without it. Thanks guys! You just screwed Enbridge royally.
Read More “2 Utilities Cut Enbridge Off at Knees re Mass. Compressor Station”
EdgeMarc Energy, headquartered in Canonsburg, PA (with 50,000 acres of Marcellus/Utica leases), filed for Chapter 11 bankruptcy in May, looking to sell all of the company’s assets (see EdgeMarc Energy Files for Bankruptcy, Blames Revolution Pipe). In October several EdgeMarc creditors asked the bankruptcy court judge to convert the Chapter 11 filing into a Chapter 7–which would liquidate and sell everything, in whole or in part, to the highest bidder (see EdgeMarc Creditors Ask Judge to Change Bankruptcy from Ch 11 to 7). EdgeMarc is fighting to keep the filing a Chapter 11.
Read More “EdgeMarc Tries to Stay in Chapter 11, out of Chapter 7 Bankruptcy”
This one really hurts. A true titan in our industry and all-around superb individual, Aaron T. Samson, died on Oct. 20 at age 59 following an accident. Samson was CEO of Moxie Energy, a company we’ve written plenty about over the years (see our Moxie stories here). Moxie has built a number of Marcellus-fired power plants in Pennsylvania. Aaron was personally, using his own hands, building a house for a close friend (at no cost) in Michigan when he fell, injuring himself, ultimately resulting in his death.
Read More “Moxie Energy CEO Aaron Samson Dies in Accident, Age 59”
MARCELLUS/UTICA REGION: Southwestern Energy offers to plug abandoned well in Tioga County, PA; Allegheny County Executive Rich Fitzgerald denounces Peduto’s anti-cracker plant stance; WVU Extension offers oil & gas program to high school seniors; OTHER U.S. REGIONS: Cheniere slips to loss in third quarter; Wyoming natural gas company responds to California blackouts; NATIONAL: Rig count takes another dive; The great shale fracking slowdown has arrived; ‘America First’? Kill the Jones Act; INTERNATIONAL: Denmark green lights Russia’s Nord Stream 2 gas pipeline; Britain orders immediate moratorium on fracking due to earth tremor concerns.
Read More “Shale Energy Stories of Interest: Mon, Nov 4, 2019”
EQT, the largest natural gas producing company in the U.S., issued its third quarter update yesterday–the first such update since Toby Rice took over as CEO of the company in July. There was a LOT of news coming out of yesterday’s update and conference call. Perhaps the biggest news is that EQT plans to whittle down its outstanding debt by $1.5 billion by selling its stake in Equitrans (formerly EQT Midstream), and by selling “noncore” assets outside of its wet gas operating area. That is, EQT is looking to sell its assets in southern West Virginia, Ohio and central Pennsylvania.
Read More “EQT 3Q – $1.5B in Assets for Sale, Including OH Utica, Equitrans”
Williams, one of the largest midstream (pipeline) companies in the U.S., released its third quarter update yesterday. The company has major operations in the northeast, including the Marcellus (mainly) and the Utica. Williams is the operator of the mighty Transco pipeline system that carries a significant amount of Marcellus gas south. The company wants to build a new 23-mile pipeline to the New York City/Long Island region, called the Northeast Supply Enhancement (NESE) pipeline, which is currently being blocked by both New York and New Jersey. We have news from yesterday’s 3Q update on NESE, Transco and the Williams northeast PA gathering system.
Read More “Williams 3Q – Still Targeting 4Q20 for NESE Pipeline to NYC”
As MDN reported in early October, so-called “activist investors” Elliott Management and D.E. Shaw want Marathon Petroleum (parent of MPLX, otherwise known as MarkWest Energy) to split itself into three separate companies, and a couple of other large shareholders called for Marathon CEO Gary Heminger to be fired (see Major Investors Pressure Marathon Petroleum to Split into 3 Cos.). Heminger and board member Greg Goff politely but firmly told Elliott, Shaw, et al to, in essence, buzz off (see Marathon/MarkWest Tells Activist Investor Co. Will Not Split). Looks like someone has to eat their words.
Read More “Partial Activist Victory: Marathon to Sell Speedway, CEO Retiring”