TC Energy Sells Columbia Midstream M-U Assets to UGI for $1.28B
Exactly three years ago, TransCanada Corporation (now renamed TC Energy) completed a deal to buy out and merge in Columbia Pipeline Group for $10 billion (see TransCanada and Columbia Pipeline Tie the Knot Today). Columbia (now TC Energy) owns significant assets in the Marcellus/Utica region. Yesterday TC Energy announced it is selling some of those M-U assets to PA-based utility UGI for $1.275 billion.
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Global warming fundamentalists certainly are a persistent lot. They can’t win elections, and they can’t force state or federal legislatures to pass laws banning pipelines (and shale drilling), so they do the next best thing. They twist our own court system against us in an attempt to block pipelines. Which has worked to some degree, at least in the northeast. The aim is to block all pipelines everywhere, eventually. Even in Texas. One of the ways antis attack the ability to build pipelines is by challenging what they pejoratively call “quick take” eminent domain–the right for a pipeline company to access and build a pipeline on property ahead of actually settling how much money the landowner will receive (in the case of landowners who refuse to negotiate).
In May the U.S. Environmental Protection Agency (EPA) published a draft report titled “Study of Oil and Gas Extraction Wastewater Management Under the Clean Water Act” (see 
MARCELLUS/UTICA REGION: PA, NY, NJ shortchange Delaware River Basin Commission budget $1.1 million; Dear New Yorkers complaining about no gas; It’s your governor, stupid!!; Gas agreement readies Mahoning County, OH for next shale boom; Analysts say Philadelphia refinery, shut down after fire, unlikely to find a willing buyer; State regulators question Roanoke Gas Co.’s need for new pipeline; OTHER U.S. REGIONS: Cheniere readies first cargo from Corpus Christi LNG Train 2; Building LNG-powered ships newest industry along U.S./Mexico border; NATIONAL: Lower 48 natural gas injections into underground storage fields have been on a record-setting pace; LNG exports will keep floor under US natural gas prices; INTERNATIONAL: Oil plunges in worst reaction to OPEC since 2014 on demand woes; Is this the beginning of the end for OPEC?; Russia and OPEC draw closer on oil, joining other producers to manage market.
Two weeks ago at the Northeast Petrochemical Conference in Pittsburgh, a panel of speakers from West Virginia, including former Commerce Secretary Keith Burdette, addressed the topic of Advanced Manufacturing and Petrochemicals related to the shale industry. At the end of the prepared talks, the session was opened to questions from the audience. MDN asked the first question, which was this: “The $83.7 billion question is, what’s going on with the proposed investment in shale and petchem promised by China?”
PennEnergy Resources, a Pittsburgh based independent oil and gas company focused on the Marcellus/Utica Shale, is getting ready to drill new wells on a pad in Economy (Beaver County), PA. The plan is facing stiff opposition from local residents because it’s located near a housing development in a residential (albeit rural) area, and will use a local road for access.
Another day, another round of press releases from both EQT and the Rice brothers over the future of the company. The two sides are locked in a proxy battle to nominate a majority of board members, who in turn will appoint (or keep) top management for the company. Yesterday’s round of letters was, in essence, a recap of news that broke late last week: One major shareholder advisory firm, Institutional Shareholder Services (ISS), supports the Rice brothers’ attempt to take over the company, while a second major advisory firm, Glass Lewis & Co., believes existing management is the right answer for EQT’s future.
Atlantic Coast Pipeline (ACP), a $7 billion, 600-mile pipeline that will stretch from West Virginia into North Carolina, is facing an existential threat by leftist environmentalists. The project is stalled waiting on an appeal before the U.S. Supreme Court, filed last week (see 
A recent article on the Forbes website helps crystallize and expose the strategy of a group we call global warming fundamentalists in their religious quest to block fossil fuels by blocking pipelines. That strategy works this way: Mount enough legal challenges to ramp up costs and ultimately convince pipeline builders to walk away from projects. “Ground zero” in pipeline wars right now is, according to the author, two projects: the Atlantic Coast Pipeline, and the Mountain Valley Pipeline. Both projects are right here in the Marcellus/Utica.
This business of “we must dump the use of fossil fuels and migrate to renewables asap” is not only impractical, it’s lunatic. Yet many adults have bought in to this notion because, we dunno, because they were maleducated in their youth. Radicalized in college. Lied to by the Democrat Party. Take your pick. Just how lunatic is this notion? For the past 100 years the United States has used fossil fuels for 80% *or more* of the energy we use. NOTHING HAS CHANGED. That statistic, according to the U.S. Energy Information Administration (which tracks these things) says that in 2018 fossil fuel consumption went UP! Not down. We need fossil fuels now more than ever for our energy supplies.
The legal beagles of top energy law firm Babst Calland recently released their ninth annual energy industry report called, “The 2019 Babst Calland Report – The U.S. Oil and Gas Industry: Federal, State and Local Challenges & Opportunities; Legal and Regulatory Perspective for Producers and Midstream Operators.” This latest annual review provides perspective on issues, challenges, opportunities and recent developments in the oil and gas industry that are relevant to producers and midstream operators. In an MDN exclusive, we have the first seven pages of the 92-page report (see below), along with details on how you can request a full copy. Worth the read! Here’s an overview…