The latest edition of the MDN Weekly Digest is now ready. The digest is the meat and “essence” of each story for all posts appearing on the MDN website during the past week, collected in a single PDF document capable of being downloaded and printed. The Weekly Digest is available to paying subscribers only as part of your monthly or annual subscription to MDN.
Read More “MDN Weekly Digest – Mar 23, 2019”
A full-blown war is on for the future of EQT. Yesterday Toby and Derek Rice released a proposed slate of EQT board members they want elected at the next annual meeting on July 10th. They propose replacing all existing board members–except for their brother Dan. The Rice boys say it’s necessary to have a board who is “with it” (our words) and will back up Toby and Derek as they take control of the company. On the other hand, current EQT board chairman Jim Rohr and board member/CEO Rob McNally are pushing back. It’s a fight to the “death” (figuratively speaking).
Read More “Proxy War: Rice Boys Nominate New EQT Board, Keep Brother Dan”
Some major news coming from yesterday’s Utica Midstream conference held in North Canton, Ohio. A rep from Marathon Petroleum (which is based in Ohio) told conference attendees his company is contemplating building an underground NGL storage facility in Harrison County, OH–to store ethane, butane and propane.
Read More “Marathon Considers Building NGL Storage Hub in Harrison County, OH”
Yesterday Ascent Resources, a company founded by Aubrey McClendon after he left Chesapeake Energy, issued a (very) brief recap of what happened in 2018, and a look ahead (“guidance”) at what the company expects to accomplish in 2019. The update is brief–cherry-picking highlights to share–because it can be. Ascent’s stock is not publicly traded, so they don’t have to provide full financial updates (except to their investors). Ascent is a big and important driller in the Utica, so *any* information they share is useful and of interest.
Read More “Ascent Resources Issues Brief 2018 Update, 2019 Guidance”
Next Wednesday the Pennsylvania Dept. of Environmental Protection will hold a public hearing on plans to drill a shale well(s) on the property of U.S. Steel Corporation’s Edgar Thomson Plant in a Pittsburgh suburb. What’s so unusual about the well(s) is that U.S. Steel itself will be “the sole consumer of the natural gas extracted.” That is, U.S. Steel will use the gas to power/feed the steel plant.
Read More “PA DEP Hearing for Shale Well at U.S. Steel Plant Near Pittsburgh”
In 2016 Crestwood Equity Partners formed a joint venture with New York City’s largest utility company, Consolidated Edison Inc., to operate a critical link of pipelines and storage facilities in the heart of the Utica/Marcellus, called Stagecoach Gas Services (see Con Ed & Crestwood Seal the Deal on Marcellus Pipeline/Storage JV). The Federal Energy Regulatory Commission (FERC) has launched an investigation into the fees charged by that service, which may now be too high following the Trump tax cuts.
Read More “FERC Launches Investigation into Overcharging by Stagecoach Pipe”
Penn Virginia, an oil and gas driller headquartered in Radnor, PA (near Philadelphia) announced last October it had found someone to buy the company–Denbury Resources (see Penn Virginia Finally Sells Itself, Denbury Buys for $1.7 Billion). As of a few weeks ago both companies filed proxy statements with the Securities and Exchange Commission to announce a final merger vote set for April 17. That’s now off–because some Penn Virginia shareholders got cold feet.
Read More “Denbury/Penn Virginia Merger Aborted – PV Shareholder Resistance”
Events related (or of interest) to the Marcellus, Utica and other Appalachian shales happening in the next 90 or so days. Send your calendar items (listed for free!) to: jim (at) marcellusdrilling.com.
Read More “Calendar of Marcellus/Utica Events Now Thru June 2019”
MARCELLUS/UTICA REGION: ODNR issues six new permits for Utica shale wells; Pennsylvania as the new natural gas giant; PA House Environmental Committee holds info meeting March 27 on debunking modern myths surrounding climate change; Gov. Wolf proposes Marcellus shale tax to clean up lead paint in schools; Higher operating pressure prompts new safety concerns over Sunoco’s Mariner East 2X pipeline; OTHER U.S. REGIONS: The Permian Strategic Partnership is now fully operational; NATIONAL: Despite closures, U.S. nuclear electricity generation in 2018 surpassed its previous peak; Climate change, or alarmism? Wyoming drilling halt ruling isn’t based on science; INTERNATIONAL: U.S. LNG onslaught proving ‘too much to handle’ for Asian markets; Canada’s natural gas crisis is going under the radar.
Read More “Energy Stories of Interest: Fri, Mar 22, 2019”
We’re not quite sure what to make of this. In February, EQT filed lawsuits in both Pennsylvania and federal courts against two former employees it had fired, claiming the employees, before they were fired, had systematically copied confidential information from company computers and took it with them when they left (see EQT Claims 2 Fired Workers Stole Confidential Information). Now EQT is alleging the employees “stole” the information to help Toby and Derek Rice in their bid to take over EQT via a proxy war (see Proxy War: Rice Brothers Say Top EQT Mgmt, Board Must Go). That’s a serious charge.
Read More “EQT Accuses Fired Employees of Colluding with Rice Boys”
In February Pennsylvania State Sen. Lisa Baker introduced Senate Bill (SB) 305, which would make a proposed Delaware River Basin Commission (DRBC) frack ban officially a government “taking” under eminent domain (see PA Bill Requires Landowner Compensation if DRBC Bans Fracking). A similar bill has been introduced in the PA House. Yesterday the House held a committee hearing on House Bill (HB) 827, and our buddy Tom Shepstone was one of the star experts who testified.
Read More “PA House Advances Bill Against DRBC Frack Ban – 1st Vote Next Week”
Two weeks ago the Federal Energy Regulatory Commission (FERC) granted a request to Kinder Morgan to “introduce feed gas, back-up fuel, and BOG fuel” to the first of what will be 10 production units at its Elba Island, Georgia LNG export facility (see One Step Closer: FERC OKs Feed Gas to Elba Island LNG). We told you in February that Kinder said it will launch the first of its 10 LNG export mini-trains by the end of March this year (see Kinder Morgan Takes Another Baby Step with Elba Island LNG). Scrap that.
Read More “Kinder Morgan Elba Island LNG Exports Delayed – Again”
The Ohio Environmental Protection Agency (OEPA) will hold a public hearing on April 15 to consider draft permits the agency has floated to allow two frack wastewater injection wells (Class II) in Coshocton County to be reclassified as Class I wells, allowing them to accept waste other than frack waste.
Read More “Ohio Hearing re Making Coshocton Class II Injection Wells Class I”
We’re a tad confused, but only a tad. Three weeks ago MDN brought you the news that construction has begun to build the 60-mile Risberg Pipeline from Crawford County, PA into Erie County, PA, and from there into Ashtabula County, OH (see Construction Begins on “Massive” PA to OH Risberg Pipeline). It is a tiny (not “massive”) project, but important nonetheless. Risberg will flow 55 million cubic feet per day (MMcf/d) of natgas to northeastern Ohio.
Read More “Wood Wins $34M Contract to Build PA to OH Risberg Pipeline”
Local media in Charles County County, Va. is shocked and surprised at how little opposition there is to a planned new mammoth Marcellus-fired electric generating plant coming to the county. The Chickahominy Power Station, as it’s called, will be a 1,650 megawatt state-of-the-art natural gas-fired power plant (see Huge New Marcellus-Fired Power Plant Coming Near Richmond, VA). A public comment period closed yesterday and by all appearances, this project will indeed receive state approval and will get built–with little opposition.
Read More “Marcellus-Fired Power Plant Project Near Richmond, VA Advances”
Reuters is reporting that the price of natural gas selling at the Waha Hub in the Permian Basin (West Texas) averaged just $0.12 (12 cents) per thousand cubic feet (Mcf) yesterday, a new record low. But wait! MDN reported last November the price at Waha had hit minus 1 cent/Mcf–people paying someone else to take their gas (see Permian Gas at Waha Hub Briefly Trades at $0, Implications for M-U). True–but that was for a three-hour period last November. Yesterday’s low price was the average for the entire day.
Read More “Permian NatGas Price Falls to $0.12/Mcf Following Equipment Failure”