Other Energy Stories of Interest: Mon, May 7, 2018
The “best of the rest”–stories that caught MDN’s eye that you may be interested in reading: Lawrence County students build, demo gas and oil rig; PA’s Dem lt. gov. candidates hate pipelines; union welders come out to support Williams NESE pipe project; Cabot buys equipment for NEPA fire companies; irreconcilable differences over PA severance tax; Permian natgas prices collapsing as production takeaway hits capacity limit; radical enviros put people last, destroy habitats and wildlife to end fossil fuels; XTO moving its HQ to Exxon’s Houston office; will oil prices go higher if Trump axes Iran nuke deal; and more!
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On March 3, the Mariner East 1 (ME1) natural gas liquids (NGL) pipeline was suddenly switched off by order of the Pennsylvania Public Utility Commission (PUC) after a sinkhole opened up under the pipeline in Chester County, exposing some of the bare steel to the open air (see
Yesterday CNX Resources, formerly CONSOL Energy, released its first quarter 2018 update–its first full 3-month update since separating from the coal company. CONSOL began life as a coal company 150 years ago and only in recent decades entered the oil and gas business. The company split itself into coal and oil/gas back in November (see
As we reported earlier this week, Pennsylvania Gov. Tom Wolf, who has been lauded as the most liberal governor in America, once again pushed for a Marcellus-killing severance tax (see
There is nothing mysterious or complex about the actions taken by a Virginia State Senator, Chap Petersen (Democrat from the swamp, the D.C. area). Petersen is a lawyer and has just sued the U.S. Forest Service because the Forest Service is blocking a road in the Jefferson National Forest, which is their RIGHT to do (they manage it), because down that gravel road are several ILLEGAL TRESPASSERS who refuse to come down from trees that need to be cut down to make way for the federally-approved Mountain Valley Pipeline. There’s nothing complex in understanding that Petersen (did we mention he’s a Democrat?) supports lawlessness and anarchy. Imagine that, a lawmaker who supports people that break the laws he makes. How idiotic is that? Here’s the story of how Virginia Dems in high places continue to flout the laws of our country in their quest to retain political power (and contributions) by currying favor with radical Big Green supporters…
MDN brought you important news in April that the Pennsylvania Superior Court had handed down a decision (known as the “Briggs” case) that has the power to greatly restrict, perhaps even stop, Marcellus drilling in PA (see
Every three months publicly traded companies, including those with major operations in the Marcellus/Utica, issue a required quarterly update for stockholders. It’s often referred to as “earnings season.” We like to cull through the updates to share items of interest with MDN readers. For drilling companies we dedicate an entire post to each company. We typically don’t cover midstream (i.e. pipeline) companies as much. However, there are a number of important projects cooking with companies like Williams, MarkWest Energy (MPLX), Summit Midstream and Tallgrass (REX Pipeline). We culled through the press releases and analyst phone call transcripts to pick out comments and portions that we think are helpful in understanding where some of these important projects are, and how they impact the bottom line of said companies. Below is our 1Q18 midstream potpourri…
This story should make every patriotic American good and angry–at how Russia continues to try to defeat the American shale miracle (for Russia’s own selfish economic reasons). And it should make anti-fossil fuelers ashamed at how easily they’re played (and how stupid they really are), to fall for the propaganda campaigns run by Russia against American shale energy. An article recently appearing on the McClatchy news service exposes how Russian operatives, using false identities on Twitter and other social media platforms, convinced a handful of stupid anti-fossil fuelers in Miami to turn up at a fake rally, and then a Russian television network swooped in to film it, circulating that footage, convincing even more antis to organize and rise up against the Sabal Trail pipeline. It was a resistance movement generated whole cloth from nothing by Russia. All in an effort to get the pipeline shut down. Which may now happen! Bottom line: a bunch of stupid American antis allowed themselves to be played by Russians against their own country. Russian money also pours into groups like the Sierra Club via offshore accounts. The Sierra Club turns around and uses that money to oppose American infrastructure projects in the oil and gas industry. Call Robert Mueller! Somebody needs to investigate!…
Yesterday Chesapeake Energy, now the #2 natural gas producer in the U.S. (after EQT), released its first quarter 2018 financial and operational update. The company reported 1Q18 profits of $268 million, up 257% from the $75 million in profits during 1Q17. The key for increased profits was an increase in production while lowering costs. As we scanned over the numbers, one thing stood out for us: 26% of Chesapeake’s production comes from the Marcellus Shale, and 19% comes from the Utica. Add them together (45%) and no other region comes close. M-U success is Chesapeake’s success. It shows just how key the M-U region is for the mighty Chesapeake. During 1Q18 the company drilled and placed into production 10 wells in the Ohio Utica and 6 wells in the PA Marcellus. 2Q18 plans are to drill and bring online 7 Utica wells and 17 Marcellus wells. However, Chesapeake’s head has been turned. Their primary 2018 focus appears to be the Texas Eagle Ford Shale–an oil play. The company is currently running 5 drilling rigs in the Eagle Ford. They drilled and brought online 23 Eagle Ford wells in 1Q18, with plans to drill and bring online another 50 wells in 2Q18. Chessy has fallen and fallen hard for the siren song of oil. Here’s the latest from the #2 natural-gas producing company in the U.S. that now loves oil…
In yet another very good sign that the proposed PTT Global Chemical ethane cracker plant in Belmont County, OH is headed for a positive final investment decision (FID), PTT has just purchased another 300+ acres to go along with the previous acreage they purchased as the site for the future cracker/petrochemical project. Last July MDN reported PTT had spent $13.8 million to buy 168 acres at the proposed site for a second Appalachia ethane cracker, in Belmont County, OH (see 
As we reported yesterday, Big Green radicals in Pennsylvania are grumpy that the PA House passed five bills meant to fix the dysfunctional PA Dept. of Environmental Protection (see 
In June 2014, New York’s highest court, the Court of Appeals, reaffirmed two lower court rulings that empowers townships and municipalities across the state to strip away property owners’ rights to allow drilling and other energy projects (see
You might think people who are not leased and live close to shale drilling activity, that is, those with the most “impacts” from that activity, would be the ones most opposed to it. However, you would be wrong. That’s according to a new study just published by the ultra liberal Oregon State University. A study appearing in monthly peer reviewed academic journal Risk Analysis titled, “The Effect of Geographic Proximity to Unconventional Oil and Gas Development on Public Support for Hydraulic Fracturing,” finds that the closer you live to shale drilling, even those who are not leased, the more supportive of it they are. Why is that? Because they understand it–they’re more familiar with it. MDN has spoken to residents in Susquehanna County, PA who live close to drilling yet are not, themselves, drilled on/under. Their opinion? Sure they’d like it if they got money. After all, they incur the impacts (trucks, noise, lights, dust), but don’t directly benefit with money in their pockets. Yet, when asked if they had a choice and could wave a magic wand so there never would have been drilling, the answer is swift and universal: NO! They still prefer nearby drilling, because it benefits their neighbors and, to some degree, the community at large via tax revenue and charitable contributions. Here’s news of a study that proves the closer you are to drilling, the more you like it…