Shale Gas News – January 2, 2021

Bill desRosiers
External Affairs Coordinator, Cabot Oil & Gas

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The Shale Gas News, heard every Saturday at 10 AM on 94.3 FM, 1510 AM, 1600 AM, 104.1 FM and Sundays on YesFM, talked about Biden’s EPA picks, emission cuts, Antero Resources and much more last week.

The Shale Gas News has grown again to the Williamsport area on stations WEJS 1600 AM & 104.1 FM. The Shale Gas News is now broadcasting in Bradford, Lackawanna, Lancaster, Lebanon, Luzerne, Lycoming, Pike, Sullivan, Susquehanna, Tioga and Wayne Counties, as well as in greater central PA and now the Williamsport area. The Shale Gas News is aired on Saturday or Sunday depending on the station.

Every Saturday Rusty Fender, Matt Henderson and I host a morning radio show to discuss all things natural gas. This week, as a guest, we had State Representative Aaron Kaufer, representing the 120^th Legislative District in the Pennsylvania House of Representative, serving parts of Luzerne County.

The Shale Gas News, typically, is broadcast live. On the January 2nd show (click above), we covered the following new territory (see news excerpts below):

• Republican Threatens ‘Brawl’ on Biden’s EPA, Interior Picks. President-elect Joe Biden’s nominees to lead the EPA and Interior Department could face tough Senate questioning over their past opposition to fossil-fuel projects.  “We will be in a bit of a brawl,” said Senator Kevin Cramer of oil- and coal-rich North Dakota, during an appearance Friday on Fox Business Network’s “Varney & Co.”
• Oil prices post 7th weekly gain, close above $49. The arrival of COVID-19 vaccinations was not just a shot in the arm of the recipients but to oil markets as well. Oil prices posted their seventh weekly gain as the rollout of the vaccination and ongoing negotiations in Washington, D.C., on a relief package added to optimism about the future of oil demand. West Texas Intermediate on the New York Mercantile Exchange closed above the $49 level Friday, gaining 74 cents, or 1.5 percent, to end the week at $49.10 per barrel, up from $46.99 at Monday’s close.
• Climate wars sweep courts as Biden eyes bold emissions cuts. Courtroom battles over climate change raged across the country — and around the world — as legal experts continue to grapple with the role of the judiciary in addressing rising global temperatures.
• Reliance, BP Ramp Up First of Three Massive Natural Gas Fields Offshore India. BP plc and Reliance Industries Ltd. have ramped up production from the first of a trio of ultra-deepwater natural gas fields offshore India that could meet the country’s rapidly expanding energy needs and reduce the need for imports. The R Cluster project in Block KG D6 is about 60 kilometers (37 miles) off the east coast of India. Satellites Cluster is set to come onstream in 2021, followed by the MJ project in 2022.
• Antero Resources: Layoffs & Spending Cuts Ahead in 2020. Antero Resources, one of the biggest Marcellus/Utica drillers (with major operations in West Virginia) released its fourth-quarter and full-year 2019 update yesterday, along with hosting a conference call to discuss what investors can expect for 2020. There are loads of important details to share. Production was up 19% in 2019 over 2018. The company lost $482 million in 4Q19, compared to a $122 million loss in 4Q18. However, $463 million of the loss was an impairment charge (write-down) of Antero’s ownership interest in its midstream subsidiary (i.e. paper loss).
• TC Energy/Columbia Finally Get FERC Approval for Buckeye Xpress. Last May the Federal Energy Regulatory Commission (FERC) finally, after a months-long delay, issued a favorable environmental assessment (EA) for the Buckeye XPress (BXP) pipeline project. In October, Columbia (i.e. TC Energy) tried to goose FERC into issuing a final approval to build the project. Last Thursday FERC finally granted that approval–once again after a months-long delay.
• Texas Eastern Pipeline Explodes in Kentucky…Again. It pains us to report this, but there has been another explosion of Enbridge’s Texas Eastern Pipeline Company (TETCO) pipeline in Kentucky. Last August one of the TETCO lines exploded in Lincoln County, Kentucky, killing one and sending six to the hospital. Fortunately, this time the TETCO explosion happened in a rural location, in Fleming County, and didn’t injure anyone.

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