Shale Gas News – July 3, 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 PennEast Pipeline, green gas, OPEC 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 shale gas. This week, as a guest, we had Senator John Yudichak, representing the people of the 14th Senatorial District in Carbon and Luzerne Counties.

The Shale Gas News, typically, is broadcast live. On the July 3rd show (click above), we covered the following new natural gas territory (see news excerpts below):

• U.S. Supreme Court decision favors PennEast pipeline in NJ case. A natural gas pipeline can be built from Pennsylvania to New Jersey, allowing the federal government to invoke eminent domain to take state property, thanks to a 5-4 ruling by the U.S. Supreme Court on Tuesday. Chief Justice John Roberts wrote the majority opinion in the case involving the State of New Jersey and the PennEast Pipeline Co.  In 2018, the Federal Energy Regulatory Commission approved the 116-mile project from Luzerne County, Pennsylvania, across the Delaware River, to Mercer County, New Jersey.
• U.S. natural gas producers hope customers will pay more for ‘green gas’ – U.S. natural gas producers hope climate-conscious electric utilities and gas exporters will pay a premium for what they say is “greener gas” that has been certified as coming from low-emission operations or from renewable sources such as landfills. EQT Corp, Chesapeake Energy and liquefied natural gas firms Cheniere Energy and NextDecade Corp are among the companies considering low-carbon certifications from groups such as Denver-based Project Canary.
• $74 oil is highest since October 2018. Crude futures enjoyed a strong week, rising four of five trading days amid rising demand, falling supplies and anticipation of the upcoming meeting of the Organization of Petroleum Exporting Countries and allied nations.  West Texas Intermediate on the New York Mercantile Exchange opened the week with a $2 jump Monday before retreating 60 cents Tuesday and then posting gains the rest of the week.
• Senate votes to restore Obama-era limits on methane gas emissions. The Senate voted Wednesday to restore an Obama-era regulation that imposed limits on methane leaks from oil and gas operations.  The move marks both the first major congressional rebuke of former president Donald Trump’s environmental policies, and a step forward for the Biden administration’s ambitious climate agenda.  “We have to stop lighting the matches of methane pollution,” Sen. Edward J. Markey (D-Mass.), one of the bill’s sponsors, said at a news conference Wednesday morning.
• TETCO Pipe Throttling 40% of M-U Southbound Gas to Last All Summer. Traders are crediting news from Enbridge’s Texas Eastern Transmission (TETCO) pipeline that a recent flow restriction enforced by the Pipeline and Hazardous Material Safety Administration (PHMSA) will continue through the end of summer with helping to spike the Henry Hub futures price of natgas, up 4.5% on Friday to close at $3.30/MMBtu.
• Chesapeake Energy Puts Most of its Chips on Northeast PA Marcellus. When Chesapeake Energy issued its first-quarter update a month ago, MDN pointed out that the company has finally turned from its dalliance with oil drilling (having fired CEO Doug Lawler) and is now training its sights back on its first love, natural gas drilling. Northeastern Pennsylvania plays a key role in the company’s plans for the future. In 2021, some 45% of Chessy’s production will come from four northeastern PA counties: Bradford, Sullivan, Susquehanna, and Wyoming.
• Chessy’s Head Driller, Head Lawyer, and Head Accountant Get Fired. Three Chesapeake Energy senior vice presidents have been shown the door (i.e. got fired) as of Friday. Executive Vice President of Exploration and Production (i.e. head driller) Frank J. Patterson; Executive Vice President, General Counsel and Corporate Secretary (i.e. head lawyer) James R. Webb; and Senior Vice President and Chief Accounting Officer (i.e. head accountant) William M. Buergler exited on Friday. It was a “termination without cause.” This follows the firing of their former boss, CEO Doug “the ax” Lawler, who himself got the ax not long after the company emerged from bankruptcy.

The Shale Gas News sponsored by Linde Corporation