Shale Gas News – May 4, 2019

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 and Sundays on YesFM, talked about Marcus Hook, emissions, Venezuela and much more last week.

The Shale Gas News has grown again; welcome Gem 104 as our FOURTH station! Gem 104 helps to solidify the Shale Gas News coverage in an important Marcellus region, PA’s northern tier. 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. The Shale Gas News is aired on Saturday or Sunday depending on the station.

Every Saturday Rusty Fender and I host a morning radio show to discuss all things natural gas. This week, as guests, we had Representative Tarah C. Toohil, representing the 116th District in the Pennsylvania House of Representatives and Conrad Baut of Anthracite Trolleys Inc.

The Shale Gas News, typically, is broadcast live. On the May 4th show (click above), we covered the following new territory (see news excerpts below):

• Sunoco’s $200 million expansion at Marcus Hook terminus in Delaware County to create 1,200 construction jobs. The parent company of Sunoco Pipeline LP on Monday announced $200 million in new projects in Delaware County that will employ as many as 1,200 trade workers over the next two years at the Marcus Hook Industrial Complex, terminus of Sunoco’s contentious Mariner East pipeline project.  Energy Transfer Partners (ETP), the Dallas parent of Sunoco Pipeline, said the construction projects would be scheduled under a recently signed agreement with the Philadelphia Building and Construction Trades Council, the umbrella organization that counts among its members more than 50 unions that work in the construction industry in the region.
• Federal Data Shows 57% Drop in Permian Methane Emissions. Methane emissions in the Permian Basin declined 57% over a recent six-year period, according to federal government sources cited Friday by the New Mexico Oil and Gas Association (NMOGA). Oil and natural gas production in the Permian, which straddles New Mexico and Texas, increased by 125% over the same time frame, NMOGA said. New Mexico Gov. Michelle Lujan Grisham has made reducing methane emissions part of her vision to turn the state into a model for clean energy advancement.
• Surprise Crude Build Caps Oil Price Gains. The American Petroleum Institute (API) reported a surprise build in crude oil inventory of 6.81 million barrels for the week ending April 26, coming in over analyst expectations of a 2.093-million-barrel buildup in inventories. Last week, the API reported a large build in crude oil of 6.86 million barrels. A day later, the EIA confirmed the build with a report of a 5.5-million-barrel drop in inventory.  Including this week’s data, the net build is now 18.11 million barrels for the 18-week reporting period so far this year, using API data.
• What Venezuela’s unrest means for gas prices in America. Venezuela has more oil beneath it than any other country on the planet, but it has so mismanaged its resource that it could take years to return to being a leading energy exporter — even if it started fixing things today. If opposition leader Juan Guaidó succeeds in overthrowing President Nicolás Maduro, it would not have much immediate effect on Venezuela’s ability to add to world oil markets. That didn’t stop oil markets — already near six-month highs — from roiling on Tuesday at the prospect of a once-dominant oil power like Venezuela on the verge of collapse.
• Will Chevron Dump its M-U Assets to Chase Permian Black Gold? A week ago MDN brought you the news that Chevron has cut a $50 billion deal to buy Anadarko Petroleum . Although Chevron will benefit in a number of ways from the transaction, as we indicated in the headline, the primary motivator is to gain valuable acreage in the oily Permian Basin of West Texas. The question now becomes, will Chevron hold on to its Marcellus/Utica assets? Or sell them in order to concentrate on the Permian?
• Rice Boys Issue Proxy Card, Ask EQT Shareholders for New Board. On Monday, Toby and Derek Rice filed a proxy statement with the Securities and Exchange Commission and sent EQT shareholders a package and special proxy card (for voting) in an effort to elicit votes for their slate of nine board members at the upcoming July annual meeting–so they can take control of the company. Normally proxy statements are pretty dry affairs. Not this one! There are bombshell accusations in the proxy statement made by the Rice boys against EQT’s current management..
• EQT Looking for New HQ Building in Pittsburgh. EQT’s headquarters is located in a massive 250,000 square foot building known as EQT Plaza at 625 Liberty Ave. in Pittsburgh. Last week we told you that EQT is looking to sublease 46,000 sq. ft. of the building following layoffs. This week we spotted the rumor that EQT is also looking for a new HQ building! EQT leases (does not own) their building on Liberty Ave., something we didn’t know. The lease doesn’t run out until 2024–some five years from now.

The Shale Gas News sponsored by Linde Corporation