Friday afternoon, CNX Resources issued a press release to announce it is officially pulling out of the previously announced multi-billion-dollar clean ammonia manufacturing facility in southern West Virginia, part of the ARCH2 (Appalachian Regional Clean Hydrogen Hub) project. Adams Fork Energy, Haldor Topsoe, and CNX announced the project in April with much fanfare (see CNX…
Read More...It’s been a financial roller coaster for oil and gas drillers over the past 15 years. Investors in shale oil and gas companies suffered for years with little or no returns for their invested money. Five of eight large Marcellus/Utica drillers saw their share prices decrease by an astonishing 85% or more from 2008 to…
Read More...Last week, the Municipal Authority of Westmoreland County (MAWC) issued a water conservation warning asking more than 56,000 MAWC customers to conserve water due to the lack of rainfall and the low level of the Beaver Run Reservoir. MAWC provides water to more than 122,000 customers in Westmoreland, Allegheny, Armstrong, Fayette, and Indiana counties. When…
Read More...Grab the popcorn! It’s fun to sit back and watch the other side eat its own for a change. We’re talking about the civil war that has erupted on the Democrat Left over Pennsylvania Gov. Josh Shapiro’s “bold” agreement signed with CNX Resources to “move the ball forward” on “environmental progress” in PA (see Civil…
Read More...Last Friday, MDN brought you the news that CNX Resources CEO Nick DeIuliis had signed a voluntary deal with Pennsylvania Gov. Josh Shapiro to expand drilling setbacks and several other regulatory steps not mandated for shale drillers under PA law (see CNX Signs Deal with PA Gov. to Increase Setbacks, Other Changes). Shapiro’s office front-loaded…
Read More...New shale permits issued for Oct 30 – Nov 5 in the Marcellus/Utica saw a significant increase. It almost felt like old times again! There were 37 new permits issued last week, versus 26 the week before. Last week’s permit tally included 24 new permits in Pennsylvania, 11 new permits in Ohio, and 2 new…
Read More...On Friday, MDN brought you the news that CNX Resources CEO Nick DeIuliis had signed a voluntary deal with Pennsylvania Gov. Josh Shapiro to expand drilling setbacks and several other regulatory steps not mandated for shale drillers under PA law (see CNX Signs Deal with PA Gov. to Increase Setbacks, Other Changes). DeIuliis spoke to…
Read More...We have to confess this news came suddenly out of left field. And we’re still struggling with what to make of it. Yesterday, CNX Resources CEO Nick DeIuliis, author of Precipice: The Left’s Campaign to Destroy America (in which he writes about the “leeches” of the left), stood at a podium in Washington County, PA,…
Read More...Yesterday, CNX Resources issued its third quarter 2023 update. Even with a crash in the price of natural gas this year, CNX generated $21 million in net profit during 3Q23 versus losing $427 million in 3Q22. The company also managed to generate $19 million in free cash flow in 3Q23. Of particular interest for us…
Read More...A dozen residents from Greene County, PA, filed a lawsuit on Monday against the East Dunkard Water Authority and several private companies, including CNX Resources, claiming (among other things) that wastewater from CNX’s fracking work in the Marcellus Shale “tainted the water supply in Dunkard Creek” and that the tainted water has affected the health…
Read More...New shale permits issued for Sep 18 – 24 in the Marcellus/Utica were roughly the same as the prior week. There were 21 new permits issued last week, down 1 from permits issued two weeks ago. Last week’s permit tally included 11 new permits in Pennsylvania, 4 new permits in Ohio, and 6 new permits…
Read More...According to an analysis by S&P Global Commodity Insights, large U.S. shale gas drillers (namely Marcellus/Utica drillers) have hedged (pre-sold at a specific price) an average of 50% of anticipated shale gas production for the second half of 2023. The average price of the hedges is $3.35/Mcf, far above the average NYMEX Henry Hub price…
Read More...Investors in shale oil and gas companies suffered for years with little or no returns for the money they invested. Five of eight large Marcellus/Utica drillers saw their share prices decrease by an astonishing 85% or more from 2008 to 2019 (see Former EQT CEO: Shale Revolution a “Disaster” for Investors). Just before the COVID…
Read More...Newly-elected Gov. Josh Shapiro, who appears to be completely ineffective since taking office (which is not necessarily a bad thing), appointed a working group in April to help guide him on what he should do concerning the Regional Greenhouse Gas Initiative (RGGI) carbon tax and the broader issue of global warming (see PA Gov Appoints…
Read More...Last week CNX Resources issued its second quarter 2023 update. In stark contrast to other big Marcellus/Utica drillers, which lost money in 2Q, CNX generated $475 million of net income (nearly half a billion dollars!)–versus generating $33 million in profit for the same quarter last year. Derivatives seemed to make the difference. In 2Q22, CNX…
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