Shale Gas News – August 24, 2019

Bill desRosiers
External Affairs Coordinator, Cabot Oil & Gas

The Shale Gas News, heard every Saturday at 10 AM on 94.3 FM, 1510 AM and Sundays on YesFM, talked about the Mountain Valley Pipeline, EQT, landowner meetings 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 a guest, we had Conrad Baut of Anthracite Trolleys Inc.

Shale Gas News

The Shale Gas News, typically, is broadcast live. On the August 24th show (click above), we covered the following new territory (see news excerpts below):

  • CNX Resources Lays Off 10% of Total Workforce – More Cuts Coming? CNX Resources has just laid off (i.e. fired) roughly 50 employees company-wide, most of them at company headquarters in Canonsburg. But not all. We heard from an MDN trust source who said at least nine workers got their walking papers in West Virginia. Given the company employs about 500 people, 50 fired represents 10% of the workforce. Question is, will there be more firings?
  • EQT Plans to Make Money with $2/Mcf NatGas Price. For years MDN has observed that Cabot Oil & Gas is one of the few Marcellus/Utica drilling companies that can “spin straw into gold”–meaning it makes money on selling natural gas even when the price of that gas is in the basement. The new management at EQT aim to turn their company in a spinning-straw-into-gold company too. In a recent interview with the Pittsburgh Business Times, EQT CEO Toby Rice said his strategy for making $500 million in “free cash flow” within two years anticipates the price of natgas to be $2 per thousand cubic feet (Mcf).
  • EQT CEO Toby Rice Hits a Home Run with Landowner Meetings. Yesterday MDN told you that new EQT CEO Toby Rice is in the midst of conducting four “town hall” style meetings with landowners–two this week and two next week. By all accounts, the first meeting (Wednesday night in Waynesburg, PA) was a huge success. We’d say he hit the ball out of PNC Park.
  • EQT Shifting Charitable Giving Away from City of Pittsburgh. Take note Pittsburgh Mayor Bill Peduto: You can only crap on the shale industry for so long before it comes back to bite you on the backside. EQT CEO Toby Rice told a group of landowners Wednesday night that the EQT Foundation (EQT’s charitable giving arm), the third largest foundation by giving in Pittsburgh, is going to shift its donations away from Pittsburgh and to the counties/regions where the company drills..
  • MVP River/Stream Crossings in WV to Resume Thx to Fed EPA. The federal Environmental Protection Agency (EPA) has just given Equitrans’ Mountain Valley Pipeline (MVP) project a huge thumbs up and assist by approving permit changes made by West Virginia that will allow MVP to restart work in crossing hundreds of streams and rivers in the state.

The Shale Gas News sponsored by Linde Corporation

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