Shale Gas News – December 21, 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 Banpu, wind power, co-tenancy 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. Last week we held a Think About Energy briefing in Fogelsville which featured Allentown and Lehigh County Representative Peter Schweyer as a keynote speaker. We replayed his speech where he spoke about the valuable knowledge he has gained about the natural gas industry throughout his term.

Another interview we replayed is from the Think About Energy Briefing last week from State College. Hal Gee is the Vice President of Energy Development with Glenn O. Hawbaker Inc.

Shale Gas News

The Shale Gas News, typically, is broadcast live. On the December 21st show (click above), we covered the following new territory (see news excerpts below):

  • Banpu, Thai Energy Outfit, Invests in Pennsylvania Shale Revolution. Banpu is a Thai energy company that has been buying up shale resources in Northeastern Pennsylvania, has built new offices here and is investing in Texas. Thailand’s largest coal producer, Banpu, is also a growing investor/operator in the northeast Pennsylvania Marcellus Shale. In June MDN brought you an update on a new $5 million facility being built by Banpu in Tunkhannock Township (Wyoming County), Pennsylvania. We’re happy to report last week Banpu held the grand opening of their new office/facility in Tunkhannock.
  • Why Wind Power Is Non-Competitive. It’s the Subsidies, Stupid! Wind power Is simply non-competitive, incapable of surviving without taxpayer funded Production Tax Credits, despite the claims of green eggs and scam folks. The governmental quest to make wind competitive as grid electricity rests on historical and theoretical sand. Historically, it has been believed that wind power is a young industry, requiring outsized tax preferences, bureaucratic R&D, and sales guarantees to rival fossil-fuel-generated electricity. Theoretically, it was believed that large-scale production from such protectionism would make wind competitive enough to remove the subsidies.
  • Green Insanity: Offshore Wind Project Cost Mind-Boggling $10K Per KW. Have we lost our minds? A Rhode Island offshore wind project will cost $10,000 per kilowatt, roughly 10 times the cost of a modern natural gas power plant. Off of the shore of Block Island on the Rhode Island coast, five wind turbines are operating and supplying power to the island. It took years of state and federal policymaking, environmental impact assessments, and town hall meetings for the 30-megawatt wind farm to come to fruition due to its cost and degradation of vistas. It cost $300 million—$10,000 per kilowatt—about 10 times more than the cost of a new natural gas combined cycle unit. Further, it is 55 percent more costly than what the Energy Information Administration (EIA) expects a first-of-a-kind offshore wind unit to cost—$6,454 per kilowatt.
  • A Lesson in How NGOs Are Plotting to Steal Our Future. The world of NGOs is one of desiring ever more control over government, the wealth of peoples and the land.  The William Penn Foundation provides a lesson. Lex Luthor, readers will recall, was the power-hungry business magnate of immense wealth who served as Superman’s foil in all those comics and movies. The power craving madman of wealth has been a staple for movies of all sorts, in fact. The fictional figures also have their counterparts in the writings of conspiracy theorists who like to suppose the Koch brothers or George Soros are sealed away in some castle frantically pulling the levers of some machine to take out enemies on the left or right until they finally have control of the whole world.
  • EQT CEO Toby Rice Says WV Co-Tenancy Law May Not be Enough. West Virginia’s co-tenancy law was signed into law by Gov. Jim Justice in March 2018. According to speakers at the West Virginia Oil and Natural Gas Association (WVONGA) 2019 Fall Meeting, the new law is working pretty well. However, EQT CEO Toby Rice told WV legislators yesterday that co-tenancy may not go far enough for his company.
  • Last of EQT’s Old Mgmt Team Becomes President of Washington Gas.  That was fast! In November MDN told you the last remaining member of EQT’s former top management team, Executive VP Donald “Blue” Jenkins, had proffered his resignation and would leave on Dec. 15 (see Last Remaining Member of “Old” EQT Exec Team Resigns). On Dec. 16, the very next day after leaving EQT, Jenkins became president of Washington Gas, a natural gas utility company in the Washington, DC area with more than a million customers. Blue landed on his feet.
  • NYSE Warns Chesapeake Energy Stock to be Delisted…Unless. Last week Chesapeake Energy received a notification from the New York Stock Exchange that its shares of stock have fallen below the $1/share threshold for more than 30 consecutive trading days and because of it, Chessy’s stock will be delisted from the exchange. Unless. Unless they can get the per share price over the $1/share average in a certain period of time. Chesapeake has responded they are taking several actions, the most relevant/likely being a reverse stock split.

The Shale Gas News sponsored by Linde Corporation

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