Shale Gas News – July 25, 2020

Bill desRosiers
External Affairs Coordinator, Cabot Oil & Gas

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 gas flaring, Chevron, pipelines 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 natural gas. This week, as a guest, we had Joe Barone, president, Shale Directories, LLC.

Shale Gas NewsThe Shale Gas News, typically, is broadcast live. On the July 25th show (click above), we covered the following new territory (see news excerpts below):

  • Gas flaring reaches levels not seen in a decade. Gas flaring in the United States increased 23% last year, contributing to global levels of the practice that have not been “seen in more than a decade,” according to a new report. The analysis from the World Bank yesterday found that the United States flared the third largest amount of gas in the world from 2018 to 2019, following Russia and Iraq. Globally, the volume of gas flaring — in which surplus gas is burned off into the air — increased 3%, rising from 145 billion to 150 billion cubic meters.
  • ‘Green stimulus’ to plug wells, could create oil jobs, cut emissions – report. The U.S. government could cut methane emissions and provide jobs for hundreds of laid-off oil rig workers by using some coronavirus aid to plug abandoned oil and gas wells across the country, a new report said. “A significant federal program to plug orphan wells could create tens of thousands of jobs, potentially as many as 120,000 if 500,000 wells were plugged,” Columbia University’s Center on Global Energy Policy and energy and environmental economics think tank Resources for the Future said in a July 20 report urging what the authors called a “green stimulus for oil and gas workers.”
  • Chevron Announces Agreement to Acquire Noble Energy. Chevron Corporation (NYSE: CVX) announced today that it has entered into a definitive agreement with Noble Energy, Inc. (NASDAQ: NBL) to acquire all of the outstanding shares of Noble Energy in an all-stock transaction valued at $5 billion, or $10.38 per share. Based on Chevron’s closing price on July 17, 2020 and under the terms of the agreement, Noble Energy shareholders will receive 0.1191 shares of Chevron for each Noble Energy share. The total enterprise value, including debt, of the transaction is $13 billion.
  • FERC turf war heats up over Puerto Rico LNG terminal. A liquefied natural gas company is pushing back against the Federal Energy Regulatory Commission’s scrutiny of an LNG import terminal in Puerto Rico, the latest development in a tug of war over the agency’s authority.
  • Will U.S. Shale Ever See Another Golden Age? Haps of unpaid debt, unsympathetic banks and investors, slow oil demand, and looming bankruptcies: this is the landscape in U.S. shale oil right now.  Most forecasts for the future, however, are upbeat, with analysts expecting production to actually rebound to pre-Covid-19 levels at some point in the next five years. But will it? Since March, total U.S. oil output has declined by as much as 2.6 million bpd, thanks to the double blow from the oil price war and the coronavirus pandemic that shattered demand.
  • Why Canceling Pipeline Projects Could Cost Farmers $1 Billion. A Supreme Court ruling in June cleared the way for several pipeline projects, but excluded the expansion of the Keystone XL pipeline. Another federal judge ordered Dakota Access to halt oil shipments pending a new environmental review. While an appeals process is underway, closing that pipeline could pose problems for moving grain. 18 states filed an appeal in Washington D.C. in order to overturn a judge’s decision to halt work on the pipeline.
  • Pipeline Shutdown Could Hurt Low-Income Americans. U.S. District Court Judge James Boasberg’s recent decision to shut down the Dakota Access Pipeline (DAPL) is the latest act in the drama surrounding the beleaguered pipeline. Despite acknowledging the “disruption” this would cause, the judge nevertheless ordered DAPL to be shut down and emptied of oil by early August so that federal regulators can conduct further analysis on the already operational infrastructure. While environmentalists are cheering the decision handed down in a Washington, D.C. courtroom, the millions of Americans who depend on affordable and reliable energy may not be in such a celebratory mood.

The Shale Gas News sponsored by Linde Corporation

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