Shale Gas News – June 22, 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 virtual pipelines, New York electric rates, LOLA Energy 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 Samuel Schroeder, Intern at Cabot Oil & Gas Corporation. We also played an audio recording of Rep. Jonathan Fritz and Rep. Lisa Baker from an event in Gibson, PA to announce the Energize PA bill package. .

Shale Gas News

The Shale Gas News, typically, is broadcast live. On the June 22nd show (click above), we covered the following new territory (see news excerpts below):

  • Analysts Say NatGas from Permian, Midcontinent to Limit M-U Growth.  Several analysts at last week’s LDC Gas Forum Northeast conference in Boston offered their opinion that further growth in production for the Marcellus/Utica region is on the cusp of stalling. Why? Because they don’t see any new major pipeline projects on the horizon beyond the final “big 3” (Atlantic Coast Pipeline, Mountain Valley Pipeline, and PennEast Pipeline), and because major LNG export plants along the Gulf Coast will receive most of their gas from bountiful associated gas that comes from plays much closer to the Gulf, including the Permian and Midcontinent regions.
  • Stranded PA Marcellus Gas Converted to LNG, Trucked to New England. Got a well drilled and ready to produce with no prospects of connecting it to a pipeline system any time soon? No problem! We have exciting, breaking news to share. Edge Gathering Virtual Pipelines 2 LLC (EDGE) earlier today announced in May they deployed a special LNG unit to a remote Marcellus well in PA, converting gas from the well into LNG. The LNG was then loaded into a special unit and trucked to a gas utility some 300 miles away in New England. A new “virtual pipeline” is born!
  • New York Pulls the Trigger, Commits Energy Suicide with New Law. If you haven’t already, it’s probably time to get out of New York State. The State is about to implode economically and people will be leaving in even larger numbers than they already are, due to obscene taxes and (now) electric rates that will rival and surpass those in New England to become the highest rates in the Lower 48. NY’s fascist Democrats in the NY “legislature” (i.e. Politburo) are about to pass a law that will be signed by Dictator-in-Chief Andrew Cuomo, a law killing most electric generation from fossil fuels by 2045 (in 25 years). Which means no new natgas-fired power plants will get built in the state from this day forward, and some (most?) of NY’s gas-fired plants in operation will have to close.
  • Rice Brothers Publish Scalding EQT Investor Presentation. Yesterday Toby and Derek Rice delivered a presentation to EQT investors in connection with EQT’s upcoming annual meeting of shareholders on July 10 (full copy below). The presentation and the accompanying press release take direct aim at EQT’s second quarter preliminary results and postulates that instead of a “free cash flow generating machine,” the final numbers for 2Q19 will show EQT actually lost money during the quarter.
  • LOLA Energy is Back! Scoops Up Rice Acreage EQT Let Expire.  LOLA Energy was birthed near the end of 2015, by former EQT executives using private equity money from Denham Capital. In July 2017, Rice Energy (later sold to EQT) bought the assets of LOLA Energy for $180 million, over the objections of LOLA CEO Jim Crockard. Like a phoenix rising from the ashes, LOLA Energy and Jim Crockard are back. The company has scooped up leases that EQT inadvertently let expire, potentially blocking EQT from drilling some already-planned-and-in-the-works wells–until EQT pays LOLA.

The Shale Gas News sponsored by Linde Corporation

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