Shale Gas News – June 27, 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 Buckeye Xpress, Keystone Pipeline ruling, U.S. Shale rebound 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 we played a recent Think About Energy webinar with Gene Barr, President and CEO of U.S. Chamber of Business and Industry. He discussed how Pennsylvania Businesses can reopen and grow post covid-19.

Shale Gas News

The Shale Gas News, typically, is broadcast live. On the June 27th show (click above), we covered the following new territory (see news excerpts below):

  • Trump administration asks Supreme Court to review Keystone Pipeline ruling. The Trump administration has asked the U.S. Supreme Court to overturn a federal judge’s decision and grant a permit to allow the construction of the Keystone XL pipeline to continue. The 1,200-mile pipeline from Alberta, Canada, to Nebraska has been stalled for much of the past decade. U.S. Solicitor Noel Francisco filed a motion with the Supreme Court Monday seeking to overrule an April decision by U.S. District Judge Brian Morris of Great Falls, Montana.
  • When Will U.S. Shale Rebound To Pre-Pandemic Levels? The rebalancing of the oil market has been possible, in part, due to the sharp cutbacks in U.S. shale production. But what happens next for the industry? The latest data from the EIA estimates that production plunged by a colossal 600,000 bpd in the week ending on June 12, a massive decline that puts output down more than 2.6 million barrels per day (mb/d) from the weekly peak hit in mid-March (to be sure, monthly EIA data shows the U.S. hit a slightly lower peak in November 2019).
  • Antero Resources: Layoffs & Spending Cuts Ahead in 2020. Antero Resources, one of the biggest Marcellus/Utica drillers (with major operations in West Virginia) released its fourth-quarter and full-year 2019 update yesterday, along with hosting a conference call to discuss what investors can expect for 2020. There are loads of important details to share. Production was up 19% in 2019 over 2018. The company lost $482 million in 4Q19, compared to a $122 million loss in 4Q18.
  • TC Energy/Columbia Finally Get FERC Approval for Buckeye Xpress.  Last May the Federal Energy Regulatory Commission (FERC) finally, after a months-long delay, issued a favorable environmental assessment (EA) for the Buckeye XPress (BXP) pipeline project. In October, Columbia (i.e. TC Energy) tried to goose FERC into issuing a final approval to build the project.
  • Texas Eastern Pipeline Explodes in Kentucky…Again. It pains us to report this, but there has been another explosion of Enbridge’s Texas Eastern Pipeline Company (TETCO) pipeline in Kentucky. Last August one of the TETCO lines exploded in Lincoln County, Kentucky, killing one and sending six to the hospital. Fortunately, this time the TETCO explosion happened in a rural location, in Fleming County, and didn’t injure anyone.
  • Chesapeake Energy & Total Beat Class Action Royalty Lawsuit in OH. In 2015 a group of Ohio landowners did what landowners had previously done in Pennsylvania, Texas and elsewhere–they filed a proposed class-action lawsuit against Chesapeake Energy claiming Chessy had screwed them and about 1,000 other Ohio landowners out of a collective $30 million in royalty payments. It took nearly five years with a lot of twists and turns, but yesterday the U.S. District Court for the Northern District of Ohio ruled in favor of Chesapeake, dismissing the claims against them.
  • ME2 Pipeline Worker Charged with Falsifying Welding Records. A worker hired to x-ray welds on sections of the Mariner East 2 pipeline in southwestern Pennsylvania has been charged falsifying records, indicating that he performed the work when he didn’t. That’s a felony. According to one news account the worker, from Westmoreland County, PA, is expected to plead guilty and faces up to five years in prison and a fine up to $250,000. The good news is that Energy Transfer, the builder, discovered the deception and immediately reported it. ET reinspected all of the welds supposedly inspected by this worker.

The Shale Gas News sponsored by Linde Corporation

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One thought on “Shale Gas News – June 27, 2020

  1. The post pandemic tightening of the belts on state spending should help support utilizing local resources. Helping shale gas rebound from this current slow down. My opinion is that buying gas abroad is going to make less sense in the years to come. All stones should be overturned for states financial opportunities. Thank you for your continued efforts.

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