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 U.S. Shale oil output, rig counts, a wastewater plant 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 I was at the Midstream PA Conference 2019 in State College and was able to set up an interview with Colette Breshears, Product Manager at Genscape.
The Shale Gas News, typically, is broadcast live. On the November 23rd show (click above), we covered the following new territory (see news excerpts below):
- U.S. shale oil output to rise 49,000 bpd to record 9.1 million bpd in December: EIA. U.S. crude oil output from seven major shale formations is expected to rise about 49,000 barrels per day in December to a record 9.13 million bpd, the U.S. Energy Information Administration said in a monthly forecast on Monday. Output at the largest formation, the Permian Basin of Texas and New Mexico, is expected to rise 57,000 bpd to 4.73 million bpd, the smallest increase since July this year but offsetting projected declines elsewhere.
- Declining Rig Counts Point To Higher Energy Prices And A Headwind For The U.S. Economy. A largely-ignored driver of the robust Trump Economy—and the record-high S&P 500—has been low energy prices. I just returned to NYC from a trip through several Southern states, and filling up my car with gasoline was truly a pleasure. That’s the untold story. As the U.S. economy continues to generate 50-year low rates of unemployment, and even more importantly, healthy rates of employment, America’s transport economy continues to benefit from low fuel prices for gasoline (a petroleum derivative) at the same time industrial users benefit from historically low prices for natural gas.
- Oil Majors Go On $27 Billion Selling Spree. Global giants of the oil and gas industry – the so-called supermajors – are looking to sell assets that could fetch a total $27.5 billion, according to Rystad Energy’s latest assessment. These companies are actively shedding mature assets on a massive scale in a bid to finance higher-yielding investments elsewhere, with the added benefit of pleasing shareholders who are calling for stricter capital discipline.
- Why Banning Fossil Fuel Investment Is A Huge Mistake. Activist global warming strategies have now caused the European Investment Bank to ban its fossil fuel project funding. After more than a year of internal and external lobbying by several EU member states and an ever-growing list of activist NGO and pressure groups, the EIB has decided to cut its financial support for all new fossil fuel projects by 2021. It will also support $1 trillion of investments in climate action and environmental sustainability. This is meant to force European countries to put an end to new gas-fueled power projects and keep in line with the Paris Agreements and EU CO2 emission targets.
- Marcellus Wastewater Plant in PA Extracts 1st Batch of Lithium. In March, MDN brought you the news that Eureka Resources, which owns and operates three centralized treatment/recycling facilities that process wastewater from the Marcellus Shale, announced a joint venture with MGX Minerals to use MGX’s high tech solution to recover lithium from Marcellus wastewater. In September MGX’s equipment arrived on site in Bradford County, PA and installation began. Finally, the day is here! Last week the very first batch of lithium chloride was extracted from Marcellus brine wastewater.
- PA DEP Fines Equitrans $650K for SWPA Gas Storage Field Violation. Equitrans (nee EQT Midstream) owns a natural gas storage field in Greene County, PA, in the southwest corner of the state, called Swarts Field. Natural gas storage fields are an important, but often overlooked, part of the natgas ecosystem. Last December the state Dept. of Environmental Protection (DEP) threatened to shut down Swarts Field because of coal mining in the area, saying Equitrans had not properly mapped old/abandonded conventional gas wells in the area. The good news is the DEP threat is now over. The bad news is that Equitrans has to pay a $650,000 fine.
- Ohio Landowners Sue Encino Energy for Shorting Royalties. Landowners in Carroll and Columbiana counties (Ohio) have filed a class action lawsuit against Encino Energy claiming the company underpaid oil and natural gas royalties. Last November Encino Acquisition Partners (i.e. Encino Energy) completed its purchase of all of Chesapeake Energy’s Ohio Utica Shale assets for $2 billion. The deal included all of Chesapeake’s 933,000 Ohio acres–with 320,000 net Utica acres–and 920 operated and non-operated Ohio Utica wells.
The Shale Gas News sponsored by Linde Corporation