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 expedited permitting, August natural gas futures, oil demand 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 guests, we had State Representative Aaron Kaufer, representing the 120th Legislative District in the Pennsylvania House of Representative, serving parts of Luzerne County and Joe Reinhart, shareholder and co-chairman of the Energy and Natural Resources Group of Babst Calland.
The Shale Gas News, typically, is broadcast live. On the July 18th show (click above), we covered the following new territory (see news excerpts below):
- Trump revamps key environmental law in bid to fast track pipelines, roads. President Donald Trump on Wednesday announced final plans to expedite permitting for infrastructure like oil pipelines and road expansions, a move that critics say will sidestep the need for public input, especially from low-income and minority communities. The proposal to change how the 50-year-old bedrock National Environmental Policy Act here (NEPA) is implemented is part of Trump’s broader campaign to curtail environmental regulations to boost industry and fast-track projects that can take years to complete.
- U.S. oil producers wrote down $48B worth of assets in the first quarter. Some of the largest U.S. oil producers collectively wrote down tens of billions worth of assets in the first quarter after the coronavirus pandemic plunged oil demand and prices. Forty publicly traded companies wrote down a combined $48 billion worth of oil and gas holdings in the first three months of the year, according to a report published Wednesday by the Energy Information Administration. Writing down the value of assets, also called an impairment, happens when a company updates the estimated fair value of its oil and gas equipment, reserves and properties to reflect changing market conditions.
- Oil prices have stalled, which could be a good thing for some producers. In April, the pandemic sent the oil market into one of its most precipitous crashes in history, with the oil price going briefly negative for the first time ever. The price is still around 30% lower than it was before Covid-19 emerged, but it managed to bounce back fairly quickly after producers around the world curbed millions of barrels of production.
- Warren Buffett Sees Natural Gas Sticking Around for a Long Time. Warren Buffett’s $9.7 billion bet on natural gas looks even more contrarian today. As Democrat Joe Biden unveils a staggering $2 trillion clean-energy plan—the most ambitious climate package ever offered by a presumptive presidential nominee—Buffett’s recent deal to buy Dominion Energy Inc.’s natural gas assets is a stark sign he’s expecting that the market’s shift away from fossil fuels won’t happen overnight.
- As Intense Heat Simmers, August Natural Gas Futures Trade Higher Ahead of Next Storage Report. Natural gas futures advanced Wednesday as markets mulled prospects for continued intense heat along and estimates for a bullish storage injection report. The August Nymex contract advanced 3.2 cents day/day and settled at $1.778/MMBtu. September rose 3.1 cents to $1.818. Bespoke Weather Services said that Wednesday’s weather models moved “a little cooler in the near term” compared to a day earlier, with total gas-weighted degree days (GWDD) for the current week now under 90 — after being projected as high as 104 at one point earlier in July.
The Shale Gas News sponsored by Linde Corporation
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