Shale Directories Conferences
March 25, 2022
Pro Football Hall of Fame
April 21, 2022
Hilton Garden Inn, Southpointe
Latest facts and a rumor from the Marcellus, Utica, and Permian, Eagle Ford Plays
Two New LNG Export Permits. American Petroleum Institute (API) President and CEO Mike Sommers released the following statement regarding the U.S. Department of Energy’s decision to approve two new liquified natural gas (LNG) export permits.
“We applaud the Department of Energy for advancing two important U.S. LNG permits at this critical time in history. America is the best prepared nation to help Europe and our other allies meet rising energy demand amid international turmoil while furthering our shared goal for a lower carbon future. We will continue working with the department to ensure a timely and efficient permitting process to advance U.S. LNG export projects, which are key to supplying the affordable, reliable and cleaner energy the world needs now and in the future.”
API represents all segments of America’s natural gas and oil industry, which supports more than 11 million U.S. jobs and is backed by a growing grassroots movement of millions of Americans. Our nearly 600 members produce, process and distribute the majority of the nation’s energy, and participate in API Energy Excellence®, which is accelerating environmental and safety progress by fostering new technologies and transparent reporting. API was formed in 1919 as a standards-setting organization and has developed more than 700 standards to enhance operational and environmental safety, efficiency and sustainability.
IEA Expects Crude above$100 in the Coming Months. In our March 2022 Short-Term Energy Outlook (STEO), which was finalized on March 3, we increased our forecast price of international benchmark Brent crude oil to $116 per barrel (b) for the second quarter of 2022. We expect gasoline prices to average about $4.10 per gallon (gal) during the second quarter of 2022 and then decline through the rest of the year. We forecast that the price for WTI, the U.S. benchmark, will average $113/b in March and $112/b for the second quarter of 2022. Our forecast is subject to heightened levels of uncertainty due to various factors, including Russia’s further invasion of Ukraine, government-issued limitations on energy imports from Russia, Russian petroleum production, and global crude oil demand.
Oil and NatGas Key to Renewable Future. WSJ.U.S. shale oil and gas are the key to a renewable future. A proper price for oil and gas would allow investors to earn returns on their capital while also accounting for the effect carbon emissions have on the planet. The damage from fossil fuels is real, and suppliers and users alike should share in that cost. Reliance on gas and oil for our energy needs is unsustainable, both environmentally and geopolitically. We need to align energy use and development of domestic fossil fuels, nuclear power and renewable energy with the broader societal goal of decarbonization. To get there, we need a practical framework for the oil-and-gas sector to approach an energy transition.
More Deals Are Coming. A group of oil and gas “mini-majors” are emerging among U.S. shale producers, built from aggressive dealmaking that industry players expect will accelerate on strong commodity prices and the retreat of Europeans from U.S. onshore production. The players, including Devon Energy Corp, EQT Corp, Continental Resources, Pioneer Natural Resources and Diamondback Energy, are poised for another round of dealmaking, according to interviews with a dozen sources.
Biden Cannot Get a Fed Climate Candidate by Joe Manchin. Sen. Joe Manchin has turned into a real headache for President Biden on climate. The latest example came this week when the West Virginia Democrat torpedoed the nomination of Sarah Bloom Raskin for the Federal Reserve. Biden wanted Raskin, a climate-savvy financial regulator, to serve as the Fed’s top bank cop, but Manchin disagreed — effectively killing her chances in the narrowly divided Senate and forcing Raskin to withdraw her nomination. Now the White House has to go back to the drawing board to fill the role, which has been vacant for months and is responsible for reining in big banks and monitoring emerging threats to the U.S. financial system.
Fund Manager Sees $200 Oil by the End of the Year. Hedge fund manager Pierre Andurand sees a path to $200 oil by end of the year. Commodities trader Pierre Andurand sees a path for crude oil to get to $200 by the end of the year as historically tight markets struggle to ramp up production and replace lost supply from Russia. He estimates some 4 million barrels per day have been taken out of circulation as a result of Russia’s invasion of Ukraine and subsequent restrictions on doing business with the Putin government. While releasing oil from strategic petroleum reserves could help boost supply in the short-term, it’s likely that the energy industry won’t be able to increase capacity to fully offset the lost barrels.
Push to Open PA State Lands. The push for non-surface drilling on PA State lands. Local State Representative Clint Owlett (R-Bradford/Tioga) plans to introduce legislation that would allow non-surface drilling on state lands. He says the oil and gas resources beneath state lands are abundant. “We know it’s there,” said Owlett. “We have heard from industry leaders that say, you know, if you would open up state land for new leases, we would be interested,” he added. Owlett’s proposal is one of many Republican policies to increase energy production in the commonwealth, while decreasing dependence on Russia. He believes his non-surface proposal is a good compromise to protect the surface of the state land, while obtaining the abundant resources below.
TX Threatens ESG Firms. Texas threatens to hit ESG firms over fossil fuel ‘boycott’. Texas is wrestling with how to hit back against Wall Street’s green posture. The state’s top financial official is starting to inch toward action against some firms, after months of Texas Republicans bashing financial giants — especially BlackRock Inc. — for pledging to curb climate change through their investments. GOP leaders say those climate commitments amount to a “boycott” of fossil fuel companies. Last summer, Texas enacted a law to divest state funds like retirement accounts from green-minded financial firms. But implementing that law has proved tricky.
Bells and Whistle Rigs Getting Expensive. (Thanks, MDN) We spotted an article about scarcity for “super-spec rigs” affecting the shale marketplace. Super-spec rigs are high-end rigs with lots of bells and whistles. They drill better and faster than standard rigs. With inventories of super-spec rigs running low, prices to lease them are running high. The “day rate” to lease a rig with lots of bells and whistles is running over $30,000 per day. Base rigs, according to rig company Patterson-UTI, have days rates starting “in the mid-$20,000s.”
Time for Fracking in NY? With gas prices topping $4 a gallon, Republican gubernatorial candidate Lee Zeldin toured upstate New York in recent days to call on Hochul and the state Legislature “to allow the safe extraction of natural resources in the Southern Tier and some other New York locations,” which was not specified. Even if Zeldin is elected in November, it would be difficult to achieve that goal. The Democratic-controlled Legislature would surely reject it. Still, Zeldin said New York needs to do more to address rising energy prices as he seeks to win a Republican primary in June, including approving new pipeline construction and suspending the state gas tax.
MVP Appeals Permit Loss. The pipeline, in two separate court appeals filed last week, is seeking to reinstate an endangered species permit and land crossing authorization that the 4th US Circuit Court of Appeals threw out earlier this year. The pipeline argues the court “selectively disregarded” rules about how to review actions by the federal agencies that authorized the pipeline. “The agencies did not ‘cut corners,'” the pipeline said in regulatory filing the US Federal Energy Regulatory Commission published today. “Instead, the agencies have expended substantial time and resources on the permit reviews.”
Toby Rice Tells BBC “We Can Replace Russian Gas.” Shale CEO: U.S. can “easily” replace Russian gas. U.S. natural gas can easily replace Russian gas in Europe, the chief executive of EQT, the country’s largest producer of gas, told the BBC in an interview. “We’ve got the ability to do more, the desire to do more,” Toby Rice told the BBC, estimating that the United States had enough gas to quadruple current output by 2030. However, boosting exports of natural gas to Europe is not only a question of availability and willingness on the part of gas producers. There has also been political opposition to increasing LNG export capacity on climate change grounds. Recently, a coalition of more than a hundred advocacy groups called on the six largest U.S. lenders to stop financing new LNG export facilities on the Gulf Coast.
Permian Output to Hit a Record. Permian oil output forecast to hit record high in April – EIA. Oil output in the Permian in Texas and New Mexico, the biggest U.S. shale oil basin, is due to rise 70,000 barrels per day (bpd) to a record 5.208 million bpd in April, the U.S. Energy Information Administration (EIA) said in its productivity report on Monday. Total output in the major U.S. shale oil basins will rise 117,000 bpd to 8.708 million bpd in April, the most since March 2020, EIA projected. Gas output in the Permian and the Haynesville in Texas, Louisiana and Arkansas will also rise to record highs of 20.3 bcfd and 14.6 bcfd in April, respectively.
Appalachian Basin to Lead in NatGas Output in April. Appalachia on pace to lead lower 48 natural gas output growth in April, says EIA. Led by incremental growth in the Appalachian Basin, major Lower 48 drilling regions are set to raise natural gas output by more than 500,000 MMcf/d in April, according to updated modeling from the Energy Information Administration (EIA). At 186 MMcf/d, Appalachia is projected to post the largest gain for the period among the seven onshore drilling regions, a group that also includes the Anadarko and Permian basins, as well as the Bakken, Eagle Ford, Haynesville and Niobrara formations.
WV to Cut Off Banks That Oppose Energy Industries. West Virginia legislature passes measure to cut off banks that refuse to service coal, oil industries. The West Virginia legislature recently passed a bill that would allow the state treasurer to restrict the state’s business with financial institutions that adopt corporate policies to cut off financing for the coal, oil, and natural gas industries. The legislation, which was first proposed by state Treasurer Riley Moore, advanced through the state House of Delegates and Senate over the weekend and now heads to the desk of Republican Governor Jim Justice. If Senate Bill 262 becomes law, Moore will be able to create a list of restricted financial institutions that “have been shown to refuse, terminate or limit commercial activity with coal, oil or natural gas companies without a reasonable business purpose,” his office said in a statement on Monday.
PA Permit March 7, to March 17, 2022
County Township E&P Companies
1. Bradford Franklin Chief
2. Bradford Leroy Chief
3. Bradford Leroy Chief
4. Greene Richhill CNX
5. Greene Richhill CNX
6. Greene Richhill CNX
7. Greene Richhill CNX
8. Greene Richhill CNX
9. Lycoming Plunkett’s Creek EQT
10. Lycoming Plunkett’s Creek EQT
11. Lycoming Plunkett’s Creek EQT
12. Lycoming Plunkett’s Creek EQT
13. Lycoming Plunkett’s Creek EQT
14. Lycoming Plunkett’s Creek EQT
15. Lycoming Plunkett’s Creek EQT
16. Lycoming Plunkett’s Creek EQT
17. Lycoming Plunkett’s Creek EQT
18. Lycoming Plunkett’s Creek EQT
19. Sullivan Forks Chief
20. Susquehanna Middleton SWN
21. Susquehanna Middleton SWN
22. Susquehanna Middleton SWN
23. Washington Hopewell Range
24. Washington Hopewell Range
25. Washington Hopewell Range
OH Permits March 6, to March 12 2022
County Township E&P Companies
1. Belmont Colerain Ascent
2. Belmont Colerain Ascent
WV Permits March 7, to March 11, 2022
1. Taylor Arsenal
2. Taylor Arsenal
3. Tyler Antero
4. Tyler Antero
5. Tyler Antero
6. Tyler Antero
Joe Barone 610.764.1232