Appalachia

UGI’s Stonehenge Pays $205M for Pine Run Midstream

UGI’s Stonehenge Pays $205M for Pine Run Midstream

Pine Run Gathering LLC, a joint venture owned by subsidiaries of Stonehenge Energy Resources III LLC and UGI Energy Services LLC (UGIES), has completed a transaction to acquire Pine Run Midstream LLC for $205 million. The acquisition is from Pittsburgh-based independent PennEnergy, an anchor customer on the Pine Run system.  Pine Run Midstream currently operates…

February 19, 2021
Northern Oil Enters Appalachia as India’s Reliance Exits

Northern Oil Enters Appalachia as India’s Reliance Exits

India’s Reliance Industries Ltd. has agreed to divest its entire stake in 64,000 net acres in the Appalachian Basin, continuing its exodus from unconventional oil and natural gas assets in the United States.  Northern Oil and Gas Inc. (NOG) agreed to acquire the nonoperated stake from Reliance Marcellus LLC in exchange for $175 million and…

February 4, 2021
MVP Pursuing New Strategy, Permits to Finish Building Natural Gas Pipeline

MVP Pursuing New Strategy, Permits to Finish Building Natural Gas Pipeline

Seeking to wrap up construction on a project long ensnared in a tangle of legal and regulatory complications, Mountain Valley Pipeline LLC (MVP) will pursue a new strategy to obtain the waterbody and wetlands crossing approvals that represent the natural gas conduit’s final permitting hurdle. Instead of waiting out the legal process on its stayed…

January 27, 2021
Lower 48 DUC Well Inventory Down to Pre-Pandemic Levels as Oil Prices Recover

Lower 48 DUC Well Inventory Down to Pre-Pandemic Levels as Oil Prices Recover

Lower 48 oil and gas producers have drawn down their inventory of drilled but uncompleted (DUC) wells to pre-pandemic levels, reflecting an improved commodity pricing and demand outlook, according to new analysis by Rystad Energy. After reaching a multiyear high of 6,548 wells last June, the DUC count in the country’s major oil regions fell…

January 26, 2021
MVP Clears Major Permitting Hurdle as Forest Service Completes Supplemental Review

MVP Clears Major Permitting Hurdle as Forest Service Completes Supplemental Review

The U.S. Forest Service (USFS) has finalized a supplemental environmental review of the Mountain Valley Pipeline (MVP), a key step in resolving a permitting setback that has prevented construction on a small portion of the project routed through the Jefferson National Forest. Late last week, the USFS released a final supplemental environmental impact statement for…

December 14, 2020
Solicitor General Supports PennEast Petition for Supreme Court Review

Solicitor General Supports PennEast Petition for Supreme Court Review

The Solicitor General has filed an amicus brief supporting the PennEast Pipeline’s petition for the U.S. Supreme Court to hear its case against New Jersey’s efforts to stop the project from condemning state-owned land.  Acting Solicitor General Jeffrey B. Wall said the certificate of public convenience and necessity issued to PennEast by FERC “expressly” allows…

December 11, 2020
Forecasts Seen Less Bearish as Natural Gas Futures Extend Gains Early

Forecasts Seen Less Bearish as Natural Gas Futures Extend Gains Early

Boosted by a colder look to forecasts for early December, natural gas futures extended their recent gains in early trading Tuesday. The December Nymex contract was up 5.5 cents to $2.766/MMBtu at around 8:40 a.m. ET. January was up 6.3 cents to $2.886. After “not being quite as bearish” in Monday’s runs, the weather data…

November 24, 2020
Natural Gas Forward Prices Rally as LNG Demand Sets New High, Cold Blast Sweeps East

Natural Gas Forward Prices Rally as LNG Demand Sets New High, Cold Blast Sweeps East

For all the intraweek volatility in the natural gas forward markets, prices ultimately capped the Nov. 5-11 period moderately higher as chilly weather crept back into the long-range forecast, according to NGI’s Forward Look. Although it’s still unclear whether the cold lasts, Appalachia markets rallied sharply as the expected drop in temperatures coincided with a…

November 13, 2020
Cabot, Southwestern Likely to Keep Natural Gas Output, Spending Flat Next Year

Cabot, Southwestern Likely to Keep Natural Gas Output, Spending Flat Next Year

Appalachian pure-plays Cabot Oil & Gas Corp. and Southwestern Energy Co. said Friday they’ plan to hold the line on spending and keep production roughly flat with this year’s levels in 2021.  “Despite the expectation for higher price realizations and cash flow in 2021, our capital allocation priorities remain focused on maintaining our current production…

October 30, 2020
Appalachia’s CNX Balks at Merger Talk, while Antero Concentrates on Cost Cutting

Appalachia’s CNX Balks at Merger Talk, while Antero Concentrates on Cost Cutting

Appalachian pure-play CNX Resources Corp. indicated Thursday that a merger with any of its peers is likely out of the question when measured against current performance and the value it’s likely to create in the coming years.  “You’re going to need to find someone who is not going to weaken or dilute our best in…

October 30, 2020