Appalachian pure-play Southwestern Energy Co. plans to keep year/year production and spending flat in 2021 even as it assumes a larger asset base and entry into Ohio with its acquisition of Montage Resources Corp. The exploration and production company laid out its vision for the year last week, joining peers in announcing a plan aimed…
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Appalachian Pure-Plays Cabot, Range Staying in Maintenance Mode This Year
Appalachian heavyweights Cabot Oil & Gas Corp. and Range Resources Corp. both plan to keep spending and production flat this year despite an improving outlook for natural gas. “While a warmer start to the winter heating season and higher storage levels resulted in wider than anticipated differentials across the Appalachian Basin during the fourth quarter,…
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…
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…
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…
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…
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…
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…
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…
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…