Appalachian Basin pure-play CNX Resources Corp. is bullish on the long-term prospects for natural gas prices and demand despite the current market slump, management said Thursday. CEO Nick Deluliis and his management team hosted a conference call to discuss second quarter earnings for Canonsburg, PA-based CNX. The company ranked No. 12 in natural gas volumes…
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Texas Natural Gas Production Slipped in March Amid Low Prices
Texas natural gas production was down 77 Bcf year/year in March, according to preliminary data from the Railroad Commission of Texas (RRC). Regulators said production was 896 Bcf in March, or about 29 Bcf/d, compared to 973 Bcf, or around 31 Bcf/d, in March of last year. Production in February was 853 Bcf, or around…

Commercialization of Certified Natural Gas Advances as Seneca, NNE Offer 1 Bcf/d-Plus via CG Hub
Appalachian natural gas producers Seneca Resources Co. LLC and Northeast Natural Energy (NNE) have agreed to provide access to more than 1 Bcf/d of certified natural gas via commodities trading platform CG Hub, a signal that selling premium supply to overseas markets is advancing. The Chicago-based trading hub, operated through TruMarx Data Partners Inc.’s Comet…

MVP ‘Grateful’ for Debt Deal Assist, Looking Toward 2023 Completion
Mountain Valley Pipeline LLC (MVP) developers expect to have the long-delayed and oft-challenged natural gas pipeline in service by the end of this year thanks to a major assist from provisions included in the bipartisan debt ceiling deal signed by President Biden. The Fiscal Responsibility Act, negotiated between the Biden administration and lawmakers, and signed…

EQT Management Sees ‘Improving Natural Gas Macro Fundamentals’ Ahead, Touts Low Breakeven Appalachian Assets
Appalachian Basin pure-play EQT Corp. is equipped to weather the current downturn in natural gas prices and expects a tighter supply/demand balance later this year and into 2024, management said Thursday. CEO Toby Rice hosted a conference call to discuss the largest U.S. gas producer’s first quarter earnings. “While the current natural gas macro environment…

Natural Gas ‘Price Plunge’ Said to Make Even Top Basins Unattractive for Investment
The decline in U.S. natural gas prices, combined with elevated costs to drill a well, are forecast to slow down drilling and completions (D&C) activity in the gassy basins of the Lower 48. Rystad Energy Vice President Serik Omarov in a note said the gas price decline has created uncertainty for exploration and production (E&P)…

Appalachian Producer, Midstreamer Receive Project Canary Certification
Olympus Energy LLC, which also has a midstream arm, has become the first integrated natural gas producer to independently certify its natural gas, according to management. The Pennsylvania-based exploration and production company focuses on upstream and midstream natural gas resources in the Appalachian Basin. Subsidiary Hyperion Midstream also gained verification for its gas emissions, both…

Pennsylvania’s Olympus, Hyperion Gain Dual Certification for Low Natural Gas Emissions
Olympus Energy LLC, which also has a midstream arm, has become the first integrated natural gas producer to independently certify its natural gas, according to management. The Pennsylvania-based exploration and production company focuses on upstream and midstream natural gas resources in the Appalachian Basin. Subsidiary Hyperion Midstream also gained verification for its gas emissions, both…

EQT Ready to Curb Activity if Natural Gas Prices Stay Lower for Longer
EQT Corp. continues to wait for antitrust regulators to clear its $5.2 billion acquisition of Tug Hill Inc.’s upstream and midstream assets in West Virginia, and management now expects to provide more details on the timing of the transaction around the middle of the year. The deal, which would add 800 MMcfe/d of production from…

Average Henry Hub Natural Gas Spot Price Shoots to 14-Year High in 2022
U.S. natural gas prices have had a remarkably soft winter so far, but the whole of 2022 tells a completely different story. In 2022, the wholesale U.S. natural gas spot price at Henry Hub averaged $6.45/MMBtu, the highest level since 2008, according to the Energy Information Administration (EIA) based on data from Refinitiv Eikon. This…