At the Well Weekly (v.1.17.2020)


Oil + Gas Update - Ninth Circuit Says Kids Lack Standing to Sue Feds Over Climate Change.


Natural gas prices slid again since our last report with analysts anticipating a peak at no more than $2.50/MMBtu in 2020 (and then only in the colder months) despite an uptick in the national rig count and a steady oil price. In pipeline news, DEP levied another hefty fine in connection with the Mariner East project while local officials sued to halt construction activities around county-owned property. In Appalachia court news, the Proctors live to fight another day after Commonwealth Court denied summary judgment in their fight with the Commonwealth over oil and gas rights. In other news, the Ninth Circuit issued a landmark decision dismissing the kids' climate change case against the federal government for lack of standing despite sweeping statements in the majority and dissenting opinions about the negative effects and imminent threats of climate change.


Here's the week in review...


Rig Counts, Spot Prices + Oil Prices


  • Rigs: National (+796); Marcellus (41); Utica/Point Pleasant (10)


  • Brent Crude: -$64.85/bbl


  • West Texas Intermediate: -$58.58/bbl


  • NYMEX: February 2020 @ -$2.120/MMBtu.


  • Spot Prices: Henry Hub (-$1.98/MMBtu); Dominion South (+$1.79/MMBtu); Tenn. Zone 4 (+$1.83/MMBtu)


("+" or "-" or blank denotes increase, decrease, or flat. )



WOPL - Appalachia


In our new section, WOPL ("waiting on pipelines"), we provide the latest news on the status of various pipeline projects in Appalachia:


  • Adelphia Project (Greater Philadelphia Region): The pipeline operator submitted E&S permit applications that DEP published for public comment.


  • Atlantic Coast (W. Va. to Va. and NC): Opponents filed their opposition briefs in SCOTUS (see below for more details).


  • Atlantic Sunrise (Northeastern PA to SE Pennsylvania): The Atlantic Sunrise appeal in the DC Circuit is the springboard for opponents of FERC's practice of tolling its review while project construction proceeds (see below for more details).


  • Constitution (Northeastern PA to NY): Nothing new to report.


  • Empire Pipeline (NY to PA): Nothing new to report.


  • Leidy South - Benton Loop Expansion (PA): Nothing new to report.


  • Mariner East (Western PA to Eastern PA): DEP fined ETP another $2 million for violations along the Mariner East lines. Meanwhile, the Chester County Commissioners filed a complaint requesting an injunction to stop construction on the project in two county-owned locations, including around the Chester County Library in Exton.


  • Mountaineer XPress (WV): Nothing new to report.


  • Mountain Valley Pipeline (Northern WV to Southern Va. and NC): Nothing new to report.


  • NEXUS (Ohio to Michigan): Nothing new to report.


  • NFG FM100 Project (NC PA to Transco): Nothing new to report.


  • Northeast Supply Enhancement Project (NJ/NY): Nothing new to report.


  • Northern Access (NW PA to Western NY): Nothing new to report.


  • PennEast (PA to Central Jersey): Nothing new to report.


  • Regional Energy Access (NE PA to PA/NJ): Nothing new to report.


  • Revolution Pipeline (PA): Nothing new to report.


  • Rover (OH, WV, PA to Michigan): Nothing new to report.


  • TransCanada Eastern Panhandle Project (PA to WV): Nothing new to report.

Headlines & Holdings - Appalachia