At the Well Weekly (v.11.22.2019)

Oil + Gas Update - Happy Thanksgiving to Everyone!

The rig count declined again by several units since our last report while oil and natural gas prices remained relatively flat. In pipeline news, the NC Governor faces accusations of improper meddling with ACP permit applications, ETP faces a shareholder suit, and the public gets a crack at a settlement between regulators and MVP. In Appalachia court news, a targeted-formation trespass claims survived a preliminary motion to dismiss, Ohio regulators have the final word over well-plugging complaints, a federal court won't touch an arbitration award that denied royalty claims, and the Third Circuit says no to a landowner that demanded a new farm tap from a new pipeline. In other regions, California courts addressed challenges to local ordinances and oil and gas rights following a tax sale while Texas courts decided mineral lien claims and groundwater royalty payments.

Have a great Thanksgiving. We'll be back in December. Here's your week in review...

Rig Counts, Spot Prices + Oil Prices

  • Rigs: National (-803); Marcellus (-36); Utica/Point Pleasant (13)

  • Brent Crude: -$62.37/bbl

  • West Texas Intermediate: +$57.77/bbl

  • NYMEX: December 2019 @ -$2.559/MMBtu.

  • Spot Prices: Henry Hub (-$2.47/MMBtu); Dominion South (+$2.15/MMBtu); Tenn. Zone 4 (+$2.07/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): Nothing new to report.

  • Atlantic Coast (W. Va. to Va. and NC): An independent investigation started by the Republican General Assembly leaders into the state’s approvals for the Atlantic Coast Pipeline found that Democratic Gov. Roy Cooper “improperly used the authority and influence of his office” but did not personally benefit from those decisions. .

  • Atlantic Sunrise (Northeastern PA to SE Pennsylvania): .

  • Constitution (Northeastern PA to NY):

  • 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): People living near the Mariner East Pipeline reported that a sinkhole opened up in Delaware County. On November 21, 2019, a law firm announced it has filed a lawsuit on behalf of shareholders of Energy Transfer LP alleging the company and certain executives violated the federal securities laws by misleading its investors about its business, operational and compliance policies.

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

  • Mountain Valley Pipeline (Northern WV to Southern Va. and NC): The public has the opportunity to comment on a proposed settlement with Va. regulators addressing MVP environmental issues along the pipeline route.

  • 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.