EV Energy Partners emerges from bankruptcy court as Harvest Oil & Gas

After spending two months in bankruptcy court and shedding $355 million in debt, the original EV Energy Partners (EVEP) became Harvest Oil & Gas, according to Marcellus Drilling News. EVEP was originally a master limited partnership (MLP), but Harvest Oil & Gas is now a corporation. For more, read the full story.

National

EIA expects major increase in Northeast natural gas takeaway capacity this year

Assuming all projects come online by their scheduled in-service dates, the U.S. Energy Information Administration expects more than 23 billion cubic feet per day (Bcf/d) of natural gas pipeline takeaway capacity to be online in its Northeast region, which includes Ohio, Pennsylvania and West Virginia, by the end of 2018. The agency says that will be up from an estimated 16.7 Bcf/d at the end of 2017 and more than three times the takeaway capacity at the end of 2014. EIA notes that the growth of natural gas production in the Marcellus and Utica shale basins is “constrained by the lack of available takeaway pipeline capacity to move it to new markets,” and new projects will create an outlet for increased production. For more, read the full EIA report.

National

FERC allows start of Atlantic Coast Pipeline construction in West Virginia

Marcellus Drilling News reports that the Federal Energy Regulatory Commission (FERC) has given permission to Dominion Energy to begin construction of the Atlantic Coast Pipeline in West Virginia. The news site says the $6.5 billion natural gas line will run from West Virginia through Virginia and into North Carolina. Click here to read more.

National, West Virginia

Expert: Crude oil prices may hit $85 a barrel this summer

CNBC reports that energy analyst Dan Yergin is saying crude oil prices may continue to rally past three-and-a-half year highs and could hit $85 a barrel as soon as July 2018. The news network notes that oil prices have been steadily rising since 2017, and crude futures “rose faster than expected recently as geopolitical tensions rattle the market.” Brent crude, the international benchmark for oil prices, recently rose toward $80 a barrel after hitting its highest level since November 2014. For more, read the full story.

Global, National

ExxonMobil, Saudi company want to build ethane ‘cracker’ plant

The Houston Business Journal reports that ExxonMobil Chemical Co. and Saudi Basic Industries Corp. have formed a joint venture for their Gulf Coast Growth Ventures project that will include a 1.8 million-tonne ethane “cracker” plant in Portland, Texas. The newspaper says the move is a key milestone because it allows the companies to continue advancing the $10 billion project. The plant is expected to be operational around 2021 or 2022. For more, read the full story.

Global, National

EIA: Natural gas-fired power plants lead rise in electric generating capacity

The U.S. Energy Information Administration (EIA) has issued a report predicting that 32 gigawatts (GW) of new electric generating capacity will come online nationally in 2018, with 66% of that total to be from natural gas-fired power plants, according to Marcellus Drilling News. The report says that of the 21 GW of new natural gas-fired generation, Pennsylvania will provide 5.2 GW, while Maryland and Virginia will each generate 1.9 GW. Click here to read more.

National, Pennsylvania

Oil prices hit highest mark since 2014 after Trump’s decision on Iran

Crude oil prices hit 3-1/2-year highs on May 9th, a day after President Donald Trump pulled the United States out of an international nuclear agreement with Iran, according to Reuters. The news service says West Texas Intermediate crude futures hit their highest level since November 2014 at $71.14 per barrel, while Brent crude futures jumped nearly 3% to $77.21. Reuters says President Trump’s move sparked fears of increased tension in the Middle East and uncertainty over global oil supplies. For more, read the full story.

Global, National

EQT writes down Texas, Kentucky assets to focus more on Appalachia

Pittsburgh-based EQT Corp. is ending its diversification experiment by selling off its Texas natural gas assets and writing down $2.3 billion on the value of oil and gas positions in the Permian basin in Texas and Huron shale area in eastern Kentucky, reports the Pittsburgh Post-Gazette. The newspaper says those moves along with its recent acquisition of Rice Energy Inc. have "further grounded its efforts in southwestern Pennsylvania, where EQT has hundreds of thousands of acres under lease and where rates of return are highest." For more, read the full story.

National, Pennsylvania

Thrasher: Steel tariffs should not hurt China Energy investments in West Virginia

West Virginia Commerce Secretary Woody Thrasher said President Donald Trump’s proposed 25% tariff on steel imports should not derail China Energy Investment Corp.’s plan to build $83.7 billion worth of ethane “crackers,” power plants and related natural gas infrastructure in the state, according to the Wheeling Intelligencer/News-Register. “We don’t think those tariffs are going to impact the situation,” Thrasher said during a West Virginia Oil and Natural Gas Association conference in Wheeling. “We feel like it’s a fundamentally, really good, win-win situation for both China Energy and our country.” For more, read the full story.

Global, National, West Virginia

Marathon Petroleum to acquire rival oil refiner for $23.3 billion

Findlay, Ohio-based Marathon Petroleum Corp. has agreed to buy rival oil refiner Andeavor for $23.3 billion in a deal that would create the largest independent fuel maker in the country, Bloomberg reports. The news service says Marathon, which has a refinery in Canton, Ohio, is focused on the Midwest and Gulf Coast, while Andeavor's refineries and pipelines are in western states. Bloomberg says the companies are “among the biggest beneficiaries of the U.S. shale boom, with access to abundant supplies [of oil and natural gas] at a discount to global prices.” For more, read the full story.

National, Ohio
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