James Willis, Marcellus Drilling News, gives an update from the Marcellus Utica region. Willis starts off with an update from Coterra Energy, which is a company based on a merger between Cabot Oil and Gas and Cimarex Energy for $17 billion merger. The Houston oil and gas company on Friday said it will start trading Monday on the New York Stock Exchange under the ticker symbol CTRA, which will replace Cabot’s ticker symbol of COG.
Coterra Energy Inc. is a company engaged in hydrocarbon exploration organized in Delaware and based in Houston, Texas. The company has operations in the Permian Basin, Marcellus Shale, and the Anadarko Basin.
“They are drilling for natural gas about 20 miles from where I am standing right now on the other side of the border in Susquehanna County (PA), which is the only county where they drill for natural gas,” Willis said. “Not much has changed since the merger. I still see they are getting permits as I see their permits still coming through.”
Willis said he has personal friends who work for Coterra and said everything from what he can see, hear and read is positive. Although Willis did opine on one concern.
“My one concern is that with the price of oil, that perhaps, given their interests in the Permian and Anadarko, would they shift money away from natural gas drilling,” Willis said. “All of our drillers (producers) here in the Marcellus Utica are constrained. The great ongoing theme here is that we can’t build any pipelines because of this vivacious opposition from (pause) wackos. But they are well funded wackos.”
The two discussed several other rumors and coffee talk murmurs, including several available for reading at Marcellus Drilling News.
“Kinder Morgan’s top brass said earlier this week it is considering the possibility of expanding its Elba Island, Georgia LNG export operation,” Willis said. “Possibly. Maybe.”
The conversation dove into green and blue hydrogen. Willis said several states in the Marcellus Utica are making bids for one of the national hydrogen filling stations. According to Willis, New York and Massachusetts have joined political forces to attempt to persuade the decision makers their two-state area is the best location.
Host Jason Spiess explains how Fargo (ND) has been on the radar for a national hydrogen filling station for decades now due to the north and south Interstates intersect and the geographical location to Chicago’s distribution hub, Canada and the sprawling Western Cities.
Green hydrogen is hydrogen produced by splitting water by electrolysis. This produces only hydrogen and oxygen. We can use the hydrogen and vent the oxygen to the atmosphere with no negative impact. To achieve the electrolysis we need electricity, we need power.
Blue hydrogen is hydrogen produced from natural gas with a process of steam methane reforming, where natural gas is mixed with very hot steam and a catalyst. A chemical reaction occurs creating hydrogen and carbon monoxide.
The two discuss valuations of several companies active in the Marcellus as well.
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