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Last week in numbers
Friday oil prices: West Texas Intermediate (WTI) $61.25, Brent (ICE) $64.37
Natural gas weekly averages: Henry Hub $2.6, Wyoming Pool $2.26, Opal $2.29
Baker Hughes rig count: U.S. 981, Wyoming 31
Quote of the Week
“We see carbon as the elemental building block for the next century."
-- Charlie Atkins, director of development for Ramaco Carbon's iPark, a proposed advanced coal manufacturing facility in Sheridan County.
EOG Resources has withdrawn one of three contested injection wells east of Cheyenne. Nearby homeowners had disputed the wells, which would pump produced water into the Sussex aquifer. Regulators have yet to give final approval for the other two wells. The Houston company said the cancelled well was no longer needed for their immediate drilling plans.
Budget decision still loom in Cheyenne, and the fate of the Environmental Quality Council's second-year budget is unclear. Senators restored funding to the council and Representatives voted to withhold it last week. The independent board made a controversial decision over a mining permit in Sheridan County that some lawmakers were unhappy with.
The people behind the contested Brook coal mine in Sheridan County will hear Tuesday whether they can proceed with an advanced coal manufacturing facility and a research park near the mine. Locals have fought the location of the Ramaco Wyoming Coal Company's facilities which would have to be rezoned from agricultural to light industrial.
The methane rule will not die, or it seems be put back in place for now, as both sides of the battle refuse to give quarter. Wyoming quickly rallied after a California decision put the emissions-cutting rule into immediate effect. The state, and others, opened a case in Wyoming district court to put compliance off since a new rule is expected by spring.
The state Department of Environmental Quality will get an extra $91 million dollars for coal reclamation this year, part of a repayment plan from the federal government.
Those who say cutting taxes for oil and gas will entice more drilling may get the chance to prove it as a bill to that effect made it through the senate last week. It was introduced in the House on Friday and assigned to the revenue committee.
EOG Resources says Wyoming is one of its core assets, particularly the Powder River Basin. The firm that unlocked the DJ will continue drilling east of Cheyenne but its greater focus looks to be farther north in the PRB for the coming year. Earnings were also positive and above expectation for last year.