After a months-long regulatory delay, two Tallgrass Energy-led natural gas projects have progressed in the past month that will expand takeaway options out of the growing Denver-Julesburg (D-J) production area. Tallgrass in early October began construction on the Cheyenne Connector pipeline and the Rockies Express Pipeline’s Cheyenne Hub Enhancement — aimed at expanding outbound capacity and destination optionality for growing natural gas supplies from the Denver-Julesburg play in the Niobrara Shale, as well as providing a new outlet for Powder River Basin gas. The projects also have secured additional capacity commitments in recent weeks. And in its earnings call last week, Tallgrass said that DCP Midstream, which was already a shipper on Cheyenne Connector, has exercised its option to purchase 50% interest in the project. The influx of gas supply at Cheyenne Hub resulting from these projects will boost eastbound flows on Rockies Express (REX), which is in the midst of recontracting its capacity as existing long-term contracts roll off today. Next, we provide an update on the company’s plans to increase takeaway capacity out of the D-J basin and PRB.
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We last wrote about the Cheyenne Connector and REX Cheyenne Hub Enhancement projects two years ago, soon after Tallgrass had announced binding open seasons for the two projects. At the time, associated gas production growth in the D-J Basin — a crude oil-focused play and really the only growing play in the Rockies (aka Rox) in recent years — had stalled at just above 1.5 Bcf/d in the aftermath of the crude oil price crash of 2014-15. But by late 2017, things were just starting to look up. Prices were beginning to amble above $50/bbl; the rig count in the D-J had doubled from the previous year; and crude oil production was again growing, albeit modestly, bringing with it associated gas volumes. Two years later, crude oil production from the D-J is now approaching 600 Mb/d, up 200 Mb/d (50%) from where it stood in late 2017. And, with that has come an incremental 1 Bcf/d or so of associated dry gas production; IHS Markit’s PointLogic data showed daily volumes hitting a record high of nearly 2.95 Bcf/d on October 24, 2019, and posting a new monthly high of 2.7 Bcf/d for October as a whole, compared with 1.7 Bcf/d in October 2017.
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About the song
"Rock and Roll" was written by John Bonham, John Paul Jones, Jimmy Page and Robert Plant, and appears as the second song from Led Zeppelin's untitled fourth album, commonly referred to as Led Zeppelin IV. The song starts with the drum intro that Little Richard's drummer, Charles Conner, did for Richard's 1957 hit, "Keep A-Knockin'." Conner's drum intro was appropriated earlier by Eddie Cochran, on his 1959 hit, "Somethin' Else." Led Zeppelin would often open their live shows with a cover of Cochran's song "Somethin' Else" paired with "C'mon Everybody." After the release of Led Zeppelin IV, "Rock and Roll" became their concert opener from 1971 to 1975. The song developed from a jam they were doing at the Headly Grange studio in England while recording for Led Zeppelin IV. It was released as a single in February 1971, when the soon-to-be iconic song only went to #47 on the Billboard Hot 100 chart. Led Zeppelin was known as an “album band” — not a singles band — at that time, so the low chart showing was of little concern to them.
Led Zeppelin IV was recorded between December 1970 and February 1971 at Headly Grange, using The Rolling Stones Mobile Studio. Some additional recording and overdubs were done at Island Studios in London. As always, Jimmy Page was the producer for the album. The LP went to #2 on the Billboard Top 200 Albums chart, and has been certified 23x Platinum by the Recording Industry Association of America (RIAA). Worldwide sales for the album are now over 37 million. Personnel on the record were: Jimmy Page (electric and acoustic guitars, mandolin), John Paul Jones (bass, keyboards, mandolin, recorder), John Bonham (drums) and Robert Plant (vocals, harmonica).
Led Zeppelin was an English rock band formed in London in 1968. They have RIAA certified sales of 111.5 million units in the U.S., and worldwide sales of over 200 million. They have released eight studio albums, four live albums, 10 compilation albums and 16 singles. They have won one American Music Award, five Grammy Awards, and are members of the Rock and Roll Hall of Fame, UK Music Hall of Fame and Mojo Hall of Fame. Plant, Page and Jones are recipients of Kennedy Center Honors. Page received an Officer of the British Empire Award, and Plant received a Commander of the British Empire Award. Four of Led Zeppelin's albums are in the Grammy Hall of Fame, and the band received a Grammy Lifetime Achievement Award. John Bonham passed away in October 1980. The surviving members of the band continue to pursue solo projects, and still record and tour.
