EQT Corporation, the largest natural gas producer in the United States, is asking West Virginia officials to remove two judges from hearing cases brought by landowners against the EQT relating to royalty disputes for alleged improper deductions. EQT wants Judges Timothy Sweeney and David W. Hummel Jr. to be disqualified from at least three cases
Read More...It’s been a long road, but we’re nearing the end. Shell’s $6 billion ethane cracker plant, officially called the Pennsylvania Petrochemicals Complex (PPC), is close to being done. It’s likely the PPC, located in Beaver County, PA, will be up and running sometime next year. When it is, the market for Marcellus/Utica NGLs will profoundly
Read More...Over the objections of a junior creditor group, a judge for the U.S. Bankruptcy Court in Houston said yesterday he will approve Chesapeake Energy’s bankruptcy plan to jettison $7 billion (out of $8.9 billion) worth of debt. Chesapeake will exit bankruptcy within the next 30 days and will continue to retain and drill on its
Read More...In a pair of announcements earlier this week, U.S. Well Services announced it has signed new long-term deals with both Range Resources and EQT to supply “electric fracking” services. We told you in February 2020 that Range had signed on with U.S. Well Services to continue using its electric fracking service (see Range Resources Converts
Read More...Oil & Gas Investor magazine recently sat down with Toby Rice, CEO of EQT Corporation, to discuss his (and his brother Derek’s) successful takeover of the company in July 2019. The lengthy article begins this way: “A year and a half after leading a mutiny of shareholders to take control of the nation’s largest natural
Read More...The Community College of Beaver County’s (CCBC) Shell Center for Process Technology, a $5 million state-of-the-art training facility, has just officially opened. While the Center was built to train employees to run the Shell ethane cracker plant, it’s also training people for a myriad of other opportunities too.This post appeared first on Marcellus Drilling News.
Read More...A well in the Marcellus Shale in (of all places) Plum Borough in Allegheny County, PA (a suburb of Pittsburgh) has dethroned a well in the Ohio Utica as the longest onshore lateral drilled…in the world! Olympus Energy (formerly Huntley & Huntley Exploration) has drilled and completed a well with a 20,060-foot lateral–3.8 miles long!This
Read More...Last week Pennsylvania issued 25 new shale well drilling permits in both northeast and southwest PA, although most of the permits for SWPA. Ohio issued 4 new shale well permits, all of them to the same company (Encino Energy) and the same well pad (in Harrison County). West Virginia issued 6 new shale well permits,
Read More...In March 2019 MDN told you about National Fuel Gas Company’s (NFG) FM100 Project in northwestern Pennsylvania that will beef up and extend an existing pipeline network to flow an extra 330 million cubic feet per day (MMcf/d) of Marcellus gas to Williams’ mighty Transco Pipeline (see NFG FM100 Pipe Project in NW PA to
Read More...Oaktree Capital Management, a huge investment firm with 1,000 employees and $140 billion in assets under management, is investing some of its considerable stach in BKV Corporation. BKV (which stands for Banpu Kalnin Ventures) is the American shale drilling arm of Banpu, Thailand’s largest coal mining company. BKV/Banpu has invested ~$500 million in the PA
Read More...While so-called “activist investors” can sometimes accomplish good things (like the Rice boys in their takeover of EQT last year), it is our observation that most “activist investors” are destructive. A new hedge fund calling itself Engine No. 1 is one such destructive company. The hedge fund, based in San Francisco (which explains a lot)
Read More...click for larger version On Wednesday, Hart Energy held its annual DUG (Developing Unconventional Gas) East event. This year the event was virtual instead of in-person at the convention center in Pittsburgh. One acronym seemed to be on the lips of nearly every speaker at this year’s event: ESG, which stands for “environment, social, governance.”
Read More...Yesterday CNX CEO Nick Deluliis was one of the keynote speakers at the annual DUG (Developing Unconventional Gas) East event, held virtually this year. Normally DUG is held at the Convention Center in Pittsburgh. Deluliis’ talk was wide-ranging, but much of it concentrated on mergers and acquisitions, particularly M&A in the Marcellus/Utica. Deluliis is not
Read More...In June 2019 the Cambridge (Massachusetts) Retirement System sued EQT claiming EQT’s executives had made false and misleading statements about their 2017 purchase of Rice Energy–claims about cost efficiencies that never materialized, and claims about the location of Rice leases that were not as close to EQT’s acreage as claimed (see Mass. Retirement Fund Sues
Read More...Yesterday Hart Energy held its annual (always excellent) DUG (Developing Unconventional Gas) East event. Normally the event is held at the Convention Center in Pittsburgh. This year it was an all-virtual event. Among the speakers were CNX CEO Nick Deluliis, PennEnergy Resources CEO Rich Weber, and Ascent Resources CEO Jeff Fisher. While it’s not all
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