Gulfport’s Bumpy Bankruptcy – Asset Transfer, Exec Bonuses Questioned

Last November the Gulfport Energy, the third-largest driller in the Ohio Utica Shale (by the number of wells drilled), filed for a “pre-arranged” Chapter 11 bankruptcy (see Gulfport Energy Files for Pre-arranged Chapter 11 Bankruptcy). Gulfport’s bankruptcy has been a bumpy process according to recent filings in the case. According to a “heavily revised” disclosure

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Two EQT Shareholders Sue Former Board, Executives re Rice Merger

Two EQT Corp. shareholders filed a lawsuit in Allegheny (PA) County Court earlier this week against former top EQT executives and former EQT board members (from 2017) alleging management and the board vastly exaggerated cost reductions and operating efficiencies that would result from a $6.7 billion takeover/merger of Rice Energy. The lawsuit says the former

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Thailand’s Banpu Buying U.S. Gas-Fired Power Plant in 1H21

Banpu is Thailand’s largest coal mining company. But Banpu is far more than just a coal company. It has multiple subsidiaries in various energy industries scattered around the globe. For example, here in the U.S. Banpu partners with Kalnin Ventures and operates BKV Corporation, the American shale drilling arm of Banpu. We spotted an article

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Shell Predicts Global LNG Demand Will Double to 700 Mt by 2040

Shell, one of the world’s biggest traders of LNG, released its fifth annual LNG Outlook report for 2021 last week (full copy below). Shell says global demand for liquefied natural gas (LNG) increased from 358 million tonnes (Mt) in 2019 to 360 Mt in 2020. It would have been a lot higher had it not

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FERC Gives OK for NFG’s FM100 Pipeline to Begin PA Construction

Some good news to share on this Friday. The Federal Energy Regulatory Commission (FERC) has given National Fuel Gas Company (NFG) the green light to begin construction on its FM100 pipeline project. The FM100 Project will beef up and extend an existing pipeline network in northwestern Pennsylvania to flow an extra 330 million cubic feet

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CNX Gets More Diverse – Working with Minority-Owned Co. EQT Dumped

Yesterday, CNX Resources, Bettis Brothers, and The Bus Stops Here Foundation announced a partnership intended to bring greater awareness and access to opportunities in the natural gas industry to disadvantaged urban and rural communities in the Pittsburgh region. Does the Bettis name ring any bells? It should. Pittsburgh-based IntegrServ, a trucking company partly owned by

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Cabot 2020 Update: Drilled 74 Wells, Avg 2.3 Bcf/d, Made $200M

Yesterday Cabot Oil & Gas issued its fourth-quarter and full-year 2020 update. Cabot continues to be one of the few drillers that consistently makes a profit quarter after quarter, year after year–even during a downturns like what happened in 2020. Although down from 2019, in 2020 Cabot made just over $200 million in net income.

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Range 2020 Update: Drilled 67 Wells, Avg 2.2 Bcf/d, Lost $712M

Range Resources issued its fourth-quarter and full-year 2020 update yesterday. Range was the very first driller to sink a Marcellus well, back in 2004. The company currently owns ~460,000 acres in the M-U, most of it in the “wet gas” region which produces higher-profit NGLs. Range made $38 million in net profit during 4Q20, but

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Antero Update – Drilling 80-85 Wells in 2021, New $550M Investor

Antero Resources, one of the largest drillers in the Marcellus/Utica (working primarily in West Virginia) issued its 4Q and full-year 2020 update yesterday. During 4Q Antero pumped an amazing 3.65 billion cubic feet per day equivalent (Bcfe/d) of natural gas. Antero is the third-largest producer of natural gas in the U.S. The company drills in

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EQT Update – Making Moves to Drill More in WV in 2021

Yesterday the country’s largest natural gas producer, EQT Corporation, released its 4Q and full-year 2020 update, holding a conference call with analysts to discuss the results. The update shows the company produced an average of 4.45 million cubic feet per day (MMcf/d) of natural gas in 4Q. Although there was plenty of “free cash flow”

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PA DEP Shakes Down Range $294K for Unplugged Conventional Wells

The Pennsylvania Dept. of Environmental Protection (DEP) is once again spinning an error by a major Marcellus driller, Range Resources, as some sort of evil plot to avoid and defraud the DEP. Due to a mistake by a former employee, Range misclassified 42 old conventional wells on acreage it owns and did not plug the

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Seneca Adding Another Rig in Tioga County, PA Thx to Pipe Expansion

Last Friday National Fuel Gas Company (NFG), the parent company for Seneca Resources and Empire Pipeline, issued its latest quarterly update for the quarter ending Dec. 31 (NFG’s first quarter 2021, everyone else’s fourth quarter 2020). Among the pearls of good news for NFG is that the company is adding a rig back in Tioga

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Alta Resources Shopping 547K Marcellus Acres, Asking $3B

We don’t write much about Alta Resources, a shale drilling company co-founded by the inventor of shale fracking, George Mitchell. But that doesn’t mean Alta doesn’t drill in the Marcellus. The company owns some 547,000 gross (239,000 net) acres producing natural gas from approximately 900 wells in the Marcellus Shale across Bradford, Wyoming, Sullivan, Lycoming,

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Northern O&G Buys 64K Acres of RIL’s Non-Op M-U Assets for $250M

Northern Oil and Gas, Inc., a company that invests in non-operated oil and gas assets (they let others do the drilling), announced yesterday it has purchased 64,000 net acres producing ~120 MMcfe/d (million cubic feet equivalent per day) in the Marcellus/Utica from Reliance Industries Limited (RIL). The cash purchase price is $250 million.This post appeared

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Diversified Opens New NatGas Control Center in Charleston, WV

Diversified Gas & Oil (DGO) owns close to 8 million acres of leases with some 60,000 (mostly) conventional oil and gas wells. Their focus has been to acquire quality production and cash flow–regardless of the well or commodity type (gas or oil)–in the Appalachian Basin. DGO currently owns over 400 Marcellus/Utica shale wells in their

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