NFG’s New CEO David Bauer Schools Reporter on Benefits of NatGas

NFG’s new CEO David Bauer Last week National Fuel Gas Company’s new CEO David Bauer, who just took the reins of the company from the previous CEO Ronald Tanski in July (see NFG CEO Tanski Retiring in July, Replacement Named), attended a luncheon in Erie, PA. He spoke to a local reporter to answer questions

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All of EQT’s Previous Top Management, Save One, is Now Gone

Donald M. “Blue” Jenkins Beauty (and truth) is in the eye of the beholder. During the proxy fight earlier this year to control EQT’s board–and ultimately its management team–Toby Rice threw some sharp barbs including talk that EQT’s existing management was not up to the task of effectively running the company. The Rice boys said

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PA DEP Hires Private Lawyers to Defend Against Atty General Probe

Really? Is this what it’s now come to? Pennsylvania Attorney General Josh Shapiro is so desperate to make a criminal case against someone, anyone, in the shale industry, he’s even going after state employees–workers at the PA Dept. of Environmental Protection (DEP). In a bid to raise his visibility among state voters (so he can

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Rumor: EQT About to Layoff 25% of Workforce, Maybe This Week

The Pittsburgh Business Times‘ ace report Paul Gough is reporting an exclusive: EQT is getting ready to fire (i.e. layoff) around 200 employees. “Multiple sources” have confirmed the plans to the PBT. Since the company employs around 800 employees, that represents 25% of the entire workforce. This comes on the heels of the company laying

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Most Important Court Case in PA Shale History Heads to Supremes

This Friday Thursday the justices sitting on the Pennsylvania Supreme Court will hear what we believe is the most important shale gas court case in the history of the state: Briggs v Southwestern Energy. We consider this case to be an existential threat to the future of shale gas drilling in PA should the decision

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Legal Sharks Circle in Class Action Against EQT/Rice 2017 Merger

In June MDN told you that the Cambridge (Massachusetts) Retirement System is not happy with their investment in EQT shares of stock, so they’re suing the company (see Mass. Retirement Fund Sues EQT for Plummeting Stock Price). They hope to turn the lawsuit into a class action on behalf of other shareholders. Now a group

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CNX Resources Lays Off 10% of Total Workforce – More Cuts Coming?

CNX Resources has just laid off (i.e. fired) roughly 50 employees company-wide, most of them at company headquarters in Canonsburg. But not all. We heard from an MDN trust source who said at least nine workers got their walking papers in West Virginia. Given the company employs about 500 people, 50 fired represents 10% of

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Fed Court OKs OH Class Action Royalty Lawsuit Against Cheseapeake

In 2017 a group of Ohio landowners did what others had previously done in Pennsylvania, Texas and elsewhere–they filed a proposed class action lawsuit against Chesapeake Energy claiming Chessy had screwed them and about 1,000 other Ohio landowners out of a collective $30 million in royalty payments (see OH Landowners File Royalty Class Action Lawsuit

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EQT CEO Toby Rice Hits a Home Run with Landowner Meetings

Yesterday MDN told you that new EQT CEO Toby Rice is in the midst of conducting four “town hall” style meetings with landowners–two this week and two next week (see Road Trip! EQT CEO Toby Rice Talks to Landowners in Town Hall Mtgs). By all accounts, the first meeting (Wednesday night in Waynesburg, PA) was

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EQT Shifting Charitable Giving Away from City of Pittsburgh

Take note Pittsburgh Mayor Bill Peduto: You can only crap on the shale industry for so long before it comes back to bite you on the backside. EQT CEO Toby Rice told a group of landowners Wednesday night that the EQT Foundation (EQT’s charitable giving arm), the third largest foundation by giving in Pittsburgh, is

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Road Trip! EQT CEO Toby Rice Talks to Landowners in Town Hall Mtgs

After a bruising proxy fight, Toby and Derek Rice (formerly from Rice Energy) won control of EQT, the largest natural gas-producing company in the U.S. (see Rice Bros. Win Proxy War to Control EQT – Toby Rice New CEO). Toby Rice has been CEO for barely a month. He announced late last week that he

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Chesapeake Swings to Profit in 2Q, Investors Still Punish Stock

Chesapeake stock performance last 5 yrs (click for larger version) Chesapeake Energy released its second quarter 2019 update yesterday. The company continues its mission to transform itself from a natural gas producer into an oil producer. The company is on track to produce 250,000 barrels per day (bpd) of oil in 2019 (averaging 122,000 bpd

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Cabot: Spending Up (Some) in 2019, Spending Down (Big) in 2020

Cabot Oil & Gas is the only Marcellus/Utica driller that is profitable quarter after quarter and year after year. So the market pays attention to what Cabot does, because they’ve figured out how to make money in a low commodity price environment. Last Friday Cabot released second quarter numbers. CEO Dan Dinges talked about the

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Range Resources 2Q – Production Up 10% Despite MarkWest Outage

Production for Range Resources was up a healthy 10% year over year in second quarter 2019, according to Range’s 2Q19 update issued late last week. Range produced 2.3 billion cubic feet equivalent per day (Bcfe/d) in 2Q. For the first half of the year Range brought online 39 Marcellus/Utica wells and plans to bring online

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DEP Permits for NWPA FM100 Pipeline – Marcellus Gas to Transco

In March we 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 Feed

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