Toby Rice – New EQT CEO (photo credit: Pittsburgh Post-Gazette) Monumentally BIG NEWS! The Rice boys, Toby and Derek, have won the proxy fight to elect their candidates to the EQT board. In a joint announcement made this morning, preliminary results show the Rice boys prevailed in a huge upset (80% of the vote) to
Read More...Last July a group of 100+ southwestern Pennsylvania landowners sued EQT for failure to pay them rental fees for storing natural gas under their properties (see 100+ PA Landowners Sue EQT re Gas Storage Field Payments). That same group has just filed a request in U.S. District Court to upgrade the lawsuit to class action
Read More...Montage stock performance last 6 mo (click for larger version) Montage Resources, which formed in a merger of Eclipse Resources and Blue Ridge Mountain Resources (formerly Magnum Hunter Resources) in March of this year, issued an operational update on Monday. The update says the company will produce more gas than it previously forecast for the
Read More...Location of Steubenville, halfway between Monaca, PA and Dilles Bottom, OH Several weeks ago MDN editor Jim Willis attended the 2019 Northeast Petrochemical Conference and Expo in Pittsburgh. A major reason for attending such events is to connect with others in the industry. On this trip, Jim had the pleasure of meeting and talking with
Read More...A little over a year ago CNX Resources announced that the company had signed a long-term contract with Evolution Well Services to use Evolution’s 100% natural gas-fueled electric pressure pumping equipment (see CNX Signs Deal with Evolution to Use 100% Electric Fracking Fleet). That is, CNX will use electric fracking equipment, with the electricity generated
Read More...LOLA Energy was birthed near the end of 2015, by former EQT executives using private equity money from Denham Capital (see New Marcellus/Utica Drilling Company is Born – LOLA Energy). In July 2017, Rice Energy (later sold to EQT) bought the assets of LOLA Energy for $180 million, over the objections of LOLA CEO Jim
Read More...Yesterday Toby and Derek Rice delivered a presentation to EQT investors in connection with EQT’s upcoming annual meeting of shareholders on July 10 (full copy below). The presentation and the accompanying press release take direct aim at EQT’s second quarter preliminary results and postulates that instead of a “free cash flow generating machine,” the final
Read More...A grandmother concerned that if Range Resources were to build a well pad three-fourths of a mile from her granddaughter’s school (in Washington County, PA) instead of building it a full mile from the school, tried to gain legal standing to challenge a permit granted to Range by Mount Pleasant Township. Grandma says her granddaughter
Read More...It’s hard enough for drillers to get permits town by town in Pennsylvania, where the standards are all different thanks to the seven selfish towns that appealed the Act 13 law passed in 2012 (see PA Supreme Court Rules Against State/Drillers in Act 13 Case). The PA Supreme Court has just made it even harder
Read More...click for larger version EQT yesterday launched the website VoteGoldForEQT.com in response to the website previously launched by Toby and Derek Rice (the Rice boys), to counter their attempt to take control of the company. The Rice website is EQTPathForward.com. Both websites offer each arguments and defense for why they should control the makeup of the board
Read More...Antero Resources sued EnerQuest Oil & Gas in a Texas court last year claiming EnerQuest had solicited and received trade secrets for a pair of landmen who live and work in Texas. A lower court dismissed the lawsuit based on a technicality (because the solicitation from EnerQuest came via email), claiming Texas does not have
Read More...Pennsylvania Attorney General, Josh Shapiro, and the anti-drilling Pittsburgh Post-Gazette, continue their tag-team effort to criminalize and humiliate Range Resources. Shapiro, a sleazy politician, is investigating so-called environmental “crimes” committed by shale companies in a bid to boost his chances of being the next nominee to run for governor (see PA AG Investigates Shale Drillers
Read More...A few new developments to report in the war to control EQT. Late last week brothers Toby and Derek Rice, formerly of Rice Energy, announced they are trimming their slate of proposed EQT board members by two (from nine to seven). There was no explanation for why the two were dropped from consideration, other than
Read More...Dennis Degner Over the years we’ve reported on the rising star of Dennis Degner at Range Resources. In 2016 Degner was named vice president for Range’s Southern Marcellus Shale Division (see Range’s Dennis Degner Named VP of Southern Marcellus Shale). In 2018 Degner was promoted again, to senior VP of operations, including responsibility for the
Read More...One of the false allegations made against shale drilling is that it somehow pollutes the air–of particular concern near schools. A new independent two-year study commissioned by Range Resources at one of their drilling sites, located about a mile from a local school, thoroughly debunks that allegation. A first-of-its kind public health and long-term ambient
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