Hope Gas Closes Acquisition of Peoples Gas WV – Adds 13K Customers

Hope Gas, a Local Distribution Company (LDC), otherwise known as a utility company, provides gas service to approximately 112,000 residential, industrial, and commercial customers in thirty-five West Virginia counties. In January, Hope announced it was buying the West Virginia division of Peoples Gas, currently owned by Essential Utilities, for an undisclosed amount (see Hope Gas…

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Western NY NatGas Utility EnergyMark Buys Crown Energy Services

Local natural gas utility EnergyMark, LLC located in Williamsville, NY (provider of natgas to the Buffalo Bills stadium), announced the acquisition of the assets of another gas utility, Crown Energy Services, Inc. of West Seneca, NY. The two energy supply companies are among the longest-standing suppliers of natural gas in Western New York. Both companies…

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Major Shareholder Pressures PHX for Transparency re Merge Offers

WhiteHawk Energy, headquartered in Philadelphia, with ownership of mineral and royalty interests for 850,000 gross unit acres and over 2,500 producing horizontal shale wells between the Marcellus and the Haynesville, proposed marriage to PHX Minerals, based in Fort Worth, Texas, owner of 75,000 leased mineral acres principally located in the SCOOP and Haynesville plays. PHX…

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Williams CEO Talks Down Enbridge/Dominion Deal, Talks Up Gas Pipes

Williams CEO Alan Armstrong spoke at the Barclays CEO Energy-Power Conference in New York City yesterday. Certain members of the press were invited to attend (but sadly, not MDN). Armstrong had some interesting things to say at the Barclays soiree. Armstrong engaged in a little smack talk about the recently announced Enbridge deal to buy…

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Dominion Energy Loses Mind – Sells Remaining LDC NatGas Businesses

Yesterday, Dominion Energy and Enbridge co-announced that Dominion has agreed to sell what we think (not 100% sure) are the remaining natural gas local distribution companies (LDCs) that Dominion owns to Enbridge for $14.0 billion, which includes $9.4 billion in cash plus the assumption of debt. The deal includes three LDCs–The East Ohio Gas Company,…

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EQT Finally Completes Acquisition of Tug Hill and XcL Midstream

Nearly one year after EQT announced a deal to buy privately-owned Tug Hill Operating’s West Virginia shale assets for roughly $5.2 billion (see Confirmed: EQT Buys Tug Hill’s THQ Appalachia for $5.2 Billion), the deal is finally done. EQT announced yesterday it had closed on the purchase (revised price ~$4.6 billion), adding roughly 90,000 acres…

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EQT/Tug Hill Deal Came Only After PA AG, FTC Changed Deal Terms

We should have known there was a price to pay, a “pound of flesh” to be exacted, when we read the announcement that the Bidenistas of the FTC (Federal Trade Commission) had approved EQT’s deal to buy Tug Hill’s West Virginia assets. Two days ago, EQT issued a press release to announce the deal had…

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Bidenistas at FTC Clear EQT to Complete Buyout of Tug Hill & XcL

Last September, EQT Corporation announced it was buying privately-owned Tug Hill Operating’s West Virginia shale assets for $5.2 billion (see Confirmed: EQT Buys Tug Hill’s THQ Appalachia for $5.2 Billion). However, the Bidenistas at the Federal Trade Commission (FTC) got involved slowing down the deal. Because of the FTC dragging its feet, EQT and Tug…

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Energy Transfer to Acquire Crestwood Equity in $7.1B Mega-Deal

Some really big news hit yesterday. U.S. pipeline giant Energy Transfer (ET), builder of the Rover and Mariner East pipeline systems here in the Marcellus/Utica, is buying out and merging in Crestwood Equity Partners, a major pipeline company with operations in the Permian, Bakken, and Powder River Basin. ET will acquire Crestwood in an all-equity…

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PHX Minerals Says WhiteHawk Marriage Proposal “Grossly Inadequate”

Last week MDN told you that WhiteHawk Energy, headquartered in Philadelphia with ownership of mineral and royalty interests for 850,000 gross unit acres and over 2,500 producing horizontal shale wells between the Marcellus and the Haynesville, had proposed marriage to PHX Minerals, based in Fort Worth, Texas, owner of 75,000 leased mineral acres principally located…

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Houston Natural Resources Corp. Buys WV’s Cunningham Energy LLC

In 2015 Cunningham Energy, a small oil driller based in West Virginia, struck oil in the Big Injun sandstone formation in Clay County, WV (see Cunningham Strikes Oil in West Virginia’s Big Injun Territory). In 2017 the company reported producing 20,000 barrels of oil from two new shallow horizontal oil wells in Clay County, targeting…

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WhiteHawk Energy Proposes Forced Merger with PHX Minerals, Inc.

At the end of May, WhiteHawk Energy, headquartered in Philadelphia with ownership of mineral and royalty interests for 850,000 gross unit acres and over 2,500 producing horizontal shale wells between the Marcellus and the Haynesville, sent a letter to the board and management of PHX Minerals, based in Fort Worth, Texas, owner of 75,000 leased…

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EQT Sets World Drilling Record; Tug Hill Deal to Close Next 30 Days

EQT Corporation, the largest natural gas producer in the United States, issued its second quarter 2023 update yesterday. There was loads of news. The company reported a new world record of drilling 18,200 feet in 48 hours for a single well in Green County, PA. Also of note, CEO Toby Rice and newly appointed CFO…

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TC Energy Sells 40% Interest in Columbia Pipeline to Investor GIP

TransCanada Corporation, which renamed itself TC Energy in 2019, bought out/merged in U.S.-based Columbia Pipeline Group (now Columbia Gas Transmission) in 2016 (see TransCanada and Columbia Pipeline Tie the Knot Today). TransCanada paid $13 billion for Columbia, including the assumption of $2.8 billion of debt. Yesterday TC Energy announced it is selling a 40% stake…

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Exxon Buys Carbon Capture Business Denbury for $4.9 Billion

Exxon Mobil Corporation announced it is buying Denbury Inc., a developer of carbon capture, utilization, and storage solutions and enhanced oil recovery, for $4.9 billion in an all-stock transaction. Denbury currently focuses on the Gulf Coast and Rocky Mountain region. Presumably, Exxon plans to expand Denbury’s technology to other regions, including the Marcellus/Utica. Please Login…

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