EQT CEO: Shut-Ins Worth $200M a Year; Record Output Coming in 2026
When Appalachian gas prices fall into the basement, EQT turns down the valves, and CEO Toby Rice says the strategy is paying off. In an interview with Reuters on Tuesday, Rice put a dollar figure on it for the first time: a little over $200 million a year in benefit from selling less gas when prices are low and more when they’re high. He also said EQT, the country’s No. 2 gas producer, will pump more gas in 2026 than last year while spending less to do it. Rice talked up the company’s proposed POWER Pipeline to Ohio, its Mountain Valley Pipeline expansions, and a new 10-year LNG supply deal with Lithuania. His outlook for global gas demand is, let’s say, very bullish. Read More “EQT CEO: Shut-Ins Worth $200M a Year; Record Output Coming in 2026”
An activist hedge fund that has been quietly leaning on Devon Energy since June has now put its demands in writing, and it’s asking for a lot more. Toms Capital Management sent Devon a letter earlier this month urging the company to explore “strategic alternatives, including a sale.” In other words, sell the whole company, not just a few pieces. Toms says it’s now one of Devon’s five largest shareholders. Why do we care here in Appalachia? When Devon swallowed Coterra Energy in May, it got the old Cabot Oil & Gas Marcellus position in Susquehanna County along with it. If Devon itself gets sold, the future of that NEPA gas acreage (and the royalty checks it generates) is up for grabs. 
Shovels, meet dirt. The Federal Energy Regulatory Commission (FERC) yesterday gave Iroquois Gas Transmission System the green light to begin construction on its Enhancement by Compression (ExC) project — well, most of it. FERC signed off on new compression and gas cooling equipment at Iroquois’ Athens and Dover compressor stations in New York and its Milford station in Connecticut. The fourth site, in Brookfield, Connecticut, is still stuck in state air permit purgatory. But three out of four ain’t bad. It means real work can finally start on pushing more Marcellus/Utica gas into New York City and New England, two of the most gas-starved (and highest-priced) energy markets in the country. 
The Trump administration has formally sided with a pipeline company in a U.S. Supreme Court case that could change how much money landowners get when a pipeline takes their land by eminent domain. On Sept. 21, the U.S. Solicitor General filed a brief backing WBI Energy Transmission in Hoffmann v. WBI Energy Transmission (No. 25-159). The feds want to argue alongside WBI when the case is heard on Nov. 9. The case began in North Dakota’s Bakken, but the ruling will reach all shale plays, including Pennsylvania, where landowners currently enjoy more generous rules. 
A power company from Thailand just bought a big chunk of a natural gas-fired power plant sitting in Queens, New York — about two miles from LaGuardia Airport. Why should you care? Because the reason that plant is worth so much money is the very thing New York politicians keep telling us is a dead end. The Empire State has spent a decade banning fracking, killing pipelines, and lecturing the rest of us about the evils of methane. And yet: the single most valuable thing about Astoria Energy II is that nobody will ever be allowed to build another one like it. Scarcity, it turns out, pays very well. Somebody in Bangkok did the math. 
New York’s so-called leaders banned natural gas hookups in new homes (see 
MARCELLUS/UTICA REGION: Data center developers urged to learn from natural gas industry amid regulatory backlash; OTHER U.S. REGIONS: Judge dismisses Michigan climate lawsuit against oil companies; NATIONAL: U.S. natural gas futures settle higher; Diesel export ban would not lower prices in the long term; Repealing power plant limits is a start; ARC-ES would make it stick; McCormick floats dedicated department to handle AI; Your electric bill is a permitting problem; INTERNATIONAL: Oil rises as diesel export talk swirls; Trump fuel export ban threat sends European diesel soaring; Germany sets out plan to phase out fossil fuels by 2045; Energy reality overtakes the transition narrative in S&P Global study. 
Back in March, a delegation of European heavyweights came to Pittsburgh with their shopping bags, looking to buy more U.S. LNG. Leading the charge was Jovita Neliupšiene, a Lithuanian who now serves as the EU’s ambassador to the U.S. Looks like they found what they were shopping for — in Pittsburgh. Lithuanian state-owned energy company Ignitis has picked a subsidiary of Pittsburgh-based EQT Corporation, one of the largest U.S. natural gas producers, to supply it with 10 cargoes of liquefied natural gas (LNG) — one per year from 2027 through 2036. EQT beat out other bidders in a competitive tender. It’s the first long-term gas supply contract between Ignitis and a U.S. company. Small deal? Yes. Symbolic deal? Very much so. 
Another big data center is heading to western Pennsylvania, and this one plans to make its own power with a natural gas-fired plant, right next door to a shale gas well pad. A Florida LLC and a Coraopolis microgrid company have filed preliminary plans for the Misty Hollow Energy & Data Campus: a 1-million-square-foot data center and a 300-megawatt power generation facility on a former dairy farm along Prospect Road (PA Route 528) in Forward Township, Butler County. The site sits next to a PennEnergy Resources well pad, and the township engineer wants a letter from PennEnergy signing off on the plan’s revised access to that pad. The developer now confirms the 300 MW plant will run on natural gas, and it will power the campus “behind the meter,” off the grid.
Expand Energy — America’s #1 gas producer, which drills in Pennsylvania under the name Expand Oper LLC — just picked up a fresh batch of Notices of Violation from DEP. Pressure tests witnessed by DEP inspectors on Aug. 6 and Aug. 13 confirmed new casing/cementing defects in four wells across three pads in Susquehanna and Wyoming counties, while two more pads remain under watch for older, unresolved issues. 
Alpha Compute Corp. (Nasdaq: ALP), the tiny AI outfit that wants to build a 200 MW gas-fired data center in Tioga County (see 
Here’s one you don’t see every day. The North Carolina Utilities Commission (NCUC) has said “no” to a Duke Energy gas-fired power plant. On Sept. 18, the commission voted 3-1 to deny Duke Energy Progress a certificate of public convenience and necessity (CPCN, the state’s permission slip to build) for a 255-megawatt (MW) gas-fired “peaker” turbine at the Smith Energy Complex in Richmond County. Price tag: $584 million. The twist? The three commissioners who voted no are all Republican appointees, and the lone vote in favor came from a Democrat. Nobody on the commission said gas is the problem. The problem, they said, is data centers: how much of this plant’s power data centers will use, and who would pay for it. 
Appalachian spot natural gas prices just fell off a cliff. Texas Eastern M-2 — the benchmark hub for Marcellus/Utica gas — dropped 41.5 cents to average $1.245/MMBtu for weekend and Monday deliveries, with some trades printing as low as $1.020, according to NGI (
Big Green’s second legal attack against Transco’s Southeast Supply Enhancement Project (SESE) just fired its opening shot. On September 18, Sierra Club, Appalachian Voices, Southern Alliance for Clean Energy, and 7 Directions of Service filed their 142-page opening brief in the D.C. Circuit (Case No. 26-1100), arguing FERC’s approval of the pipeline was “arbitrary and capricious” because the agency allegedly ignored evidence that SESE and a second, co-located pipeline would combine to inflict “severe and potentially permanent” damage on streams across Virginia and North Carolina. Construction on SESE has continued the entire time — including through a failed bid by the same groups to freeze it back in June.