Proxy War: Rice Brothers Say Top EQT Mgmt, Board Must Go

Let the fight begin. Yesterday the Rice brothers, Toby and Derek, held a conference call with EQT investors to lay out their detailed proposal for how EQT should be run. The Rice plan includes giving the boot to current EQT CEO Rob McNally and much of top management, and installing Toby as CEO, bringing along 15 Rice alumni to kick-start EQT’s “moribund performance” (our interpretation of what Toby said).
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6th Circuit Court Upholds Ohio’s Forced Pooling Law

Landowners in Ohio who didn’t like being force pooled with their neighbors have, since 2015, tried to get the courts to declare that forced pooling is illegal. They’ve struck out in every court where they’ve tried that argument, including (now) the U.S. Court of Appeals for the Sixth Circuit.
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Eco-Terrorism: Fire Set at MVP Site in Virginia, $500K Damage

Caterpillar PL 87 (click for larger version)

More eco-terrorism to report, unfortunately. Someone (not yet arrested, but they’ll be hunted from now until eternity) set fire to construction equipment being used to build the 300-mile Mountain Valley Pipeline (MVP). The construction site is located in Pittsylvania County, Virginia. A reward is being offered for information leading to an arrest.
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Federal Court Slaps Down NY DEC Rejection of Northern Access Pipe

The New York Dept. of Environmental Conservation (DEC), thoroughly corrupted by, and a political tool of, NY Gov. Andrew Cuomo, continues to have a bad week. Monday we told you about a recent court decision that gives new hope for both the Constitution and Northern Access Pipeline projects (see Recent Fed Court Decision Gives NY Pipes Hope for Bypassing Cuomo). A second court decision has just been issued that allows Northern Access to take a huge step forward.
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Ohio Univ Gets $1M Grant to Figure out Better Way to Crack Ethane

Professor of Mechanical Engineering Jason Trembly

An Ohio University professor has landed himself (and his research associates) $1 million in grant money to study a better way to turn raw natural gas with lots of ethane in it, directly into ethylene (raw plastics), bypassing the need to separate the raw stream into methane and ethane, and bypassing the need for a huge cracker plant to crack the ethane into ethylene.
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National Grid Threatens New Gas Customer Moratorium on Long Island

Utility giant National Grid, which services Long Island (part of New York City) with natural gas service, is threatening New York State that if the state does not approve Williams’ Northeast Supply Enhancement (NESE) pipeline project by May 15th, they will, as Consolidated Edison has just done in Westchester County, impose a no-new-natural gas customers moratorium for the New York City area. Which would block development of the new $1 billion Belmont Park Arena.
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Energy Stories of Interest: Wed, Feb 6, 2019

MARCELLUS/UTICA REGION: Utica shale gas well in Washington Township contained; Food & Water Watch scrambles as Stevens blows its cover; Wolf says nat. gas tax has a chance; not ready to fast track legal marijuana; Governor’s proposed severance tax will impact jobs, reduce competitiveness; Shell to build innovation center at Potter Township cracker plant site; OTHER U.S. REGIONS: Exxon plans $10 billion Texas natural gas export terminal; Protesters in custody after tampering with Enbridge pipelines in Itasca County; NATIONAL: The United States expands its role as world’s leading ethane exporter; Schumer offers clean energy lawyer for FERC — sources; America is producing the “wrong” kind of oil; Pipelines on alert after Chinese cyberwar warning; As top Dem on Senate Energy Committee, Manchin prepares to tout region’s resources; Activist threatens Halcon Resources with proxy fight unless board changes; Freezing cold means love-hate relationships with EVs; INTERNATIONAL: Equinor’s profit soars in 2018; BP’s full-year profit doubles on high production; 5 things to watch in natural gas.
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