Turmoil Inside EQT – Company’s Top Driller Leaving This Week

Fair or not, anything and everything that happens at EQT right now, which is under extreme pressure by the Rice brothers and several other large shareholders (see Rice Brothers Attempt to Take Over EQT, Install Toby as CEO), is under a magnifying glass. So when the company’s top driller, the person in charge of production, ups and hands in her two week notice (leaving this Friday) after getting the job just six months ago, well, that’s big news.
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Cabot O&G 1Q19: Production Skyrockets 21%, $308M Free Cash Flow

The money-making Marcellus machine known as Cabot Oil & Gas continues to crank out the hits. On Friday Cabot held a conference call to discuss the company’s first quarter 2019 performance. And wow! What a performance! The company made $308 million in net income/profit (up 141% from $128 million in 1Q18), and produced 2.3 billion cubic feet per day equivalent (Bcfe/d) of mostly Marcellus (little bit of Haynesville) gas, up 21% from 1Q18.
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Southwestern Energy 1Q19: Drills Longest PA Lateral – 18,683 Feet

Southwestern Energy, one of the largest drillers in the Marcellus with 480,000 acres under lease, turned in their first quarter 2019 update last week. It was the company’s first update since becoming a pure play operator, totally focused on the Marcellus/Utica region. What did it show? Net income nearly tripled to $594 million (vs. 1Q18’s $205 million). Production averaged 2.0 billion cubic feet equivalent per day (Bcfe/d), close to what the prolific Cabot produced in 1Q19.
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NJ Using Courts, “Historic” Sites to Block PennEast Pipeline

The anti-drilling zealots that populate the levers of power in New Jersey, along with their colluding Big Green compatriots, continue a holy mission to block PennEast Pipeline, a pipeline the majority of which will get built in Pennsylvania. Anti-pipeline nutters are attacking the project on several fronts, including in the courts, and by claiming the pipeline would affect nine “potential” historic sites along its path through NJ. Will federal courts and regulators fall for the ruse?
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Radicals Try to Use Weakened Va. Gov. Northam to Defeat Pipeline

Ralph Northam

Anti-fossil fuel radicals really know no depths to which they won’t sink. Democrat Virginia Gov. Ralph Northam, elected last year, has been embroiled in several controversies that would have driven a Republican out of office long ago. He was pictured in a 1984 yearbook either wearing blackface or a Ku Klux Klan robe–he won’t say which. Yet he’s still in office.
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Anti-Gas Witch Hunt of Gov. Wolf Aide Ends – No Ethics Violations

Yesenia Bane

In 2017, a radical Big Green supporter from the Philly area by the name of Caroline Hughes filed a complaint with the Pennsylvania State Ethics Commission against Yesenia Bane, deputy chief of staff for Pennsylvania Gov. Tom Wolf (see Antis Target PA Gov Wolf Aide as Payback, Husband Works for EQT). Bane’s crime? Her husband worked was a lobbyist with shale firm clients (later going to work for EQT), and Bane herself (with abundant knowledge of the industry) was tasked by Wolf to attending industry-sponsored events as his liaison.
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Anadarko Decides Occidental Petroleum Deal Better than Chevron’s

An interesting development in the bidding war to buy Anadarko Petroleum. Two weeks ago Chevron announced a deal to buy Anadarko Petroleum for $33 billion plus assuming outstanding debt, a deal worth $50 billion (see Permian Love Story: Chevron Buying Anadarko in $50B Megamerger). Paperwork was actually signed. But Occidental Petroleum previously had offered a “better” deal, and went public with their offer last week (see Occidental Petroleum Offers 14% More than Chevron to Buy Anadarko). Now that the Oxy offer is public, Reuters is reporting super secret inside sources say the Anadarko board has decided to drop Chevron and pursue a deal with Oxy instead.

4/30/19 UPDATE: Anadarko officially announces decision to resume negotiations with Occidental. See announcement below.
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Energy Stories of Interest: Mon, Apr 29, 2019

MARCELLUS/UTICA REGION: Poll finds Pennsylvanians uninformed about nuke proposal, skeptical when educated; OTHER U.S. REGIONS: Trucks playing larger role in LNG deliveries from Texas; NATIONAL: New Nature study affirms the climate benefits of increased natural gas use; Halliburton’s taking its foot off the gas in the shale industry; Schlumberger’s slow revenue growth could cause problems; Dakota Access company bought up dozens of anti-pipeline URLs; SNG (Solidified Natural Gas) technology for gas storage; The many factors influencing LPG export volumes; INTERNATIONAL: UK’s shale gas commissioner quits over ‘de facto’ fracing ban; Saudi Aramco sees shale gas as Kingdom’s next energy bonanza.
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