LOLA Energy is Back! Scoops Up Rice Acreage EQT Let Expire

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 Crockard (see Rice Energy Paid $180M for LOLA Energy; CEO Didn’t Want to Sell). Like a phoenix rising from the ashes, LOLA Energy and Jim Crockard are back. The company has scooped up leases that EQT inadvertently let expire, potentially blocking EQT from drilling some already-planned-and-in-the-works wells–until EQT pays LOLA.
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Rice Brothers Publish Scalding EQT Investor Presentation

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 numbers for 2Q19 will show EQT actually lost money during the quarter.
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Antis Continue Attempt to Tie Childhood Cancer to SWPA Fracking

A group of enviro-Nazis has sunk to a new low in their holy mission to block Marcellus Shale drilling. A group of colluding Big Green groups along with sympathetic (and sycophantic) “reporters” (i.e propagandists) from the Pittsburgh Post-Gazette are exploiting the pain and suffering of southwestern PA families of children who have cancer in their attempt to stop shale drilling. It’s disgusting and sick.
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Oilfield Service Companies Keane and C&J Energy Merging

Two oilfield service (OFS) companies, C&J Energy Services and Keane Group, have announced a “merger of equals” in which the two will combine into one with using an all-stock merger. Both C&J and Keane have operations in the Marcellus/Utica region. Both companies previously merged with or bought out other companies. This certainly seems to be a trend with OFS companies.
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Patterson-UTI Looking to Sell Off its Fracking Division

Speaking of oilfield services (OFS) companies that are the result of mergers and acquisitions, for a number of years MDN tracked the monthly rig count for Patterson-UTI Energy as a proxy for rig count health in general and rig count health in the Marcellus/Utica in particular. Patterson operates many rigs in the M-U region. In April 2017, Patterson bought out and merged in Seventy Seven Energy, which was the spun-off former Chesapeake Oilfield Operating company (see Patterson-UTI Energy Completes Merger with Seventy Seven Energy). Because of a slow-down in drilling, Patterson is now looking to sell off its pressure pumping (i.e. fracking) business.
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Energy Stories of Interest: Wed, Jun 19, 2019

MARCELLUS/UTICA REGION: Shale Network hosts eighth annual workshop; High school climate indoctrination using AP environment textbooks; OTHER U.S. REGIONS: California Delusion (video); NATIONAL: Small-scale LNG, virtual pipelines expanding to match demand in hard-to-reach areas; Pipeline project developers press FERC for project decisions.
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