EQT Claims Toby Rice Mismanaged Rice Energy, Not Fit to be CEO

The nasty proxy war between EQT CEO Rob McNally and Toby Rice over who will control the company following a July 10 annual meeting just got a whole lot nastier. Last Friday, McNally revealed that a review of internal documents they received as part of their purchase of Rice Energy in 2017 show that in the span of two weeks in 2015 some 25 complaints by Rice employees were made against Toby with the Rice HR department, although the nature of the charges are not detailed, leaving it open to shareholders to speculate.
Continue reading

Massive Explosion, Fire at Philadelphia Refinery

PES fire

Last Friday around 4 am there was a series of three explosions and a massive fire at the Philadelphia Energy Solutions (PES) Refining Complex, the East Coast’s oldest and largest oil refinery. It took fire fighters until Saturday afternoon to extinguish the blaze. The main concern was that if the fire reached a tank of hydrofluoric acid used in the refining process it would be released as hydrogen fluoride (a poison), affecting nearby residents. Fortunately that didn’t happen. The thing about the story that caught our attention is that propane and butane (potentially sourced from the Marcellus) are what fed the fire.
Continue reading

Ohio Says PTT Cracker Will Get Built – Bechtel Confirms EPC Contract

Last Thursday and Friday, MDN attended the Northeast Petrochemical Conference & Exhibition in Pittsburgh. There were a number of interesting stories coming from the event that we will chronicle this week. However, there was one bit of breaking news from the event: Bechtel Oil, Gas & Chemicals Senior Project Manager of Pennsylvania Chemicals, Paul Marsden, made official what we previously shared as a rumor–that Bechtel has been selected as the EPC (engineering, procurement and construction) contractor to build the PTT cracker plant complex, when and if a positive final investment decision is made. According to a number of sources, that decision will get made this year.
Continue reading

Ohio Appeals Court Upholds Antero’s Right to Use Forced Pooling

The legal beagles at Vorys represented Antero Resources in a recently-decide case with far-reaching implications for Ohio drillers and landowners. The Vorys team won the case. As with most lawsuits, this one is complicated and gets in the weeds. The short short version is that under an original lease signed years ago, a landowner and drilling company (at that time) removed a section of the lease that allows the landowner’s property to be pooled (called “unitized” in Ohio) with other properties.
Continue reading

Encino Sends 70%, Ascent Sends 33% of Utica Gas to Gulf Coast

Last week, in addition to the petchem event held in Pittsburgh, Hart Energy held their DUG East (Developing Unconventional Gas) event in Pittsburgh. Although MDN did not attend DUG, MDN friend Rick Stouffer from Kallanish Energy did. Rick caught some interesting news about two of the biggest drillers in the Ohio Utica–Ascent Resources and Encino Energy. One of the eye-opening stats Rick reports is that Encino is sending a full 70% of their Utica production to the Gulf Coast. In addition, most of Ascent’s production goes out of the region too–one-third to the Gulf Coast, one-third to the Midwest, and one-third to the East Coast.
Continue reading

EXCO Resources Emerges from Bankruptcy 18 Months Later

In January 2018, some 18 years ago, MDN told you that EXCO Resources had filed for Chapter 11 bankruptcy (see Sad Day: EXCO Resources Files for Chapter 11 Bankruptcy). While EXCO no longer actively drills in the Marcellus/Utica, the company owns 281,000 net acres in Appalachia, with approximately 149,000 of these net acres prospective for the Marcellus shale, and 5,709 conventional and 126 Marcellus wells. Last week EXCO said it expects to emerge from bankruptcy in “the coming weeks”–and already wants to drill new oil wells in Texas.
Continue reading

Energy Stories of Interest: Mon, Jun 24, 2019

Mars Rover finds methane on Mars

MARCELLUS/UTICA REGION: Hundreds rally at PA Capitol for passage of bipartisan, 100% renewable energy legislation; MAWC spent more than $100,000 for tests following Beaver Run Reservoir gas well breach; Take notice DRBC: “Sue me” approach to the takings clause is untenable; Why New York can’t possibly switch everyone to electric cars; OTHER U.S. REGIONS: LNG Limited updates Magnolia LNG contract validity; California’s oil hypocrisy presents a national security risk; NATIONAL: Energy products are key inputs to global chemicals industry; More new natural gas combined-cycle power plants are using advanced designs; Trump administration replaces CPP with pro-coal affordable Clean Energy Rule; U.S. natural gas prices have collapsed; The Supreme Court’s Fifth Amendment reclamation; INTERNATIONAL: The U.S. accounted for 98% of global oil production growth in 2018; GALACTIC: Global warming…on Mars?!
Continue reading