Last Remaining Member of “Old” EQT Exec Team Resigns

During the proxy fight earlier this year to control EQT Corporation’s board–and ultimately its management team–Toby Rice threw some sharp barbs including talk that EQT’s existing management was not up to the task of effectively running the company. The Rice boys said so, their board nominees said so, and Institutional Shareholder Services (ISS) said so. There will be change (i.e. personnel change) at the “operational level” said ISS. Imagine our surprise when, after assuming control, Toby said there would *not* be a wholesale replacement of top management (see Toby Rice, EQT’s New CEO, is NOT Cleaning House re Top Management). We guess it depends on what you mean by “top management,” because as of Dec. 15, the last remaining member of the “old” (former) eight-member senior management team at EQT will be gone. Which sure sounds like wholesale replacement to us.
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Mountain Valley Pipeline Unloads on Radicalized Sierra Club

The Sierra Club is a radicalized, far left “environmental” group that seems to have endless mountains of cash to finance frivolous lawsuit after frivolous lawsuit against any project or company with the moniker “fossil fuel” attached to it. The Clubbers have made trouble for both Dominion Energy’s Atlantic Coast Pipeline project, and now for Equitrans’ Mountain Valley Pipeline (MVP) by convincing lefty judges in a federal court to overturn previously issued permits from the U.S. Forest Service and U.S. Fish & Wildlife Service. Equitrans has had enough of the Clubbers and their interference and recently unloaded on the group in a letter to the Federal Energy Regulatory Commission (FERC).
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Chesapeake Energy Stock in Trouble – Delist? Reverse Split?

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Two weeks ago MDN brought you news about Chesapeake Energy from their third quarter 2019 update (see Chesapeake Energy 3Q – Slash Drilling 30%, Bankruptcy Possible). A number of news outlets and analysts focused on a legalese notification in Chessy’s SEC filing that stated IF certain things happen the company MAY HAVE issues continuing as a “going concern.” The chattering class jumped on that to say the company is sure-enough heading for bankruptcy. Since that time the stock market has not been favorable to the company.
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CSU Study: Ohio Shale Industry Investment $78B and Counting

JobsOhio, a private, nonprofit corporation that works works on behalf of the state to drive job creation and new capital investment in Ohio by attracting business, contracts out economic research to Cleveland State University (CSU)–to keep tabs on the Utica Shale industry. Last year CSU researchers found that from 2011-2017 the Utica Shale had attracted an amazing $70 billion in new private sector energy investments (see Ohio Utica Attracts Amazing $70 Billion Investment…So Far). CSU is back with the latest numbers and has added another $7.7 billion to the pot for 2018, meaning total Utica investments from 2011 to the end of 2018 are nearly $78 billion!
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PA DEP $1.9M Grants for 12 Clean Energy Vehicle Projs, Mostly Gas

The Pennsylvania Dept. of Environmental Protection (DEP) announced yesterday it has awarded grants totaling $1,891,000 for 12 clean energy vehicle projects through its Alternative Fuels Incentive Grants (AFIG) program. What’s striking about the list of winners is just how many of them are for natural gas vehicles/technology, as opposed to electric. The DEP has another $3 million to blow on these grants by the end of the year, with a deadline for applications of Dec. 13. Line up to get yours!
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EPA’s Wheeler Pledges Clarity with Simplified WOTUS Rule

As a country, we’re still struggling to correct the great harm done by the Obama Administration when it comes to fixing messes like the Waters of the United States (WOTUS) rule. What is and what is not a “water” that comes under federal jurisdiction? In the Obama years everything down to mud puddles (we’re not kidding) could be considered WOTUS (see EPA Power Grab: Redefines Waters of the U.S. to Include Everything). Current EPA Administrator Andrew Wheeler says a landowner should be able to stand on his own land and know, for himself, what is and what is not WOTUS–without an army of lawyers to assist him.
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Calendar of Marcellus/Utica Events of Interest

It’s been a while since we’ve update our calendar of events page. We just have. The list below includes events related (or of interest) to the Marcellus, Utica and other Appalachian shales happening from now through the end of this year. Be sure to check it out!
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Shale Energy Stories of Interest: Thu, Nov 21, 2019

MARCELLUS/UTICA REGION: New York natural gas utilities facing credit risks because of Cuomo; Single permit for Utica drilling awarded by ODNR; OTHER U.S. REGIONS: Governor Newsom adds new oil and natural gas extraction regulations in Cali; In a first for Massachusetts, Brookline votes to ban oil and gas pipes in new buildings; NATIONAL: ExxonMobil lambasts Massachusetts, New York Attorneys General for “unconstitutional conduct”; Oil & gas industry turns to AI for billions in savings; INTERNATIONAL: Russia’s Putin says shale oil technologies are ‘barbaric’.
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