Poison Pill Worked? Gulfport Big Investor Withdraws Board Picks

As recently as early March Gulfport Energy, a major driller in the Ohio Utica Shale, and its single largest investor, Firefly Value Partners (owns 13.1% of outstanding shares), were sniping at each other. Firefly was actively trying to pack the board of directors with its own nominees (see Gulfport’s Largest Investor Wants to Pack Board, Force Change). Two days ago Firefly announced a ceasefire. They will no longer attempt to get their own candidates elected to the board at the upcoming annual meeting. What changed?
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Montage Opens Up the Taps – Shut-in Utica Wells Now Back Online

In April, Montage Resources shut-in “low margin production” wells in its liquids-rich producing area. The shut-ins primarily impacted Utica condensate production. In early May during the company’s first-quarter update conference call, CEO John Reinhart said the company had begun to restart some of the shut-in or “curtailed” production (see Montage Res. Drilled 4 Utica Wells in 1Q, Budget Cut Another 10%). Good news. As of June 1, “substantially all” of the shut-in production is now back online.
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Obama Judge Overturns Air Permit for Weymouth, MA Compressor Stn

Activist Obamadroid Judge

The radical environmental activism of the dark Obama years continues to live on via our corrupted court system. After years of delays caused by colluding Big Green groups, the Federal Energy Regulatory Commission (FERC) finally green-lighted construction of a compressor station in Weymouth, Mass. late last year (see Stop Press! Enbridge to Begin Construction on Weymouth Compressor). And indeed, construction began in December with antis trying to block it (see 2 Dozen Antis Protest at Weymouth Compressor Site – 4 Arrested). Now a federal judge appointed by Lord Barack Hussein Obama has overturned a state permit for the project, a permit issued nearly a year ago.
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NJ AG Lies to U.S. Supreme Court re Impacts of PennEast Ruling

On Tuesday, New Jersey Attorney General Gurbir Grewal filed a brief with the U.S. Supreme Court asking the court to not even consider hearing a case involving PennEast Pipeline. Grewal wants to deny the project its day in court. In the brief Grewal outright lies by saying “PennEast is wrong” in its claim that a lower court decision, if allowed to stand, would result in pipeline projects across the country getting blocked. That is a 100% lie and Grewal knows it.
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Shrill DRBC Tells FERC it has Oversight of PennEast Pipeline Too

Delaware River Basin Commission (DRBC) Executive Director Steve Tambini is such a disappointment. He has totally caved to the hard-left environmental lobby that has its hooks deeply embedded in the DRBC. On June 1 Tambini sent a letter that’s, well, embarrassing. He sent the letter to the Federal Energy Regulatory Commission (FERC), telling FERC that the DRBC does have a say in whether or not the PennEast Pipeline can get built–even though not one inch of Phase 1 of the project will traverse DRBC’s jurisdiction.
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CNX Finances Continue to Improve – Buying Back $400M in Notes

CNX Resources announced yesterday that it will buy back $400 million (roughly half) of its outstanding notes, debt that’s not due to be redeemed until 2022. They’re buying it back early. The company’s finances continue to get stronger. It was just February when Standard & Poor’s Global Ratings downgraded the credit rating for six of the biggest M-U drillers, including CNX (see S&P Downgrades Credit Rating for Six Big Marcellus/Utica Drillers).
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Shale Energy Stories of Interest: Thu, Jun 4, 2020

MARCELLUS/UTICA REGION: PA House committee to consider bill prohibiting carbon tax on gas plants; Days of violence also scramble Northeast energy situation; NATIONAL: U.S. natural gas storage capacity remained relatively unchanged in 2019; INVEST Act appears to fund Gateway Project but comes down hard on liquefied natural gas transport by rail; SGA goes digital with two conferences; A precarious position for propane markets: reading the signals; INTERNATIONAL: Russia fears American energy dominance — and that’s a good thing; U.S. Senators to announce sanctions bill on Russia’s Nord Stream 2 gas pipeline.
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