Stop Press: Sources Say EQT Trying to Take Over CNX Resources

Bloomberg is reporting insider sources say EQT, already the biggest natural gas producer in the country (and pureplay driller in the Marcellus/Utica), has sent a takeover proposal to CNX Resources, another major Marcellus/Utica driller. Friendly? Hostile? Who knows. In September inside sources told Reuters that EQT had made a bid on Chevron’s extensive M-U acreage (see Sources: EQT Offering $750M for Chevron’s Marcellus/Utica Assets). Would/could EQT actually end up buying both? Seems like a stretch.
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EQT Reopens the Taps; Looks to Dump MVP Contract by Year’s End

Although the big news from yesterday is that EQT is rumored to be eyeing a takeover of CNX Resources (see our lead story today), EQT released its third-quarter 2020 update yesterday with news almost as big. EQT previously announced it is looking to sell its right to ship gas along the Mountain Valley Pipeline (MVP). Yesterday the company said it believes a sale of its MVP capacity will happen by the end of this year.
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Patterson-UTI Energy Says Fracking Biz has Stabilized, Improving

Patterson-UTI Energy released its third-quarter 2020 update yesterday. The company operates a number of rigs in the Marcellus/Utica region. According to its website, Patterson has 12 active rigs in the M-U (which is more than one-third of all active M-U rigs). CEO Andy Hendricks said yesterday that fracking activity across a number of shale plays is coming back and will continue to grow in 2021.
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Biden Pledges to End the Use of Oil/Fossil Fuels in Final Debate

What more can we say? For those who mistakenly (stubbornly) insist that Biden couldn’t “really ban fracking,” last night sleepy/creepy Uncle Joe pledged to end the use of oil and fossil fuels and “transition away from the oil industry,” calling oil a “significant” polluter. Yes, he’s off his rocker. WAKE UP! If you work for or depend on the oil and gas industry, a vote for Joe Biden is a vote to end your job. It really is that simple. He is telling us he is coming for oil and gas jobs. PLEASE believe him.
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Other Stories of Interest: Fri, Oct 23, 2020

MARCELLUS/UTICA REGION: ReImagine Appalachia sees big job gains in turning to clean-energy economy; Grants for Appalachian Trail communities to come from Mountain Valley Pipeline gift; Rep. Conor Lamb is out of step with his district; NATIONAL: Natural gas slips, still maintains $3 handle as EIA storage print reflects tightening balances; 41 free market groups urge Senate to stand strong against powerful wind lobby; INTERNATIONAL: U.S. natural gas exports to Mexico have increased in the first nine months of 2020; Floating LNG prospects fizzle as operational issues emerge.
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