Turmoil Inside EQT – Company’s Top Driller Leaving This Week
Fair or not, anything and everything that happens at EQT right now, which is under extreme pressure by the Rice brothers and several other large shareholders (see Rice Brothers Attempt to Take Over EQT, Install Toby as CEO), is under a magnifying glass. So when the company’s top driller, the person in charge of production, ups and hands in her two week notice (leaving this Friday) after getting the job just six months ago, well, that’s big news.
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The money-making Marcellus machine known as Cabot Oil & Gas continues to crank out the hits. On Friday Cabot held a conference call to discuss the company’s first quarter 2019 performance. And wow! What a performance! The company made $308 million in net income/profit (up 141% from $128 million in 1Q18), and produced 2.3 billion cubic feet per day equivalent (Bcfe/d) of mostly Marcellus (little bit of Haynesville) gas, up 21% from 1Q18.
Southwestern Energy, one of the largest drillers in the Marcellus with 480,000 acres under lease, turned in their first quarter 2019 update last week. It was the company’s first update since becoming a pure play operator, totally focused on the Marcellus/Utica region. What did it show? Net income nearly tripled to $594 million (vs. 1Q18’s $205 million). Production averaged 2.0 billion cubic feet equivalent per day (Bcfe/d), close to what the prolific Cabot produced in 1Q19.
The anti-drilling zealots that populate the levers of power in New Jersey, along with their colluding Big Green compatriots, continue a holy mission to block PennEast Pipeline, a pipeline the majority of which will get built in Pennsylvania. Anti-pipeline nutters are attacking the project on several fronts, including in the courts, and by claiming the pipeline would affect nine “potential” historic sites along its path through NJ. Will federal courts and regulators fall for the ruse?
An interesting development in the bidding war to buy Anadarko Petroleum. Two weeks ago Chevron announced a deal to buy Anadarko Petroleum for $33 billion plus assuming outstanding debt, a deal worth $50 billion (see 
MARCELLUS/UTICA REGION: Poll finds Pennsylvanians uninformed about nuke proposal, skeptical when educated; OTHER U.S. REGIONS: Trucks playing larger role in LNG deliveries from Texas; NATIONAL: New Nature study affirms the climate benefits of increased natural gas use; Halliburton’s taking its foot off the gas in the shale industry; Schlumberger’s slow revenue growth could cause problems; Dakota Access company bought up dozens of anti-pipeline URLs; SNG (Solidified Natural Gas) technology for gas storage; The many factors influencing LPG export volumes; INTERNATIONAL: UK’s shale gas commissioner quits over ‘de facto’ fracing ban; Saudi Aramco sees shale gas as Kingdom’s next energy bonanza.