EQT Issues List of Board Nominees; Adopts Universal Proxy Card
In the fight to control EQT, it appears like the momentum has just shifted in favor of EQT’s existing management. No more defense, EQT’s management team and board are now on offense. Yesterday the board and CEO Rob McNally released their list of proposed nominees to be voted on at the annual meeting in July. Three longtime members of the existing board including (surprisingly) board chairman Jim Rohr, will be out. Three new members have been named to replace them. Most important, in a bold move, EQT is adopting a “universal proxy card”–something advocated by Toby and Derek Rice in their attempt to replace the board. We explain this important development below…
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Chesapeake Energy CEO Doug Lawler continues his quest to transform what used to be the nation’s second largest natural gas producer into an oil company. Yesterday the company issued its first quarter 2019 update. From that update we learn that Chessy will pull money out of its Marcellus and Haynesville shale gas drilling programs, dropping from three to two rigs in the Marcellus and from two to one rigs in the Haynesville, in order to put more money, rigs, time and effort into the company’s Powder River Basin oil drilling program. We liken their pursuit of oil riches to trying to grab St. Elmo’s Fire–it appears, and as soon as you reach to grab it, it’s gone.
MarkWest Energy, now part of MPLX (Marathon Petroleum) operates the nation’s largest cryogenic gas processing plant operation in the country, the Sherwood Complex, in West Virginia (see 
A radical Pennsylvania environmental group called PennEnvironment is pushing a media narrative that a “collection of 88 Republican and Democratic Pennsylvania state legislators” have joined together to introduce and endorse a truly insane plan that would require all (as in 100%) of electricity generated in the Keystone State to come from so-called renewables by 2050–just 30 years from now. It will NEVER happen, but that’s beside the point. Our point is that one named Republican is part of this “bipartisan collection” of 88 leftists. The lone Republican is PA State Sen. Tom Killion from the Philadelphia area.
Huntingdon County, PA landowner Ellen Gerhart, adamantly opposed to the Mariner East 2 pipeline being constructed across her land, tried to block construction on her property. She had her day in court last August and was found guilty of violating a judge’s previous order to stop interfering with construction (see 
Whew, that was close. We’ve had a concern that if Chevron ended up buying Anadarko Petroleum (for Anadarko’s Permian Basin oil assets), it might lead to Chevron pulling back from their drilling program in the Marcellus/Utica (see 
MARCELLUS/UTICA REGION: Ohio’s oil and gas industry offers a wide variety of career opportunities; Exelon to close Pennsylvania Three Mile Island nuclear plant in September; Michael Bloomberg is paying a climate prosecutor $125,000 to work ‘pro bono’ for Maryland’s AG; NATIONAL: U.S. energy consumption, production, and exports reach record highs in 2018; The shale revolution isn’t just about cheap energy, it’s changing geopolitics; Once-key data about natural gas loses clout; Clean Energy inks slew of natural gas contracts nationwide; Trump’s misguided U-turn on the Jones Act; INTERNATIONAL: Natural gas vehicles likely to account for 50 pc of total new sales by 2030.