EQT Buys Chevron M-U Assets for $735M, Floats $350M in New Stock
Looks like the rumors were true, at least one of them. Yesterday EQT announced it has cut a deal to buy Chevron’s considerable Appalachian assets for $735 million. The Reuters rumor from September said EQT had offered $750 million (see Sources: EQT Offering $750M for Chevron’s Marcellus/Utica Assets). Also yesterday, EQT floated up to 23 million new shares of stock, on offer for $15.50 per share, attempting to raise ~$350 million to use toward the Chevron purchase.
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In 2016 Crestwood Equity Partners formed a joint venture with New York City’s largest utility company, Consolidated Edison Inc., to operate a critical link of pipelines and storage facilities in the heart of the Utica/Marcellus, called Stagecoach Gas Services (see 
Eagle Manufacturing, located in Wellsburg, WV, was struggling in the early 2000s. The company makes plastic safety products. Foreign competition was hammering the company (tough to compete with children in China who work in factories for a dollar an hour). The company almost offshored production to China, but decided to stick it out a few more years here at home. And then the Marcellus/Utica Shale miracle happened.
Anti-fossil fuel nutters believe they have an opening to try and bully the Federal Energy Regulatory Commission (FERC) into de-certifying a fully permitted and ready-to-start compressor station in Weymouth, Massachusetts because of an “emergency” release of a few puffs of natural gas during final testing of the facility.
For a second week in a row, all three M-U states issued new shale drilling permits last week. Pennsylvania issued 6 new permits, Ohio issued 5 new permits, and West Virginia issued 3 new permits.
MARCELLUS/UTICA REGION: US secretary of energy tours a Marcellus Shale natural gas well in Washington County; Former Rice Energy CEO files for IPO for new sustainable fuels company; The big Trump rallies you don’t see; OTHER U.S. REGIONS: BP looks to Haynesville on rising Henry Hub natural gas prices, LNG export outlook; Texas study links more than 238,000 jobs to pipelines; NATIONAL: Trump weighs executive order to show support for fracking; Despite fewer regulations, emissions are declining, oil industry says; Chevron to lay off about 25% of Noble Energy employees after merger; Fracking finally gets the attention it deserves; Brouillette: ‘When they say they will kill oil … they mean it’; INTERNATIONAL: Lower-for-longer LNG prices to put buyers in the sweet spot for years; India LNG demand growth presents opportunities, challenges for US developers; LNG-as-bunker-fuel winning converts as shipping industry eyes future CO2 rules.