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Northern O&G Buys 64K Acres of RIL’s Non-Op M-U Assets for $250M
Northern Oil and Gas, Inc., a company that invests in non-operated oil and gas assets (they let others do the drilling), announced yesterday it has purchased 64,000 net acres producing ~120 MMcfe/d (million cubic feet equivalent per day) in the Marcellus/Utica from Reliance Industries Limited (RIL). The cash purchase price is $250 million.
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Doug Lawler, CEO of Chesapeake Energy, has swung his ax once again and is firing (i.e. laying off) another 220 employees–just as the company exits from Chapter 11 bankruptcy. Most of the layoffs are happening in Chessy’s headquarters located in Oklahoma City.
Mansfield Energy Corp, with products and services that span fuels, natural gas, diesel exhaust fluid, data management, and price risk management tools, announced it is buying out and merging in eServices Energy Management, a natural gas marketing, logistics, and trading organization headquartered in Glen Allen, Virginia with a presence in Pittsburgh, PA and Houston, Texas. According to Mansfield, the deal expands the company’s reach to Marcellus and Utica shale producers.
Pennsylvania Gov. Tom Wolf is openly admitting that his cockamamie plan to force PA to join the Regional Greenhouse Gas Initiative (RGGI)–a carbon tax scheme that will cost PA residents $2.36 billion over ten years–will in fact cause the closure of coal and gas-fired power plants throughout his state. Wolf’s brilliant plan to overcome the big negatives of power plant closings? A new government program, funded by taxpayers.
Last week MDN told you about a spike in natural gas and electric rates in New York City and New England, thanks to the cold snap and lack of natural gas pipelines into the region (see 
Yesterday our favorite government agency, the U.S. Energy Information Administration (EIA), released its “Annual Energy Outlook 2021.” One of the main themes of this year’s AEO is the profound impact COVID-19 has had and will continue to have on energy usage worldwide. EIA says it will likely take a decade or more for energy usage to return to the pre-pandemic levels of 2019.
MARCELLUS/UTICA REGION: Off to the RACES: Natural gas equities lapping FAANG stocks; Severance tax would hobble energy production in Pennsylvania; Pipeline delays hurt Pennsylvania economy; NATIONAL: DOE Secretary Designate Granholm signals support for U.S. LNG exports; Biden’s EPA nominee vows ‘urgency’ on climate change; New FERC member backs up-front, ‘robust’ vetting in gas project reviews; Biden plan for energy sector would make OPEC great again; INTERNATIONAL: Panama Canal hits LNG transit record.