50% Off Deal! Chesapeake Rumored to Shop Eagle Ford for $2B
MDN was the only news source to openly criticize Chesapeake Energy CEO Doug Lawler’s purchase of Eagle Ford oil assets in 2018 for $4 billion (see Chesapeake Now Gone from Ohio Utica; Spends $4B in Eagle Ford). When it was announced earlier this week that Lawler is out his job as of today (Friday, April 30), we speculated perhaps one of the reasons for his departure was his colossal misstep in attempting to transform Chesapeake from gas to oil drilling (see Doug Lawler Out as CEO of Chesapeake Energy). We are now vindicated.
Read More “50% Off Deal! Chesapeake Rumored to Shop Eagle Ford for $2B”
Diversified Gas & Oil (DGO) owns close to 8 million acres of leases with some 60,000 (mostly) conventional oil and gas wells (with over 400 Marcellus/Utica shale wells)–all of it in the Appalachian Basin. DGO is expanding. Earlier today the company announced it has cut a deal to buy ~780 net operated wells and leases in the Cotton Valley/Haynesville region of Lousiana for $135 million.
Antero Resources, which drills almost exclusively in the West Virginia Marcellus/Utica, issued its first-quarter 2021 update yesterday. Antero is the third-largest natural gas producer in the U.S. and the second-largest NGL producer. Big company. Important company. Antero is also one of the best hedgers (preselling production at a set price) in the business. During 1Q21 Antero averaged $4.03 per Mcfe (thousand cubic feet equivalent)–which was $1.34/Mcfe *above* the average NYMEX futures price in 1Q21.
As they have done in the past few quarters, CNX Resources once again issued a quarterly update without an accompanying summary/overview. We have the raw numbers (below), and we have excerpts from the conference call with analysts. It was comments made during the conference call that seems to have irked the liberals who operate mainstream media. Bloomberg wrote an entire article about CNX’s quarterly update that didn’t contain any information about the company’s financial and operational performance. Instead, Bloomberg focused on truth-to-power comments by a CNX top manager who said most ESG goals are “the epitome of flawed corporate governance.” We couldn’t agree more!
Radicalized groups including the New Jersey Sierra Club and the Pinelands Preservation Alliance tried their best to abuse the court system to overturn permits to build a 28-mile natural gas pipeline project called the Southern Reliability Link (SRL) pipeline project. They have (we’re happy to report) failed. SRL will connect to New Jersey Natural Gas’ (NJNG) distribution system serving customers in Ocean, Burlington and Monmouth counties (in NJ) to provide backup for hundreds of thousands of NJ residents who lost access to natural gas following Super Storm Sandy. The NJ Superior Court’s Appellate Division dismissed appeals by the radicals to overturn state-issued permits for the project.
As we reported last week, after four months of steady increases in the U.S. rig count, the Enverus rig count “took a step back” with a decrease (see 
OTHER U.S. REGIONS: Dakota Access to seek Supreme Court review in oil pipeline fight; Largest LNG vessel ever to load at US terminal departs Cheniere’s Sabine Pass; NATIONAL: Biden’s first 100 days of oil and gas action: he’s just getting started; EIA: LNG exports remain flat, while natural gas prices rise; US land drillers see improving activity in 2021 as E&Ps expand operating spheres; INTERNATIONAL: Why won’t environmentalists speak out against forced labor for China-made solar panels?