Dan Rice Launches Another Energy-Focused SPAC – Rice-a-RONI
Last December Dan Rice IV, former CEO of Rice Energy and member of the EQT board of directors, launched a “blank check” acquisition firm, called Rice Acquisition Corp., to invest in various energy ventures. Dan found that something-to-invest-in just a few months later in the form of acquiring and merging together Archaea Energy and Aria Energy into a single company focused on providing renewable natural gas (RNG) and “green” hydrogen (see Dan Rice Bets $1 Billion that Landfill Gas is the Next Big Thing). With that deal about to consummate in 3Q, Dan is on the prowl again. He’s formed and launched a second “blank check” company, called Rice Acquisition Corp. II, along with a cool stock ticker symbol: RONI. As in, Rice (a) RONI. Get it?
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A preliminary report by the National Academies of Sciences, Engineering, and Medicine finds the transportation of LNG (liquefied natural gas) by various methods–sea, road, AND by rail–is perfectly safe. Currently, LNG is not widely transported by rail in the U.S., but rail is used in other countries to transport LNG. Last year Congress instructed the government-funded National Academies to study the issue. They’ve issued a preliminary study called “Preparing for LNG by Rail Tank Car: A Review of a U.S. DOT Safety Research, Testing, and Analysis Initiative” (full copy below).
What a major disappointment the Joe Biden administration has been for the country as a whole, and the oil and gas industry in particular. The Biden administration is packed with far-left socialists. The Dept. of Energy is the latest repository. A few days ago DOE announced another round of appointments to important positions within the agency. Most of them have zero experience in the energy industry. Most of them are political operatives (i.e. hacks) who ran the Biden campaign in various states during last year’s election. It’s political patronage–nothing new about that (happens on both sides of the aisle). The problem is the great damage this bunch will do to oil and gas during their hopefully brief tenure.
The Enverus U.S. rig count broke another one-year record. For the week ending June 16, the rig count stood at 567–the highest number it has seen since April 2020, just as the pandemic was starting to really take hold and shut everything down. The Marcellus play stayed even, while the Utica regained a rig it lost the week before. Collectively the M-U is currently running 46 rigs.
MARCELLUS/UTICA REGION: ConEd looking to power New York City’s future with renewables; OTHER U.S. REGIONS: While claiming ‘environmental justice,’ pipeline protesters vandalize native-owned businesses; NATIONAL: U.S. dry natural gas production and rig count continue to grow from pandemic lows; Shale operators’ strict financial discipline is finally paying off; N. American oil service firms’ pricing and hiring on the upswing; It’s too late to avoid a major oil supply crisis; Satellites seek out methane leaks from pipelines, oil fields, landfills and farms.