Cabot & Cimarex Merger Explained: Love the One You’re With
More details have emerged from what has to be one of the oddest combinations in recent memory–the merger of Permian driller Cimarex Energy with Marcellus driller Cabot Oil & Gas (see HUGE NEWS: Permian Driller Cimarex Buying Out Cabot Oil & Gas). As we told you in a follow-up to the big news, many stock analysts and investors are baffled by the combo (see Markets “Baffled” by “Unexpected” Cabot Merger with Cimarex). Due to recent Securities and Exchange Commission filings, we now have more insight into what led to the odd combination. Cabot considered a three-way merger last year, and Cimarex held talks and considered five different potential merger partners before settling on Cabot.
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Earlier this month MDN brought you the sad news that Enbridge’s Texas Eastern Transmission (TETCO) pipeline is being flow-restricted by the Pipeline and Hazardous Material Safety Administration (PHMSA). Some 40% of the Marcellus/Utica molecules that flow through TETCO’s pipeline to destinations in the southeastern U.S. have disappeared and will stay that way until the end of September (see 
Yesterday, National Grid issued its Natural Gas Long-Term Capacity Second Supplemental Report (full copy below). The report reaffirms the company’s commitment to achieving a mythical so-called “net zero carbon” future. Whatever. The report provides an update on the short- and long-term energy needs of downstate New York customers, reviews the status of targeted solutions identified by the company in 2020, and emphasizes the importance of ensuring that no customer is left behind during the transition to a magical net zero future. How will they accomplish it? According to this updated report, with *more* natural gas.
Yesterday MDN brought you the news that the U.S. Supreme Court decided that yes, the PennEast Pipeline *can* use federally-delegated eminent domain in order to install a pipeline across New Jersey state-owned land after all (see 
The Pennsylvania Department of Environmental Protection (DEP) has just published its 2020 Oil and Gas Annual Report. This is the fifth year in a row the DEP has published the report in an interactive, electronic (i.e.online) format ONLY. Don’t worry, we’ve turned it into a convenient PDF for MDN readers. What does the 2020 report show? While permits issued and the number of new wells drilled have both gone down (again), gas production has gone up (again)–to a new record high.
From the “mankind has gone collectively insane” file: Some two dozen utility companies, including Dominion Energy and Sempra Energy, are experimenting/dipping their toe in the water of mixing super-explosive hydrogen with methane (natural gas) in extremely small quantities on the theory that one day, hydrogen can replace natural gas in existing pipelines and infrastructure. H2 can’t and won’t replace CH4, but hey, these companies at least have to show they’re trying or risk being sued into oblivion by woke leftists who claim mankind is burning the earth by burning fossil fuels. Yes, collectively mankind has officially gone mad…
MARCELLUS/UTICA REGION: Trucking opportunities get a boost with Cabot funding; Ohio Oil, Gas Association honors Don and Gene Huck; Finish the MVP – it helps Franklin County; OTHER U.S. REGIONS: Natural gas to gasoline; NATIONAL: Biden admin fights another Canadian oil export pipeline; Two former energy secretaries say foreign demand for U.S. LNG “simply astounding”; Natural gas markets running out of steam?; INTERNATIONAL: Exxon faces embarrassing lobbyist comments in leaked video.