Bradford County | Chesapeake Energy | Chief Oil & Gas | Energy Companies | Industrywide Issues | Lycoming County | M&A | Pennsylvania | Statewide PA | Sullivan County | Susquehanna County | Tioga County (PA) | Tug Hill Operating | Wyoming County (PA)
Chesapeake Buys Chief Oil & Gas & Non-op Tug Hill Assets for $2.6B
As predicted last week by Reuters, Chesapeake Energy announced yesterday it is buying Marcellus driller Chief Oil & Gas plus associated non-operated assets from Tug Hill Operating for $2 billion in cash and approximately 9.44 million common shares. The total purchase price (given the current CHK stock price of $67/share) is roughly $2.6 billion. The combination makes Chesapeake a powerhouse driller in the northeast Pennsylvania Marcellus with 653,000 acres of leases.
Read More “Chesapeake Buys Chief Oil & Gas & Non-op Tug Hill Assets for $2.6B”
The Lorax-quoting judge from the U.S. Court of Appeals for the Fourth Circuit (i.e. 4th Circus) has struck again. We shouldn’t be surprised. Yesterday the 4th Circuit overruled permits issued by the U.S. Forest Service and the Bureau of Land Management that would have allowed the 94% complete Mountain Valley Pipeline from crossing 3.5 miles of federal land in Jefferson National Forest. This is the second time the same group of clown judges have done this.
ISO New England–the independent, non-profit Regional Transmission Organization (RTO) that manages the electric grid for Connecticut, Maine, Massachusetts, New Hampshire, Rhode Island, and Vermont–is once again fretting and warning that a prolonged cold spell in the northeast may trigger electric blackouts in New England. Not only are power plant owners nervous, so too are state regulators.
In July 2021 Pieridae Energy, a Candian driller and LNG company, hired Peters & Co. Limited to help it conduct an internal review about the best path forward. Should the company sell itself? Should it merge with another company? Sell some of its assets but not others? The review is now over and done and the decision is…to keep on going just the way they have been. No sale, no merger, no asset sale. Why are we interested? Because of Pieridae’s proposed Goldboro LNG project.
Holy smokes! What just happened? For months (and months and months) the cumulative number of weekly permits issued to drill new shale wells in the Marcellus/Utica has fluctuated from the low teens to perhaps 30 total on the upper end. Last week, from Jan. 17-23, an amazing 61 permits were issued to drill new shale wells. Double the usual. Wow! Pennsylvania issued 24 new permits, Ohio issued 9, and blow-the-doors-off-we’ve-never-seen-so-many-permits-issued-in-one-week for West Virginia, the Mountain State issued 28 new shale permits.
NATIONAL: Time for investors to loosen the reins on shale producers; Exposing Baltimore’s short-sighted, frivolous climate lawsuit against energy companies; API Sommers urges support for “every type of energy”; INTERNATIONAL: Can we future-proof natural gas plants with hydrogen?; What happens if Russia cuts off Europe’s natural gas?; US’ ‘natural gas alliance’ aimed at containing Russia could hardly work.