Corporate Raider Kimmeridge Tries to Bully Chesapeake Energy
Kimmeridge, a so-called “activist investment firm” that focuses on pressuring oil and gas exploration and production companies, told Reuters on Wednesday it has built a “stake” in Chesapeake Energy and has “started talks with the management team on changes to boost its value.” How much of a stake? A piddly 1.6% of outstanding shares. Hey Kimmeridge–go suck renewable wind.
Read More “Corporate Raider Kimmeridge Tries to Bully Chesapeake Energy”
Yesterday MDN told you we would likely see the front-month NYMEX natural gas contract settle above $8/MMBtu by the end of yesterday (see 
Energy Transfer, one of the biggest pipeline and midstream companies in the U.S., issued its quarterly update yesterday. Of particular interest to us was the honorable mention the Mariner Easter (ME) project received. Construction of the final phase of the Mariner East project was completed in 1Q22, bringing Energy Transfer’s total NGL capacity on the Mariner East pipeline system to more than 365,000 barrels per day, including ethane. NGLs, including those flowing through the ME system, along with LNG, were the two dominant themes running through yesterday’s update.
Pennsylvania State Sen. Gene Yaw has been a champion in the fight to defeat Gov. Tom Wolf’s hideous carbon tax, otherwise known as the Regional Greenhouse Gas Initiative (RGGI). Wolf is trying to force PA to join over the objections of a majority of state legislators. In his latest missive about RGGI, Yaw connects some dots that need to be connected–between Russian money funding Big Green groups, and the groups using that money to lobby, influence, and litigate in an effort to force PA to join RGGI. It’s an effort to force PA to use less fossil energy. Clearly, RGGI is anti-fossil fuel. We would argue, as does Yaw in this excellent editorial below, that RGGI is also anti-American.
Diversified Energy CEO Rusty Hutson and his wife Kimberly Hutson, both natives of West Virginia, recently donated $1.8 million to West Virginia University to help fund an experiential learning program, a nursing initiative, and neuroscience care at the university. We have chronicled a number of generous donations by Marcellus/Utica companies and their foundations. However, this has to be the single largest donation by an individual connected to the industry that we’ve seen, to date.
NATIONAL: USA LNG deals surge; Why surging natural-gas prices haven’t sparked a drilling boom; INTERNATIONAL: OPEC fails to increase oil output.