Marcellus Drilling News

Energy Companies | EQT Corp | Industrywide Issues | M&A | Marshall County | Tug Hill Operating | West Virginia | Wetzel County

Confirmed: EQT Buys Tug Hill’s THQ Appalachia for $5.2 Billion
September 7, 2022September 7, 2022

The rumors were right. Yesterday we brought you the news (rumors), as reported by both Reuters and Bloomberg, that EQT Corporation was about to seal a deal to buy Tug Hill’s THQ Appalachia operation with major assets in West Virginia (see EQT Close to Buying Tug Hill’s THQ Appalachia for $4+ Billion). Reuters reported the deal would be worth $4 billion. Bloomberg reported the deal would be worth $5.2 billion. Bloomberg (we are surprised to say) was right. EQT issued a press release yesterday afternoon announcing the deal and confirming the details.
Read More “Confirmed: EQT Buys Tug Hill’s THQ Appalachia for $5.2 Billion”
Berkshire Hathaway | CNG/LNG | Energy Services | Exporting | Industrywide Issues | Maryland | Regulation

Cove Point LNG Files with FERC to Add Another 20 MMcf/d Output
September 7, 2022September 7, 2022

Located in Lusby, Maryland, Cove Point LNG is the first major LNG export facility to locate on the East Coast. It is recognized as one of the most technically advanced and environmentally sensitive LNG facilities in the world. The Cove Point LNG Terminal has a storage capacity of 14.6 billion cubic feet (Bcf) and a daily send-out capacity of 1.8 Bcf. The owners/managers of Cove Point recently filed a preliminary request with the Federal Energy Regulatory Commission (FERC) to increase export capacity by an extra 20 million cubic feet per day (MMcf/d) by installing a small liquefaction unit to capture “boil off gas” the plant currently evaporates during normal operations.
Read More “Cove Point LNG Files with FERC to Add Another 20 MMcf/d Output”
Industrywide Issues | Lease & Royalty Payments | M&A

Sitio, Brigham $4.8B Merger Creates Largest Mineral & Royalty Co.
September 7, 2022September 7, 2022

In June, MDN told you about the merger of Falcon Minerals Corporation and Desert Peak Minerals (see Falcon & Desert Peak Minerals Combine to Form Sitio Royalties Corp.). The two companies merged in a $1.9 billion all-stock deal. The combined company was renamed Sitio Royalties Corp. and owns over 139,000 net royalty acres, including 12,000+ net royalty acres in the Marcellus Shale across Pennsylvania, Ohio, and West Virginia. Barely three months later and Sitio is merging again, this time with Brigham Minerals, Inc., to create a $4.8 billion oil and gas mineral and royalty rights behemoth–the largest publicly traded mineral rights/royalties company in the U.S.
Read More “Sitio, Brigham $4.8B Merger Creates Largest Mineral & Royalty Co.”
Energy Services | Equitrans/EQT Midstream | Industrywide Issues | Pipelines | Regulation | Statewide WV | West Virginia

Clock Ticking to Pass Manchin’s Deal with Devil to Complete MVP
September 7, 2022September 7, 2022

U.S. Senator Joe Manchin, from West Virginia, traded away the future of the country by supporting the misnamed Inflation Reduction Act (the remnants of the Green New Deal) in return for finishing the 303-mile Mountain Valley Pipeline along with a few other concessions for the oil and gas industry (see Joe Manchin Cuts MVP “Deal” in Return for Selling Out Country). Senate Majority Leader Chuck Schumer and House Speaker Nancy Pelosi promised a vote on a “permitting reform” bill for Manchin in return for his IRA sellout. The permitting reform measure is supposed to get voted on by the end of September. Will it?
Read More “Clock Ticking to Pass Manchin’s Deal with Devil to Complete MVP”
CNG/LNG | Exporting | Industrywide Issues

U.S. LNG Exports to Hit 20 Bcf/d by 2026 as More Plants Begin Const
September 7, 2022September 7, 2022

Three LNG export projects in the U.S. are now under (or are about to begin) construction, including Golden Pass LNG, Plaquemines LNG, and Corpus Christi Stage III. According to a chart provided by the U.S. Energy Information Administration (EIA), when those three new facilities come online by early 2026, the U.S. will be exporting some 20 Bcf/d (billion cubic feet per day) of American gas molecules. Cool!
Read More “U.S. LNG Exports to Hit 20 Bcf/d by 2026 as More Plants Begin Const”
Anti-Drilling/Fossil Fuel | Electrical Generation | Industrywide Issues

Midwest Elec Grid Roasted for Supporting New Gas-Fired Power Plant
September 7, 2022September 7, 2022

click for larger version

The U.S. electric system is complex. We take electricity for granted when we flip on a switch. Ensuring the lights come on when you flip the switch is the job of the electric grid. Each state either has its own electric grid manager or belongs to a regional grid with other states. The various organizations that manage the grid are either called ISOs (Independent System Operators) or RTOs (Regional Transmission Organizations). The map at the left shows the various ISO/RTO regions across the U.S. In the Midcontinent, the Midcontinent Independent System Operator (MISO) manages the grid. All of these grids are supposed to be source agnostic with respect to how they get the electricity that flows along the lines they oversee. Whether the electricity comes from coal, natural gas, solar, wind, hydro, or cow farts–it’s not supposed to matter. Except it DOES matter–a great deal.
Read More “Midwest Elec Grid Roasted for Supporting New Gas-Fired Power Plant”
ESG | Industrywide Issues

Methane Laser Imaging Company Gets $55M Investment
September 7, 2022September 7, 2022

Bridger Photonics, Inc. is headquartered in Montana. Bridger developed a methane detection technology that is used by at least two companies with major operations in the Marcellus/Utica. Bridger recently announced it had received a $55 million investment from Beaverhead Partners LLC, a Montana-based syndicate. The money will help the company to expand its reach.
Read More “Methane Laser Imaging Company Gets $55M Investment”
Best of the Rest

Other Stories of Interest: Wed, Sep 7, 2022
September 7, 2022September 7, 2022

MARCELLUS/UTICA REGION: Ohio Dem Ryan touts benefits of natural gas during Bellaire visit; OTHER U.S. REGIONS: Likelihood of rotating outages in California significantly increased; NATIONAL: USA oilfield services employment rises in August; Ex-ExxonMobil rep gets API upstream VP role; Biden climate adviser Gina McCarthy leaving White House; INTERNATIONAL: OEUK hopes new PM will lead nation towards energy security; Gazprom starts producing LNG at plant near Nord Stream pipeline.
Read More “Other Stories of Interest: Wed, Sep 7, 2022”