Bidenistas at FTC Probing EQT Deal to Buy Tug Hill’s WV Assets
In September, EQT Corporation announced it is buying Tug Hill Operating’s West Virginia shale assets for $5.2 billion (see Confirmed: EQT Buys Tug Hill’s THQ Appalachia for $5.2 Billion). The deal adds 90,000 acres and 800 MMcf/d (million cubic feet per day) of production to EQT’s existing, massive, portfolio. Tug Hill and private equity firm Quantum Energy Partners jointly own THQ Appalachia I, LLC (THQA), which is Tug Hill’s subsidiary focused on drilling in the Marcellus, Utica, and Upper Devonian plays in WV. The radicals who now head the Federal Trade Commission (FTC) are requesting more information than the mountains already provided–signaling the Bidenistas may try to block the sale using red tape.
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This morning the Pennsylvania Independent Fiscal Office (IFO) released its latest quarterly Natural Gas Production Report for July through September 2022 (full copy below). There were 158 new horizontal wells spud (drilled) in 3Q22, an increase of 47 wells (+42%) compared to 3Q21. However, natural gas production volume was 1,878 billion cubic feet (Bcf) in 3Q22, a slight decrease (-0.8%) from 3Q21. It is the third quarterly decrease in production in a row (comparing the same quarters year-over-year). However, 3Q22 production was up slightly (+1.4%) from 2Q22.
Three weeks ago, one of the ten natural gas storage wells at the Equitrans Rager Mountain Gas Storage Area in Jackson Township, Cambria County (in Pennsylvania) began to leak and ended up leaking roughly 100 million cubic feet per day (MMcf/d) of gas into the atmosphere (see 
Three weeks ago, Freeport LNG, which has been out of commission since early June, changed the target date it would restart from November to mid-December (see 
Just last week, we told you that a West Virginia Circuit Court judge who allegedly waved and pointed a gun at an attorney for EQT Corporation during a hearing about a case brought against EQT by landowners for improper deductions of post-production expenses from their royalty payments had resigned (see 
NATIONAL: API rips Biden’s energy policy, warns of ‘major’ crisis in next few weeks; USA oil and gas jobs are still in short supply; INTERNATIONAL: OPEC slashes oil output by most since 2020.