Range Resources Addresses Pioneer M&A Rumor on 4Q Conference Call
Range Resources Corporation, the very first driller to sink a Marcellus shale well back in 2004 in western Pennsylvania, issued its fourth quarter and full-year 2022 update yesterday. During 2022, Range generated record cash flow from operations of $1.9 billion and produced an average of 2.1 billion cubic feet equivalent per day (Bcf/d) of natural gas. The company spent $492 million on drilling in 2022. Of keen interest to us was a response by Range’s CEO about the rumors that Pioneer Natural Resources is interested in buying or merging with Range.
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Freeport LNG continues to rapidly ramp up its liquefaction and export capability. The facility experienced an explosion and fire in June 2022. It was just over a week ago that the Federal Energy Regulatory Commission (FERC) granted the facility permission to restart two of three liquefaction trains (see 
According to a recent Reuters article, “A 46% drop in natural gas prices this year is rippling across the U.S. shale patch, threatening to slow drilling and chill deal-making in a move unthinkable six months ago as global demand soared.” Although the Henry Hub price for natgas rose over the past few days with the changeover to the NYMEX April contract, the price is still well below $3/Mcf. At that price, natgas drillers (in the Marcellus/Utica and elsewhere) are dialing back their drilling programs–essentially maintaining the status quo with production volumes. And at current low prices, mergers and acquisitions activity has pretty much dried up.
Two Houston, Texas-based headhunting firms specializing in the oil and gas space are saying the same thing: Don’t look for a hiring boom in the oil and gas sector in 2023. That doesn’t mean there’s a total hiring freeze or that there aren’t good jobs to be had. It just means don’t look for bidding wars to attract new employees to the O&G sector. Not gonna happen this year, say the experts. Why?
That was fast. Yesterday we told you that newly-elected Maryland Gov. Wes Moore had nominated someone who actually knows something about the energy industry, from the American Gas Association, to be a member of the Maryland Public Service Commission (see 
Looks like the rumors were true. Last December, we told you that oil giant BP (formerly British Petroleum) was considering axing its annual Statistical Review of World Energy publication, which the company has published since 1952. Why stop publishing it? Because being honest about the data was exposing the so-called transition to green energy as the hoax that it is (see 
Consulting giant Deloitte’s new report “Oil and Gas M&A Outlook 2023: Pivoting for Change” examines the shift in the industry and the strategic pivots expected to shape the future. The report says so-called “clean energy” is now a “substantial driver” of mergers and acquisitions (M&A) in the oil and gas industry and signals big changes in the M&A playbook.
MARCELLUS/UTICA REGION: “Made in America” to “Made in Appalachia”; NATIONAL: Cummins shows off X15N natural gas, X10 diesel engines; INTERNATIONAL: BofA Global Research reveals latest oil price forecasts; European natgas prices post longest monthly losing streak since 2020; Enel head raises doubts about Europe’s ability to end energy ties with Russia; Gazprom’s daily gas exports to Europe rise 16% in February.