Chesapeake Sells Remaining Eagle Ford Assets to SilverBow for $700M
Chesapeake Energy has cut a deal to sell the third and final portion of its remaining Eagle Ford assets to SilverBow Resources for $700 million. The deal includes approximately 42,000 net acres and approximately 540 wells in the condensate-rich portion of Chessy’s Eagle Ford asset located in Dimmit and Webb counties (in Texas), along with related property, plant, and equipment. In 2018 Chesapeake, under the direction of then-CEO Doug Lawler, purchased 420,000 net acres in the Eagle Ford shale and Austin Chalk formations in Texas from WildHorse Resource Development Corp for $4 billion (see Chesapeake Now Gone from Ohio Utica; Spends $4B in Eagle Ford). The company grew its Eagle Ford assets with more purchases and eventually ended up with 610,000 acres. It took more than eight months, but Chessy has now unloaded all of those assets for a combined total of $3.5 billion. Losing only half a billion to unload the assets isn’t so bad.
Read More “Chesapeake Sells Remaining Eagle Ford Assets to SilverBow for $700M”
Yesterday we told you the liars of the left are doing their best to sew disinformation and fear about Mountain Valley Pipeline (MVP) and the installation of the remaining 6% of the pipeline that’s not already in the ground (see 
The latest monthly U.S. Energy Information Administration (EIA) Drilling Productivity Report (DPR) for August issued yesterday (below) shows the EIA believes shale gas production across the seven major plays tracked in the monthly DPR for September will *decrease* production from the prior month of August. This is the second month in a row EIA predicts shale gas production will decrease for the combined seven plays. EIA says combined natgas production will slide by 147 MMcf/d (million cubic feet per day). The Marcellus/Utica, called “Appalachia” in the report, is predicted to slump by 22 MMcf/d in September compared with August.
In November of 2020, MDN told you about a deal Talen Energy cut with the odious Sierra Club, signing a pledge to convert several coal-fired power plants to use natural gas in both Maryland and Pennsylvania (see 
ECA Marcellus Trust I, the royalty interest holder in some of the wells drilled and maintained by Greylock Energy in Greene County, PA, announced it would issue no payout to unitholders for 2Q23. The company paid out 4.3 cents per unit in 1Q23; 12.4 cents per unit in 4Q22; and 18 cents per unit in 3Q22. The company continues to hold back some profits ($90,000 in 2Q23) to build a cash reserve for “future known, anticipated or contingent expenses or liabilities.” Consequently, ECA will not pay anything to unitholders for 2Q.
We’re off to the races! M2X Energy, based in Florida, announced the company’s first modular gas-to-methanol plant reached a key milestone and produced its first methanol at the Richard Childress Racing campus in Welcome, N.C. Richard Childress Racing is a motorsports organization with a long history in NASCAR racing and engine development. M2X uses methane (natural gas) that otherwise would be burned (flared) and converts the gas into methanol which is used as a chemical feedstock to create other things, like gasoline, antifreeze, plastic bottles–even LED and LCD screens.
Last December, Rice Acquisition Corp II, a special purpose acquisition company (SPAC) started by the Rice brothers (Danny, Toby, and Derek), announced a deal to acquire NET Power–an electric power developer with revolutionary new technology to capture every last molecule of carbon dioxide from natural gas-fired power plants (see 
MARCELLUS/UTICA REGION: WV PSC makes decisions on natural gas case; OTHER U.S. REGIONS: ArcLight to acquire ownership interest in Kleen Energy Systems; Why a natural gas pipeline is being built in mid-Michigan; NATIONAL: Kimmeridge sees fewer but bigger PE players in shale; Oil firms face hard choices after a year of big spending; How multibillion dollar investments in AI are driving O&G innovation; INTERNATIONAL: Oil’s push toward $90 gets lift from physical markets everywhere.