Blackstone Looks to Sell M-U Driller Olympus Energy for $2 Billion
Huntley & Huntley Energy Exploration (HHEX), a shale driller headquartered in Southpointe (Washington County), PA, that leases ~100,000 acres and drills in the Pittsburgh suburbs, was founded in 2012. The company renamed itself to Olympus Energy in 2019 (see PA Driller HHEX Renames Itself Olympus Energy). Olympus is majority-owned by private equity firm Blackstone. Bloomberg reports, based on anonymous sources, that Blackstone is investigating a sale of Olympus, looking to get $2 billion. Read More “Blackstone Looks to Sell M-U Driller Olympus Energy for $2 Billion”
Have you ever considered all the different goods and services required to plug an orphaned well? It’s a surprisingly long and complex list! You might think (as we did), “There’s an old well, pull up with a cement mixer, dump cement down the hole, and voila, it’s done.” Not so! The process begins with locating orphaned/abandoned wells, using drones and other equipment to sniff out leaking old wells, and attempting to ascertain ownership (land records, title searches, etc.). Then, there’s preparing the site (permits required), doing the work, and monitoring after it’s done. It’s a looooong list. 
The Tennessee Valley Authority (TVA) is a federally-owned electric utility corporation in the U.S. TVA’s service area covers all of Tennessee, portions of Alabama, Mississippi, and Kentucky, and small areas of Georgia, North Carolina, and Virginia. TVA is the sixth-largest power supplier and the largest public utility in the U.S. In 2021, MDN told you that TVA is spending over $1 billion to replace six coal-fired plants with natgas-fired turbines (see 
MDN chronicled the rise and fall of Tellurian, founded by Charif Souki (who also founded Cheniere Energy), and Tellurian’s LNG export project, Driftwood. Tellurian’s primary focus was to build Driftwood LNG, a 27.6 million tonnes of LNG per year facility that would cost $14.5 billion. Construction began on the project in March 2022, even without a final investment decision (see 
Well, look at this. After liquefying and exporting over 350 cargoes of LNG from March 1, 2022, through January 2025, Venture Global says its Calcasieu Pass (CP) LNG export facility is finally “ready” to begin “commercial” operations….on April 15th of this year. Nearly three years after it began shipping LNG. Venture Global has claimed the CP facility was not commercially ready until now. 
Newly-confirmed Secretary of Energy, Chris Wright, appeared virtually before the ARC Conference in London yesterday. ARC stands for The Alliance for Responsible Citizenship, an international movement with a vision for a better world where empowered citizens take responsibility and work together to bring flourishing and prosperity to their families, communities, and nations. The ARC organization tilts right. During a Q&A interview, Wright shared some fantastic truths, among them: “Net zero 2050 is a sinister goal, it’s a terrible goal.” He also said that countries that set net zero goals “export your industry.” And net-zero “is not energy transition” but instead “is lunacy.” Three cheers for Chris Wright! 
NATIONAL: Chevron vice chairman confirms job cuts; INTERNATIONAL: EU Commission warns a host of member states on adoption of energy rules; Will Europe return to Putin’s gas?; Is an oil market share war on the cards for 2025?; Coal’s persistence signals the myth of the energy transition.