HUGE Utica News: EOG Resources Buys Encino Energy for $5.6 Billion
In February, MDN brought you the rumor that Canadian pension fund CPP Investments, the majority owner of Encino Acquisition Partners (aka Encino Energy), was considering either a sale of the company or possibly an initial public offering (see Shocker: Encino Energy Considers Sale or Possible IPO for $7B). The rumor was right. On Friday, EOG Resources, Inc. announced an agreement with Canada Pension Plan Investment Board (CPP) and Encino Energy under which EOG will acquire Encino Acquisition Partners (EAP) for $5.6 billion, inclusive of EAP’s net debt. EOG expects to fund the acquisition through $3.5 billion of debt and $2.1 billion of cash on hand. Read More “HUGE Utica News: EOG Resources Buys Encino Energy for $5.6 Billion”
Last week, for the fifth week in a row, the Baker Hughes U.S. rig count dropped, down another three rigs to its lowest level since November 2021. There were changes among the Marcellus/Utica states, too. The combined M-U count dropped by one to 36 active rigs. The Pennsylvania Marcellus gained one rig, now at 18 rigs. The Ohio Utica dropped one of the two rigs it picked up two weeks ago and now stands at 11 rigs. West Virginia also dropped a rig and now runs only seven rigs. 
The highly functional and responsible Susquehanna River Basin Commission (SRBC), unlike its less functional and irresponsible counterpart, the Delaware River Basin Commission (DRBC), continues to support the shale energy industry by approving water withdrawals and consumptive use for responsible and safe shale drilling. The SRBC published a notice in the May 31 Pennsylvania Bulletin that the Executive Director of the SRBC renewed 45 general water use permits in April for individual shale gas well drilling pads in Blair, Bradford, Lycoming, Potter, Sullivan, Susquehanna, and Tioga counties in Pennsylvania. The director also approved new water withdrawals for the 146-megawatt gas-fired Hunlock Creek power plant in Luzerne County. 
OTHER U.S. REGIONS: Trump rides to the Northeast’s energy rescue; NATIONAL: States are rolling out red carpets for data centers, some lawmakers are pushing back; Upstream natural gas valuations, a big year; Trump’s ‘beautiful’ bill casts a cloud over hydrogen’s future; The Inflation Reduction Act must be repealed—all of it; INTERNATIONAL: Oil dips after US-China trade tensions flare; OPEC+ countries to ‘implement production adjustment’ of 411K bpd in July.