Kimmeridge Hints Devon Energy Needs to Sell M-U After Coterra Merger
In February, MDN brought you the big news that Devon Energy is buying out and merging with Coterra Energy, paying $21.4 billion in Devon stock (see Devon Energy Buying Coterra Energy for $21.4B in All-Stock Merger). That merger is set to happen next Monday, May 4th. One of the reasons (perhaps THE reason) why Coterra is merging was pressure from “activist” investor Kimmeridge, which launched a public campaign last November to force Coterra to split the company, to sell off its Marcellus (and Anadarko) assets, and focus 100% on oil drilling in the Permian (see Activist Investor Declares Coterra Merger Failed – Sell Marcellus). Kimmeridge, which holds approximately 1% of Coterra’s stock and 1.4% of Devon Energy’s stock, published an open letter to Devon yesterday. Read More “Kimmeridge Hints Devon Energy Needs to Sell M-U After Coterra Merger”
Yesterday, Pennsylvania Gov. Josh Shapiro announced $267 million in state funding for energy projects, including $31.5 million for CNX Green Ventures to capture coal mine methane at the Enlow Fork mine in Greene County. Funded through EPA Climate Pollution Reduction Grants, the RISE PA program supports industrial decarbonization. CNX plans to drill boreholes, capture methane from mine ventilation, and pipe it for processing and sale as remediated mine gas. 
Last May, MDN brought you the news that the Ohio Department of Natural Resources (ODNR) was laying the blame for a series of low-level earthquakes in southeastern Ohio on fracking at a shale well in Noble County (see 
Quick, send in the clowns. Don’t bother, they’re here.
This is really big news. Yesterday, we spotted an article in the Financial Times that the Abu Dhabi National Oil Company (ADNOC), which is the state-owned oil company of the United Arab Emirates (UAE), is planning to invest “tens of billions of dollars” to build a natural gas business in the U.S., as it accelerates efforts to diversify, as the Iran war disrupts the energy industry. We’re glad we held on to that story and kept it for today, because on the heels of that story, another, bigger one broke: The UAE is resigning from OPEC and OPEC+ as of Friday, May 1. That’s huge! 
OTHER U.S. REGIONS: Maryland utility co. buying gas-fired electricity from Alpha Gen; NATIONAL: U.S. natural gas futures mixed as May contract expires; Trump cancels more wind leases; Winter storms are a wake-up call for the failures of wind and solar; US has more natural gas than it can use as war chokes global supply; INTERNATIONAL: Oil gains as supply risks persist; Wright says Hormuz can open without clearing all mines; US signs energy and AI deals with Balkan countries as its influence widens.