“Top 5” Shareholder in Devon Energy Pushes Company to Sell Itself
Devon Energy completed its merger with Coterra Energy just over one month ago, on May 7, paying Coterra $21.4 billion in Devon stock (see Devon and Coterra Complete Merger, Launches $8B Buyback Program). It’s been no secret that one of the larger investors in Coterra and Devon (owning about 1.4% of Devon’s stock), so-called activist investor Kimmeridge, lobbied Coterra prior to the merger to sell off its Marcellus assets (see Activist Investor Declares Coterra Merger Failed – Sell Marcellus). Kimmeridge has some new company. Another so-called activist investor, TOMS Capital Investment Management, recently invested big money in the combined Devon (now a “top 5” investor in Devon) and is pressuring the recently merged company to sell assets and (in a complete surprise), consider selling itself! Just a month after merging! Read More ““Top 5” Shareholder in Devon Energy Pushes Company to Sell Itself”
This is one of those “man bites dog” (or in this case, “woman” bites dog) stories. Rebecca Tepper has, for years, worked for Maura Healey—first when Healey was Attorney General of Massachusetts, and later (now) in Healey’s role as Governor of the state. Tepper is Healey’s Secretary of Energy and Environmental Affairs. Healey is her boss and directs the policies that Tepper executes. So it was a complete shock for us to receive an email from Tepper’s office with a letter attached (see it below) that Tepper sent to Dan Dolan, President of the New England Power Generators Association. The letter encourages (we’d call it demands) New England’s power generators to sign up to receive natural gas during Enbridge’s open season for the recently announced Project Beacon. 
Norway’s Equinor (formerly Statoil) held its Capital Markets Day 2026 on Tuesday, offering investors and analysts a chance to hear directly from the company’s top management and ask questions. The event made clear that, while the Norwegian Continental Shelf (NCS) remains the company’s center of gravity, its Appalachian (Marcellus) gas position is being repositioned from a quiet, low-cost cash-flow engine into a strategic linchpin connecting upstream gas to the fast-growing U.S. power and data-center economy. Equinor is in love with the Marcellus. 
EQT Corp’s mixed-index natural gas product blends NYMEX Henry Hub futures with one or more physical basin indices (such as Dominion South) into a single sales contract, often weighted toward Henry Hub for hedging liquidity. Splitting exposure between national futures and local spot dynamics dilutes price swings, helping power generators, LNG exporters, and large industrials reduce earnings volatility while retaining some upside from favorable regional spreads. 
Pennsylvania’s Senate Republicans are speaking truth to power, calling out PA Democrat Governor Josh Shapiro’s policies as one of the primary reasons why PA residents pay more for electricity. And Joshie doesn’t like being called out. State Senate President Pro Tempore Kim Ward argues the state is losing out under a roughly $325-per-megawatt-day price cap on PJM Interconnection’s capacity auctions, approved by the federal government after a lawsuit by Gov. Josh Shapiro (see 
Invenergy announced Wednesday it is surrendering offshore wind leases in New Jersey, New York, California, and Maine, pivoting instead to natural gas and geothermal projects. Under a settlement with the Justice and Interior Departments, the Chicago-based developer will receive a $765 million partial refund (money it paid the government for the leases) and will invest in gas-fired plants in Indiana, Wisconsin, Iowa, Kansas, and Missouri, as well as Western geothermal projects. Big Wind is out, natgas is in! Wow, what a change. 
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