Big Turnover at EQT Board – Chairwoman, 3 Others Leaving (4 of 14)
Something of surprise (at least for us) is that four EQT Corporation board of directors members, including the board’s chairwoman, are “retiring” and leaving the board. That’s four out of 14 board members (28%, over one-fourth). Is it a bloodbath? Widespread unrest? House cleaning? No, we don’t suspect any of those things. It may be a coincidence that four members have decided to leave as of the next annual meeting, which has not yet been set, or it might not be a coincidence. The new independent chairman of the board will be Thomas Karam. Sound familiar? Tom was the CEO of Equitrans Midstream Corporation, the company that built Mountain Valley Pipeline. EQT bought out Equitrans and merged with it in July 2024. Karam came to the board last year when the companies merged. Read More “Big Turnover at EQT Board – Chairwoman, 3 Others Leaving (4 of 14)”
For the week of Jan 27 – Feb 2, the number of permits issued in the Marcellus/Utica to drill new shale wells recovered from the previous week. Two weeks ago, only 7 new permits were issued. Last week, the number increased to 22 new permits issued. Whereas the Keystone State (PA) issued no new permits two weeks ago, PA issued 13 new permits last week. Six of those permits went to Apex Energy in Westmoreland County. Five permits were issued to EQT (Rice Drilling) in Greene and Lycoming counties. And two permits went to Expand Energy (Chesapeake) in Bradford County. 
Enverus Intelligence Research (EIR), a subsidiary of Enverus, issued a summary of the fourth quarter and full-year 2024 upstream M&A (mergers and acquisitions) activity yesterday. Two of the top five M&A deals include deals in the Marcellus/Utica. Coming in at #3 on the list was EQT’s sale of non-operated assets to Equinor for $1.25 billion in October (see 
Did you happen to catch the news lighting up all the cable news stations yesterday about Chinese startup DeepSeek? The company launched a free AI assistant that it claims uses less data at a fraction of the cost of other AI models. By Monday, the DeepSeek assistant had overtaken U.S. rival ChatGPT in downloads from Apple’s app store. The news sent traders into a tailspin of selling off tech company stocks like Nvidia (which makes the chips used in AI). The news also affected natural gas drillers negatively. Why? 
The highly functional and responsible Susquehanna River Basin Commission (SRBC), unlike its completely dysfunctional and irresponsible cousin, 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 January 25 Pennsylvania Bulletin that the Executive Director of the SRBC gave his approval to or renewed 18 general water use permits in December for individual shale gas well drilling pads in Bradford, Cameron, Centre, Clearfield, Lycoming, Susquehanna, and Tioga counties. 
The experts at RBN Energy recently analyzed the Q3 2024 financial results for the gas-focused producers the company tracks (mainly Marcellus/Utica producers). The gas-weighted E&Ps RBN follows had the best total shareholder return performance of the three peer groups they tracked through the first nine months of 2024, with a median gain of 14%. On the high side, CNX Resources’ share price was amazing, up more than 60% for the first nine months of last year. On the other end, Coterra Energy’s share price lost value. 
A little over one month ago, we confirmed a rumor that we previously reported regarding EQT Corporation selling a minority stake in its newly-acquired midstream assets from Equitrans to investment firm Blackstone in return for $3.5 billion in cold, hard cash (see 
In November, MDN told you that Diversified Energy and EQT Corporation had settled a class action lawsuit originally brought by several West Virginia landowners (see 