EQT Corp

Antero Resources | Elk County | Energy Companies | EOG Resources | EQT Corp | Greene County (PA) | Noble County | Ohio | Pennsylvania | Seneca Resources | Tyler County | Weekly Permits | West Virginia

9 New Shale Well Permits Issued for PA-OH-WV Jul 22 – 28
August 2, 2024August 2, 2024

For the week of July 22 – 28, a total of nine permits were issued to drill new shale wells in Marcellus/Utica. Pennsylvania had the fewest with just two new permits, one each for Seneca Resources and Rice Drilling (i.e., EQT). Ohio had the most with four new permits, all of them for EOG Resources for a single pad in Noble County. West Virginia came in between with three new permits, all three for Antero Resources in Tyler County.

Read More “9 New Shale Well Permits Issued for PA-OH-WV Jul 22 – 28”
Energy Companies | EQT Corp | Hydrogen | Industrywide Issues

EQT & Others Enter “Phase 1” of Hydrogen Hub; DOE Cuts $30M Check
August 2, 2024August 2, 2024

An important milestone was reached on Wednesday regarding the Appalachian Regional Clean Hydrogen Hub (ARCH2). You may recall that ARCH2 was one of seven projects to win the Bidenista Hunger Games competition to receive a chunk of $7 billion to build a regional hydrogen hub (see Hydrogen Hub Winners Announced – WV Takes Prize in M-U Region). ARCH2 is getting $925 million of the $7 billion pot. It was selected specifically because it will use Marcellus/Utica shale gas as the feedstock to create hydrogen (a fact that frosts the left, see Antis Mad They Can’t Protest Specific ARCH2 Hydrogen Projects). At any rate, on Wednesday, the first $30 million check for ARCH2 was cut by the Bidenistas, and work will now begin.
Read More “EQT & Others Enter “Phase 1” of Hydrogen Hub; DOE Cuts $30M Check”
Allegheny County | Energy Companies | EQT Corp | Pennsylvania

EQT Name Removed from Downtown Pittsburgh Building, HQ Remains
July 29, 2024July 29, 2024

625 Liberty

All the way back in February 2020 BC (Before COVID), we told you that EQT Corporation, the largest natural gas producer in the country, was looking to lease most of its mammoth downtown Pittsburgh headquarters building at 625 Liberty Avenue (see EQT Subleasing Most of its Downtown Pittsburgh Office Building). The building has been known for years as EQT Plaza. No more. While we speculated in 2020 that the company would completely leave the building in 2024 at the end of its lease, EQT is going to keep a small presence in the building and retain it as “the headquarters” of the company (although almost nobody works there anymore).
Read More “EQT Name Removed from Downtown Pittsburgh Building, HQ Remains”
Energy Companies | Energy Services | EQT Corp | Equitrans/EQT Midstream | Industrywide Issues | Pipelines

EQT’s Game Plan Changed – Keep MVP & Expand Extra 0.5 Bcf/d
July 25, 2024July 25, 2024

Yesterday, EQT Corporation, the country’s largest natural gas producer, issued its second quarter 2024 update. We’re dedicating another post to chronicling other news coming from the update. This post is dedicated to the most significant news from the update: EQT has decided to keep the newly christened 2.0 Bcf/d Mountain Valley Pipeline (MVP) instead of selling it. Not only that, but EQT wants to expand the pipeline’s capacity from 2.0 to 2.5 Bcf/d as soon as possible.
Read More “EQT’s Game Plan Changed – Keep MVP & Expand Extra 0.5 Bcf/d”
Energy Companies | EQT Corp

EQT 2Q – Selling Rest of NEPA Non-Op Assets, Curtailing 500 MMcf/d
July 25, 2024July 25, 2024

MDN’s lead story today is that EQT Corporation has decided to retain majority ownership in Mountain Valley Pipeline (MVP) and expand the pipe’s capacity with compressors asap (see EQT’s Game Plan Changed – Keep MVP & Expand Extra 0.5 Bcf/d). This post deals with the other (big) news coming from yesterday’s second quarter 2024 update. Namely, EQT is looking to sell the rest of its non-operated assets in the northeastern Pennsylvania Marcellus. In addition, we learned that EQT is still curtailing (limiting) production through the second half of 2024.
Read More “EQT 2Q – Selling Rest of NEPA Non-Op Assets, Curtailing 500 MMcf/d”
CNG/LNG | Energy Companies | EQT Corp | Exporting | Industrywide Issues

EQT Signs Contract to Ship 264 MMcf/d to LNG Export Plant in Texas
July 24, 2024July 24, 2024

In April, MDN brought you the news that EQT Corporation, the largest natural gas producer in the country (totally focused on the Marcellus/Utica) had signed two agreements with Glenfarne Energy’s Texas LNG Brownsville export facility to liquefy 2.0 million tons per annum (MTPA) of EQT-extracted shale gas (see EQT Quadruples Deal to Send Gas to LNG Export Plant in S. Texas). That works out to be roughly 264 million cubic feet per day (MMcf/d) of EQT’s M-U molecules hitching a ride to South Texas. Yesterday, Glenfarne announced that what had been a “back of the envelope” agreement (called a Heads of Agreement) with EQT has been upgraded to a binding contract, called a “tolling agreement.”
Read More “EQT Signs Contract to Ship 264 MMcf/d to LNG Export Plant in Texas”
Energy Companies | Energy Services | EQT Corp | Equitrans/EQT Midstream | Industrywide Issues | M&A | Pipelines

Reunited: EQT Closes on Deal to Buy Equitrans Midstream for $5.4B
July 23, 2024July 23, 2024

In November 2018, under intense pressure from activist investors, EQT split itself into two companies: EQT Corporation and Equitrans Midstream (see It’s Here! EQT Midstream Division Now Split into Standalone Co.). Equitrans became a new, completely separate company with its own board of directors and its own set of investors. Five-and-a-half years later (in March of this year), EQT dropped the bombshell announcement that it had cut a deal to buy back Equitrans in an all-stock deal worth $5.4 billion (see Stop Press! EQT Buying Equitrans Midstream in All-Stock Deal). The deal is now done. The two companies were reunited and became a single company yesterday.
Read More “Reunited: EQT Closes on Deal to Buy Equitrans Midstream for $5.4B”
Armstrong County | Chesapeake Energy | Coterra Energy (Cabot O&G) | Encino Energy | Energy Companies | EQT Corp | Greene County (PA) | Guernsey County | Ohio | Olympus/Huntley & Huntley | Pennsylvania | Range Resources Corp | Snyder Brothers | Sullivan County | Susquehanna County | Washington County | Weekly Permits | West Virginia | Westmoreland County | Wetzel County

31 New Shale Well Permits Issued for PA-OH-WV Jul 8 – 14
July 19, 2024July 19, 2024

For the week of July 8 – 14, a total of 31 permits were issued to drill new shale wells in Marcellus/Utica. Pennsylvania had a nice increase with 25 new permits issued. A full 9 of PA’s permits went to Snyder Brothers for a single well in Armstrong County. Another 6 permits went to EQT in PA’s Greene and Washington counties. There were 5 new permits in Ohio, all of them going to Encino Energy for a single pad in Guernsey County. West Virginia had a single new permit going to EQT in Wetzel County.
Read More “31 New Shale Well Permits Issued for PA-OH-WV Jul 8 – 14”
Apex Energy | Ascent Resources | Beaver County | Bradford County | Chesapeake Energy | Energy Companies | EQT Corp | Greene County (PA) | Guernsey County | INR/Infinity Natural Resources | Jay-Bee Oil & Gas | Jefferson County (OH) | Ohio | Pennsylvania | Pleasants County | Range Resources Corp | Seneca Resources | Tioga County (PA) | Weekly Permits | West Virginia | Westmoreland County

15 New Shale Well Permits Issued for PA-OH-WV Jun 24 – 30
July 8, 2024July 8, 2024

We’re playing catch-up following our brief Wednesday through Friday vacation last week. The first order of business is to bring you the list of permits issued for the week of June 24 – 30. A total of 15 new permits were issued, with most (10) issued in Pennsylvania. Ohio issued four new permits, and West Virginia issued one new permit. Both Seneca Resources and Apex Energy tied for most new permits (three each), with Seneca’s permits issued in Tioga County, PA, and Apex’s permits issued in Westmoreland County, PA.
Read More “15 New Shale Well Permits Issued for PA-OH-WV Jun 24 – 30”
BKV/Banpu | Energy Companies | Energy Services | EQT Corp | Industrywide Issues | Keystone Clearwater Solutions | Lycoming County | Pennsylvania | Regulation | Seneca Resources | Southwestern Energy | Susquehanna County | Tioga County (PA) | Wyoming County (PA)

SRBC Approves 7 Water Withdrawals for Shale Drilling at June Mtg
July 1, 2024December 13, 2024

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 for responsible and safe shale drilling. On June 13, the SRBC board approved 19 new water withdrawal requests within the basin, seven of them for water used in drilling and fracking shale wells in Pennsylvania. The Marcellus/Utica shale drillers (and one water company) receiving a green light from SRBC included BKV (3 requests), EQT, Keystone Clearwater Solutions, Seneca Resources, and Southwestern Energy.
Read More “SRBC Approves 7 Water Withdrawals for Shale Drilling at June Mtg”
Chesapeake Energy | Coterra Energy (Cabot O&G) | Energy Companies | EQT Corp | Range Resources Corp | Seneca Resources

Dividends from Drillers Remain High Even as Cash Flows Sink Lower
July 1, 2024July 1, 2024

Investors grew tired of putting money into oil and gas companies during the go-go early years of the shale era from the early 2000s until the early 2020s because O&G companies didn’t pay dividends, and their stock prices plunged in value, in some cases, 90% or more. Drillers got the message, and beginning around four years ago, there was a conversion to a new religion — the religion of free cash flow, dividends, and stock buy-backs. Shareholder returns soared to a peak of over 10% in 2022. But since then, prices (at least for natural gas) have tanked, and along with it, shareholder returns. However, O&G companies are still giving respectable (more than any other sector) returns to shareholders, even amid low commodity prices for oil and gas. Of the three sub-groups in O&G (oil-focused, diversified, and gas-focused), the gas group, of which most M-U drillers belong, is doing the worst with returns to shareholders.
Read More “Dividends from Drillers Remain High Even as Cash Flows Sink Lower”
Energy Companies | EQT Corp | ESG | Industrywide Issues

EQT 2023 ESG Report Titled “Unlimited Potential” Touts NatGas
June 26, 2024June 26, 2024

click for larger version

EQT Corporation continues to be the #1 highest-producing natural gas driller in the U.S. — at least for now, until Chesapeake Energy merges with Southwestern Energy to eclipse EQT as the #1 driller. But for now, it’s EQT. Yesterday, EQT released its 2023 Environmental, Social, and Governance (ESG) report, titled “Unlimited Potential.” Among the noteworthy achievements from 2023, EQT reduced its so-called Scope 1 methane emissions intensity to barely detectable levels. EQT remains on track to achieve mythical “net zero” Scope 1 and Scope 2 greenhouse gas emissions (methane and carbon dioxide) by 2025.
Read More “EQT 2023 ESG Report Titled “Unlimited Potential” Touts NatGas”
Electrical Generation | Energy Companies | Energy Services | Energy Transfer Partners | EQT Corp | Industrywide Issues

M-U Drillers Excited About Growing Demand from Nearby Data Centers
June 24, 2024June 24, 2024

data center

Just last week, MDN brought you the news about a new report from Aurora Energy Research that predicts new electricity demand from data centers in northern Virginia could (likely will) hit 15 gigawatts (GW) by 2030 (see Report Says Va. Data Center Growth Needs 15 GW of Gas-Fired Power). According to Aurora, wind and solar won’t cut it if PJM needs to add another 15 GW of electricity to its grid over the next five years. Those technologies aren’t mature and scalable enough to meet the demand. The answer to increasing the electricity supply is natural gas, which has drillers and midstreamers in the M-U jazzed.
Read More “M-U Drillers Excited About Growing Demand from Nearby Data Centers”
Antero Resources | Bradford County | Chesapeake Energy | CNX Resources | Doddridge County | Encino Energy | Energy Companies | EOG Resources | EQT Corp | Greene County (PA) | Guernsey County | Harrison County | INR/Infinity Natural Resources | Jay-Bee Oil & Gas | Lycoming County | Ohio | Pennsylvania | Pennsylvania General Energy | Pleasants County | Seneca Resources | Tioga County (PA) | Tyler County | Washington County | Weekly Permits | West Virginia

46 New Shale Well Permits Issued for PA-OH-WV Jun 10 – 16
June 21, 2024June 21, 2024

Three weeks ago, 31 new permits were issued to drill in the entire Marcellus/Utica region. Two weeks ago, the number dropped (dramatically) to just seven new permits. And then last week, the number of permits issued soared once again — all the way up to 46. Bam! We just kicked it up a notch. Seneca Resources took the top spot for new permits, receiving a total of nine permits, all in Tioga County, PA. Chesapeake Energy and Antero Resources tied for second place with seven new permits each, with Chessy’s permits coming in Bradford County, PA, and Antero’s in Doddridge County, WV. Coming in third was Jay-Bee Oil & Gas with six permits issued in Pleasants County, WV. State by state, PA issued 24 new permits, OH issued 9, and WV issued 13 permits.
Read More “46 New Shale Well Permits Issued for PA-OH-WV Jun 10 – 16”
Coterra Energy (Cabot O&G) | Electrical Generation | Energy Companies | EQT Corp | Industrywide Issues

Coterra CEO Tells Jim Cramer Direct Deals with Data Centers Coming
June 13, 2024June 13, 2024

Coterra Energy CEO Tom Jorden sat for an interview with Jim Cramer on CNBC’s Mad Money program Tuesday evening. During the interview, Jorden had an interesting comment and insight that has the power to change the natural gas market. Jorden said that data center operators (big computer server facilities) may cut supply agreements directly with natural gas companies to meet the growing power demands of the artificial intelligence boom. And it may happen a lot sooner than you think.
Read More “Coterra CEO Tells Jim Cramer Direct Deals with Data Centers Coming”
Energy Companies | EQT Corp | Greene County (PA) | Pennsylvania

Continued Concerns with Water Wells Near EQT Frac-Out in Greene Co.
June 12, 2024June 12, 2024

In July 2022, MDN brought you news of a possible frac-out, or “inadvertent return” that happens when drilling mud pops out of places where it’s not supposed to — places outside the borehole being drilled (see Possible Frac-Out Reported at EQT Well Site in Greene County, PA). A landowner who lives near a well being drilled and fracked by EQT in Greene County complained her water well was fouled by EQT’s drilling and that a nearby abandoned well was releasing fluids and natural gas. According to the PA Dept. of Environmental Protection (DEP), EQT confirmed some of its fluids were “communicating” with the abandoned well. A year later, in August of 2023, the nearby community of New Freeport, where the frac-out happened, said the situation remained unresolved (see Possible Frac-Out Near EQT Pad in Greene County…One Year Later). However, on November 29, 2023, the Pennsylvania Environmental Hearing Board (EHB) accepted a settlement agreement between the PA Dept. of Environmental Protection (DEP) and EQT involving appeals of DEP actions related to the frac-out, settling the matter. Or so it seemed…
Read More “Continued Concerns with Water Wells Near EQT Frac-Out in Greene Co.”