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Reunited: EQT Closes on Deal to Buy Equitrans Midstream for $5.4B
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.
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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.
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.
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.
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.
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 
The merger of EQT Corporation and Equitrans Midstream into a single company took one giant leap forward in May when the Hart-Scott-Rodino (HSR) Antitrust Act waiting period expired and the federal government (by not objecting) blessed the re-union (see 
While oil-focused and large diversified drillers in the U.S. made healthy profits during the first quarter of this year (January through March), such was not the case for natural gas-focused drillers. RBN Energy tracks 43 exploration and production (E&P) companies that are publicly traded and reports of those 43 that the 16 oil-focused and 15 diversified E&Ps were solidly profitable in 1Q24, earning $20.65/boe (barrels of oil equivalent) and $18.49/boe, respectively. However, the 12 gas-focused E&Ps were “under siege,” posting a loss of $1.65/boe.
In April, EQT Corporation and Equinor (formerly known as Statoil) announced a deal to swap land in Pennsylvania and Ohio (see 
The country’s largest natural gas producer, EQT Corporation, headquartered in Pittsburgh and solely focused on drilling in the Marcellus/Utica, previously announced it had sliced 1 billion cubic feet per day (Bcf/d) of its production as of late February because of the ongoing low price of natgas (see