Judge Approves $167.5 Million Settlement in EQT/Rice Merger Case
In June, EQT Corp. agreed to pay $167.5 million to investors who claimed the company overstated the benefits of its $6.7 billion merger with Rice Energy (see EQT Agrees to Pay $167.5M to Settle Class Action re Rice Merger). It is, according to the plaintiffs, the largest-ever stockholder suit deal lodged in Western Pennsylvania federal court. The proposed settlement comes after six years of ongoing litigation. The new news is that U.S. District Judge Robert J. Colville, the judge in the case, granted his preliminary blessing of the deal earlier this week. Read More “Judge Approves $167.5 Million Settlement in EQT/Rice Merger Case”
According to Enverus Intelligence Research, the upstream M&A (mergers and acquisitions) sector “hit the brakes” during the second quarter, falling 21% quarter-over-quarter to $13.5 billion. There were two Marcellus/Utica deals in the top five. Actually, our two deals were in the top three. The announcement by EOG Resources cutting a deal to buy Encino Energy in the Ohio Utica for $5.6 billion was the #1 highest value M&A deal in upstream O&G during 2Q (see 
In September 2022, EQT announced a deal to buy privately owned Tug Hill Operating’s West Virginia shale assets (90,000 acres and 800 MMcf/d of production in West Virginia) for roughly $5.2 billion (see 
In an interview with the Financial Times, EQT Corporation CEO Toby Rice stated that onerous permitting rules are hindering President Trump’s ambitions for energy dominance. Rice said Congress needs to cut project approval times to compete with Russian LNG exports and to win the AI race against China. His message was clear: Permitting reform, NOW. We’ve danced around permitting reform long enough (for years). It’s time to act. Republicans control Congress and the White House. If we can’t get permitting reform done now, it will never get done. 
In a day of big news, there was big news related to the largest gas-fired power plant project in the country, along with a massive data center complex, to be built at a former coal-fired power plant site in Indiana County, PA (see 
For the week of June 30 – July 6, the number of permits issued to drill new wells in the Marcellus/Utica decreased from the previous week, likely due to the July 4th holiday. There were 21 new permits issued across the three M-U states last week, down six from 27 issued two weeks ago. The Keystone State (PA) issued 13 new permits. EQT and its recently acquired Olympus Energy received a combined five permits scattered across three counties: Allegheny, Greene, and Washington. Snyder Brothers received four permits in Armstrong County. BKV scored three permits in Wyoming County. Range Resources received a single permit in Washington County. 
Yesterday, MDN informed you that CNX Resources is still considering (but not yet 100% committed) to a plan to produce sustainable aviation fuel (SAF) at Pittsburgh International Airport (PIT) using coalbed methane (see 
In April, MDN told you that EQT Corporation, the second-largest natural gas producer in the country (and the largest producer in the Marcellus/Utica) was buying out and merging in Olympus Energy for $1.8 billion (see 
A kerfuffle has erupted in Morgan Township (Greene County), PA, between drilling and pipeline giant EQT Corporation and the town over the issue of hauling heavy equipment on Morgan’s roadways. Morgan supervisors prohibited EQT from using local town roads to haul heavy equipment to work sites. On June 18, EQT filed a lawsuit against the town, which the town is sure to lose (copy below). There is word that an agreement is already in the works to settle the dispute. 
EQT Corp. has agreed to pay $167.5 million to investors who claimed the company overstated the benefits of its $6.7 billion merger with Rice Energy, according to a motion filed yesterday seeking preliminary approval of what the investors called the largest-ever stockholder suit deal lodged in Western Pennsylvania federal court. The proposed settlement comes after six years of ongoing litigation. 