Energy Companies

Coterra Energy (Cabot O&G) | Devon Energy | Energy Companies | Industrywide Issues | M&A

Devon Energy, Coterra Energy Said to be in “Advanced Merger Talks”
January 23, 2026January 23, 2026

Last Friday, MDN reported that the rumor mill was in overdrive with chatter that Devon Energy and Coterra Energy are exploring a potential merger “that would be among the biggest oil and gas deals in years” (see Rumor Mill Lights Up: Coterra Considers Merger with Devon Energy). Since that time, we’ve not heard anything further… until we came across an article in the Oklahoma Energy Today publication stating that the merger talks are in an “advanced” stage. Read More “Devon Energy, Coterra Energy Said to be in “Advanced Merger Talks””
Coterra Energy (Cabot O&G) | Energy Companies

Kimmeridge Continues to Pressure Coterra with Board Nominations
January 23, 2026January 23, 2026

As we point out in a companion post today, potential merger talks between Devon Energy and Coterra Energy are in an “advanced” stage (see Devon Energy/Coterra Energy Said to be in “Advanced Merger Talks”). One of the reasons (perhaps THE reason) why Coterra is considering a merger is ongoing pressure from “activist” investor Kimmeridge, which launched a public campaign last November to force Coterra to split the company, to sell off its Marcellus (and Anadarko) assets, and focus 100% on oil drilling in the Permian (see Activist Investor Declares Coterra Merger Failed – Sell Marcellus). Kimmeridge is keeping its boot on the neck of Coterra. The latest is that Kimmeridge is preparing to nominate Scott Sheffield, the former CEO of Pioneer Natural Resources (before it was acquired by ExxonMobil), to join Coterra Energy’s board as part of an activist push to revamp the company. Read More “Kimmeridge Continues to Pressure Coterra with Board Nominations”
Energy Companies | Pennsylvania | Range Resources Corp | Washington County

Cold Temps Freeze Range Res. Water Pipeline in Washington County, PA
January 23, 2026January 23, 2026

On January 22, Mount Pleasant Township Police (in Washington County, PA) reported that extreme winter temperatures caused an aboveground water pipeline serving Range Resources’ shale gas operations to freeze and rupture near the Yonker Tank Pad. In response to the infrastructure failure, the Township Zoning Officer granted a temporary permit modification, allowing the company to bypass the damaged pipeline by hauling water via dozens of trucks over the next two weeks. Read More “Cold Temps Freeze Range Res. Water Pipeline in Washington County, PA”
CNG/LNG | Energy Companies | Exporting | Industrywide Issues | Litigation | Repsol

VG Wins Arbitration Case re Repsol LNG – OK to Jilt Customers
January 23, 2026January 23, 2026

Venture Global’s Calcasieu Pass (CP) LNG export facility in Louisiana began operations in March 2022 (see Calcasieu Pass LNG Loads Inaugural Cargo; Sabine Pass LNG Expands). Typically, a new LNG facility will load and ship several (maybe two or three) cargoes to “work out the kinks” and ensure everything is working as advertised. Venture Global, using loopholes in its signed contracts, maintained that it was working out the kinks long after it began shipping. After over 400 cargoes were shipped, CP’s customers were still not receiving their contracted (at lower prices) shipments. Shell, along with several other customers, sued (see Shell, Edison, BP File for Arbitration Against Venture Global LNG). One of the customers who sued (in arbitration) was Repsol. Read More “VG Wins Arbitration Case re Repsol LNG – OK to Jilt Customers”
Armstrong County | Energy Companies | Indiana County | INR/Infinity Natural Resources | Pennsylvania

Infinity Buys Out PA Shale Well Co-Investor for $36M Using Co. Stock
January 21, 2026January 21, 2026

Infinity Natural Resources, Inc. announced yesterday that it has acquired Chase Oil Corporation’s working interest in Infinity’s South Bend field in Pennsylvania in an all-stock transaction valued at approximately $36 million. The assets are located in Armstrong and Indiana counties. The transaction has an effective date of January 1, 2026, and represents the company’s first use of stock currency to execute its post-IPO growth strategy. Infinity is in the process of buying Antero Resources’ Ohio Utica assets (see NOG & INR Partner to Buy Antero Resources’ Ohio Utica for $1.2B). On the surface, the Infinity press release is a standard announcement about a relatively small acquisition. However, for investors and industry observers (like MDN readers), it signals several specific strategic moves “between the lines”… Read More “Infinity Buys Out PA Shale Well Co-Investor for $36M Using Co. Stock”
Coterra Energy (Cabot O&G) | Devon Energy | Energy Companies | Industrywide Issues | M&A

Rumor Mill Lights Up: Coterra Considers Merger with Devon Energy
January 16, 2026January 16, 2026

The rumor mill is in overdrive today with news that Coterra Energy is in serious talks with Devon Energy exploring a potential merger “that would be among the biggest oil and gas deals in years.” While the primary driver of this deal is gaining massive scale in the Permian Basin, Coterra’s substantial Marcellus Shale assets in northeastern Pennsylvania (NEPA) are a major point of speculation for analysts and investors. It appears possible (likely?) that a combined company would sell off the PA Marcellus assets. Read More “Rumor Mill Lights Up: Coterra Considers Merger with Devon Energy”
Antero Resources | Ascent Resources | CNX Resources | Energy Companies | EQT Corp | Greene County (PA) | Harrison County | HG Energy | Jefferson County (OH) | Lewis County | Lycoming County | Ohio | Pennsylvania | Repsol | Seneca Resources | Tioga County (PA) | Washington County | Weekly Permits | West Virginia

21 New Shale Well Permits Issued for PA-OH-WV Jan 5 – 11
January 16, 2026January 16, 2026

A return to normalcy last week for permits issued to drill new shale wells in the Marcellus/Utica. Two weeks ago, we reported that just one new permit was issued (see M-U Issues Just One New Permit Last Week, Dec 29 – Jan 4). As promised, we double-checked to be sure there wasn’t a lag in posting permits by the various environmental agencies. There were no new permits (except the one) for two weeks ago. As for last week, Jan. 5 – 11, Pennsylvania issued 12 new permits, Ohio issued 2, and West Virginia issued 7. Among the drillers receiving new permits last week: Antero, Ascent, CNX, EQT, HG Energy, Repsol, and Seneca Resources. Read More “21 New Shale Well Permits Issued for PA-OH-WV Jan 5 – 11”
American Energy Partners Inc. | Belmont County | Energy Companies | Industrywide Issues | Litigation | Ohio | Regulation | Wastewater

Ohio Judge Adds $28M in Fines Against Austin Master Services
January 15, 2026January 15, 2026

One of the significant stories of 2024 in the Ohio Utica was about Austin Master Services (AMS), a radiological waste management solutions company in Martins Ferry, Ohio, that processes and transports fracking waste for disposal. AMS ran into trouble when it ran out of money. The Martins Ferry facility in Belmont County, where waste is temporarily stored, had vastly exceeded its permitted limit of 600 tons (storing over 10,000 tons), resulting in a permit violation. The Ohio Attorney General’s office filed a lawsuit against the company in March 2024 to compel compliance and require the company to clean up the facility. After the company didn’t perform, the Ohio Department of Natural Resources (ODNR) stepped in to handle the cleanup (see Austin Master Services Ohio Frack Waste Cleanup Complete Today). The AG’s office sued for $6 million to cover the cost of cleanup, and last November, a Belmont County court ruled in favor of the state (see Ohio Judge Rules Against Austin Master Services for $6.2 Million). The judge has just issued a second ruling imposing a $ 10,000-per-day fine for the time the facility was out of compliance. It adds up to another $28+ million. Read More “Ohio Judge Adds $28M in Fines Against Austin Master Services”
Antero Resources | Energy Companies | Industrywide Issues | M&A

Antero Floats $750M in IOUs to Help Fund Purchase of HG Energy
January 15, 2026January 15, 2026

In December, MDN brought you the news that Antero Resources, the country’s fifth-largest natural gas producer and largest producer in West Virginia, had cut a deal to buy WV driller and midstreamer HG Energy II for a combined (upstream & midstream) $3.9 billion (see Antero Resources Buys HG Energy II in Deal Worth $3.9 Billion). The deal will add a massive 385,000 net acres to Antero’s existing ~475,000 net core Marcellus acreage position, bringing with it another 850 MMcfe/d in production. The same day, we told you that Antero was selling its considerable Ohio Utica assets for $1.2 billion, which will help fund the purchase (see NOG & INR Partner to Buy Antero Resources’ Ohio Utica for $1.2B). The company still needs cash to buy HG Energy, so on Tuesday, Antero announced it will issue a new round of IOUs (“senior notes”) to raise another $750 million. Read More “Antero Floats $750M in IOUs to Help Fund Purchase of HG Energy”
Energy Companies | Energy Services | EQT Corp | Equitrans/EQT Midstream | Health Impacts | Industrywide Issues | Litigation | West Virginia | Wetzel County

EQT Asks Fed Court to Dismiss Health Lawsuit Filed by 4 WV Kids
January 15, 2026January 15, 2026

In August, the parents of four children under the age of 18 (from three families) filed a lawsuit on their kids’ behalf against EQT subsidiaries EQT Production Company and EQT XL Midstream Operating, claiming that emissions from a nearby compressor station and nearby shale wells operated by EQT have led to severe health-related problems for the kids (see 4 WV Kids Sue EQT Claiming Compressor, Wells Caused Illness). The families used to live in the rural hamlet of Knob Fork in Wetzel County, WV. They all have since moved. The lawsuit seeks unspecified damages and money for ongoing monitoring of the kids’ health. In November, EQT filed a motion to dismiss the case. In December, the plaintiffs (parents/kids’ lawyers) filed a response opposing the motion to dismiss. EQT quickly followed with its own response, replying to their opposition to the dismissal of the case. Read More “EQT Asks Fed Court to Dismiss Health Lawsuit Filed by 4 WV Kids”
Commodity Price | Energy Companies | Expand Energy | Industrywide Issues | Pennsylvania

Expand Energy CEO: Drillers Won’t Add New Production at $3.50 Gas
January 14, 2026January 14, 2026

Expand Energy CEO Nick Dell’Osso

Expand Energy CEO Nick Dell’Osso was recently interviewed at the Goldman Sachs Energy, Clean Tech & Utilities Conference held in Miami, Florida, on Jan. 6. During the talk, Dell’Osso outlined Expand’s strategy following the merger of Chesapeake Energy and Southwestern Energy, emphasizing that even if natural gas prices reached the $3.50/MMBtu range, the company would remain disciplined and likely prioritize shareholder returns (such as dividends and buybacks) over aggressive production growth. With respect to the price of gas, he said this of producers in general: “But if we continue to have pricing that hangs around $3.50, I just don’t think you have a producer that is motivated for growth. I think the marginal breakeven for growth in this country is above $3.50.” Read More “Expand Energy CEO: Drillers Won’t Add New Production at $3.50 Gas”
Ascent Resources | Energy Companies | Industrywide Issues | M&A | Ohio | Statewide OH

Law Firm for Ascent Resources Bd. Accused of Conflict of Interest
January 14, 2026January 14, 2026

The bidding war for Ascent Resources continues and gets more complex. Law firm Kirkland & Ellis has been drawn into a dispute between Ascent Resources investors and the private equity firm Energy & Minerals Group (EMG). Mason Capital Management is questioning Kirkland & Ellis’s role representing the Ascent board while also advising EMG in its legal fight with the Abu Dhabi Investment Council. The dispute concerns EMG’s plan to put Ascent into a “continuation vehicle,” which Mason Capital and other investors have opposed. Other companies have since jumped in to make bids to take over Ascent. Read More “Law Firm for Ascent Resources Bd. Accused of Conflict of Interest”
Anti-Drilling/Fossil Fuel | Belmont County | Carroll County | Energy Companies | Grenadier Energy | Harrison County | Industrywide Issues | Lease & Royalty Payments | Ohio | Regulation

Ohio OGLMC Awards Contract to Drill Under Leesville Wildlife Area
January 13, 2026January 13, 2026

Yesterday, the Ohio Oil & Gas Land Management Commission (OGLMC) met in a public forum in Columbus and voted to open another 6,570 acres of state-owned wildlife land (in Belmont and Harrison counties) to allow bids to frack under (not on top of) those areas. The Commission also awarded a contract to Grenadier Energy to drill under another wildlife area in Carroll County, 172 acres of the Leesville Wildlife Area. The state is getting an amazing $6,000 signing bonus, equaling $1.03 million, plus big royalties! Read More “Ohio OGLMC Awards Contract to Drill Under Leesville Wildlife Area”
Energy Companies | Seneca Resources

Seneca Resources COO Leaves to Become CEO of Australian Shale Co.
January 13, 2026January 13, 2026

The current (until this week) Chief Operating Officer (COO) of major Marcellus/Utica driller Seneca Resources (a subsidiary of National Fuel Gas Company) is leaving not only Seneca but also the country to become the Chief Executive Officer (CEO) of Australian driller Tamboran Resources Corporation. Todd Abbott is going to quit drilling in the Marcellus and begin drilling in the Beetaloo Basin. Is there a connection? Read More “Seneca Resources COO Leaves to Become CEO of Australian Shale Co.”
Anadarko | Chesapeake Energy | Energy Companies | Energy Services | Equinor/Statoil | Industrywide Issues | Litigation | Mitsui | Pennsylvania | Statewide PA | Williams

PA Judge Tosses Royalty Owners’ 10-Year Fracking Antitrust Lawsuit
January 13, 2026January 13, 2026

In 2015, a group of landowners in northeastern Pennsylvania who had leased their land for fracking filed a lawsuit against Chesapeake Energy, Anadarko, Statoil (now Equinor), Mitsui E&P, and Access Midstream (later bought by Williams), alleging the companies had improperly deducted post-production costs (e.g., gas gathering and transportation expenses) from royalties owed to the landowners in breach of their respective leases. The lawsuit also alleged collusion and conspiracy to defraud the landowners (antitrust violations). The lawsuit was on hold for many years while other lawsuits played out. In 2024, a federal court in Scranton unpaused the lawsuit, and the judge ruled, tossing out the landowners’ royalty claims (see Pennsylvania Drillers Defeat Landowner Lawsuit After 9 Years). There was one remaining aspect of the lawsuit: antitrust violations under the Sherman Act. We’re just learning now that the same judge ruled in late December that the royalty owners did not suffer an “antitrust injury,” dismissing the remainder of the lawsuit. Read More “PA Judge Tosses Royalty Owners’ 10-Year Fracking Antitrust Lawsuit”
Energy Companies | EQT Corp | Industrywide Issues | Pennsylvania | Regulation | Washington County

PA DEP Dings EQT for “Abandoning” Shale Well in Washington County
January 13, 2026January 13, 2026

We spotted a short article alleging EQT has “abandoned” a shale well in Washington County, PA, and thought it would be a good opportunity to (once again) discuss the misnomer of “abandoned” oil and gas wells in Pennsylvania. Let’s begin with the news as reported… Read More “PA DEP Dings EQT for “Abandoning” Shale Well in Washington County”