Range 3Q: $680M Loss, Shut-in Marcellus Prod, M&A Possibility?
Range Resources issued its third-quarter 2020 update on Friday. The company, the very first driller to sink a well in the Marcellus, lost $680 million in 3Q. Most of the loss was a one-time charge called “exit and termination” related to the company’s sale of their Louisiana Haynesville Shale assets in August. The update didn’t state how many new wells were drilled in the Marcellus, but it does say Range connected 19 new wells to sales in 3Q with plans to add another 7 wells to sales by the end of the year.
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While Gulfport Energy (big Ohio Utica driller) hasn’t officially filed for bankruptcy, it’s certainly a possibility (see 
Last week EQT Corporation announced a deal to buy Chevron’s considerable Marcellus/Utica assets (land and wells) for the lowball price of $735 million (see 
CNX Resources issued its third-quarter 2020 update yesterday. The company didn’t bother to issue the usual narrative describing what happened during 3Q. Instead, they simply pushed out the financials, a slide deck, and spoke to analysts on a conference call. What did we learn picking through the numbers and the conference call transcript? One thing we learned is that CNX has no interest in being merged with EQT, that’s for sure.
Antero Resources, one of the largest drillers in the Marcellus/Utica, working primarily in West Virginia, issued its third-quarter 2020 update yesterday. The company lost $536 million due to a $749 million “unrealized commodity hedge movement in fair value.” High finance stuff. Production averaged 3.8 billion cubic feet equivalent per day (Bcfe/d), which includes a lot of liquids (NGLs).
Nick DeIuliis, President and CEO of CNX Resources Corporation, has been an outspoken advocate for the shale gas industry and manufacturing since at least 2017. And we mean outspoken. The trend continues. Nick has just announced a forthcoming book and a new website to continue his pro-fossil fuel advocacy.
Looks like the rumors were true, at least one of them. Yesterday EQT announced it has cut a deal to buy Chevron’s considerable Appalachian assets for $735 million. The Reuters rumor from September said EQT had offered $750 million (see 
For a second week in a row, all three M-U states issued new shale drilling permits last week. Pennsylvania issued 6 new permits, Ohio issued 5 new permits, and West Virginia issued 3 new permits.
We don’t know how Pittsburgh Business Times ace reporter Paul Gough does it. Yesterday we told you Gough had gotten CNX CEO Nick DeIuliis to, in a roundabout way, discuss the rumor that EQT has floated a takeover offer to his company (see 
A lawsuit against Pennsylvania driller EdgeMarc Energy that began in 2018 is finally settled. In Sept. 2018 MDN told you about a single former employee of EdgeMarc launching what turned into a class action lawsuit against the company alleging some employees were misclassified as independent contractors and denied overtime pay (see 
In June MDN told you that the East Pittsburgh Borough Zoning Board, bullied by anti-fossil fuel radicals, had revoked a permit allowing a series of Marcellus Shale wells to be drilled on the property of U.S. Steel Corp.’s Edgar Thomson steel mill, the oldest still-operating steel mill in the country (see 
Bloomberg is reporting insider sources say EQT, already the biggest natural gas producer in the country (and pureplay driller in the Marcellus/Utica), has sent a takeover proposal to CNX Resources, another major Marcellus/Utica driller. Friendly? Hostile? Who knows. In September inside sources told Reuters that EQT had made a bid on Chevron’s extensive M-U acreage (see 
Although the big news from yesterday is that EQT is rumored to be eyeing a takeover of CNX Resources (see our lead story today), EQT released its third-quarter 2020 update yesterday with news almost as big. EQT previously announced it is looking to sell its right to ship gas along the Mountain Valley Pipeline (MVP). Yesterday the company said it believes a sale of its MVP capacity will happen by the end of this year.
American Energy Partners, Inc. (AEPT), based in Allentown, PA, is a small but diversified company. They have their fingers in a number of different oil and gas pies, including subsidies in drilling, remediation, water, valuation services, and education. AEPT announced a new deal yesterday to buy a producer with 230+ conventional natural gas wells in western Pennsylvania.