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.
Read More “CNX CEO Nick DeIuliis Publishes New Book, Website Promoting NatGas”
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 Sources: EQT Offering $750M for Chevron’s Marcellus/Utica Assets). Also yesterday, EQT floated up to 23 million new shares of stock, on offer for $15.50 per share, attempting to raise ~$350 million to use toward the Chevron purchase.
Read More “EQT Buys Chevron M-U Assets for $735M, Floats $350M in New Stock”
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.
Read More “Weekly Shale Drilling Permits for PA, OH, WV: Oct. 19-23”
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 CNX CEO Nick DeIuliis Responds to EQT Takeover Rumor). Gough has done it again, getting EQT CEO Toby Rice to, in a roundabout way, comment on the CNX rumor and on another rumor, that EQT is offering $750 million to buy Chevron’s Marcellus/Utica assets.
Read More “EQT CEO Toby Rice’s No-Comment Comments on Chevron, CNX Rumors”
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 EdgeMarc Energy Sued for Failing to Pay Overtime – Class Action).
Read More “EdgeMarc Energy Settles $1.2M Class Action Lawsuit re Overtime”
On Friday we brought you the bombshell news that EQT has floated a takeover offer for CNX Resources (see Stop Press: Sources Say EQT Trying to Take Over CNX Resources). CNX CEO Nick DeIuliis spoke to Pittsburgh Business Times ace reporter Paul Gough about the rumor…
Read More “CNX CEO Nick DeIuliis Responds to EQT Takeover Rumor”
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 Town Revokes Permit to Drill Shale Well at Pittsburgh Steel Mill). The Zoning Board voted last Thursday 3-2 against an appeal by the driller to reissue the revoked permits. The driller has promised to take it to court.
Read More “Town Rejects Permit to Drill Shale Well at Pittsburgh Steel Mill”
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 Sources: EQT Offering $750M for Chevron’s Marcellus/Utica Assets). Would/could EQT actually end up buying both? Seems like a stretch.
Read More “Stop Press: Sources Say EQT Trying to Take Over CNX Resources”
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.
Read More “EQT Reopens the Taps; Looks to Dump MVP Contract by Year’s End”
What do you know? All three M-U states issued new shale drilling permits last week! That’s the first time in perhaps the last two months all three states issued new shale permits in the same week. Pennsylvania issued 9 new permits, Ohio issued 3 new permits, and West Virginia issued 8 new permits.
Read More “Weekly Shale Drilling Permits for PA, OH, WV: Oct. 12-16”
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.
Read More “American Energy Partners Buys 230+ SWPA Conventional Gas Wells”
We are on the cusp of the quarterly earnings reports issued by all publicly-traded companies. In fact, EQT, the largest natural gas-producing company in the U.S., released their numbers and held a conference call this morning (we’ll report on it tomorrow). As Marcellus/Utica drillers get ready to release their third-quarter numbers, analysts on Wall Street are signaling what they want to see.
Read More “Wall St. Wants No 3Q Spending/Production Growth from M-U Drillers”
According to paperwork filed by Gulfport Energy last Friday with the Securities and Exchange Commission (SEC), the company skipped making a scheduled interest payment on its 6% senior unsecured notes due 2024. Which means the clock starts ticking (for 30 days) in which the company either must make that payment, or get an agreement in place with creditors (or file for Chapter 11 bankruptcy).
Read More “Gulfport Energy Misses Debt Payment, in “Restructuring” Talks”
Range Resources is the company that started it all in the Marcellus by drilling the very first Marcellus Shale gas well back in 2004. Range also was the first to drill in the Upper Devonian and Utica layers. Over the years Range, like many other M-U drillers, has invited folks to go on tours of their drilling sites. If you’ve never been on a rig tour, take one! At least, when they begin again. Due to the coronavirus, Range, like other drillers, stopped in-person rig tours. However, Range now conducts virtual (live) rig tours instead.
Read More “Range Resources Goes Virtual with Rig Tours”
Diversified Gas & Oil (DGO) is a fascinating company (see our DGO stories here). DGO’s strategy is to seek wells in “the long tail.” That is, wells already drilled with production along the decline curve. DGO CEO Rusty Hutson, a West Virginia native, recently wrote a column for the Charleston Gazette-Mail expressing his company’s love for and investment in the Mountain State. DGO’s commitment to WV is extensive.
Read More “Diversified Gas & Oil Employs 425, Spends $100M per Year in WV”
Diversified Gas & Oil (DGO) is a fascinating company (see our DGO stories here). DGO’s strategy is to seek wells in “the long tail.” That is, wells already drilled with production along the decline curve. We spotted a post that describes how the company keeps producing a profit, even when prices are low.
Read More “Diversified Gas & Oil a “Top Pick” Due to Low Costs, Big Dividends”