EQT has just lured CONSOL Energy’s chief financial officer (CFO) away and hired him–for BIG money. Big in our book anyway. David Khani was paid a signing bonus of $2 million and will get an annual base salary of $540,000 per year. Plus bonuses. Who says bean counters don’t make big money? Oh! And Khani has a connection to MDN’s home town too.
Read More “EQT Pays Big Money to Hire Former CONSOL Exec as CFO”
Last July MDN broke the news that LOLA Energy had filed a lawsuit in Greene County, PA against EQT for allegedly drilling shale wells under property EQT formerly leased, but property for which the leases had lapsed and were subsequently scooped up by LOLA Energy II (see LOLA Energy Sues EQT for Trespass, Drilling Wells Under LOLA Land). LOLA said they are the owners of those leases now and that EQT has drilled under some of their properties. In another MDN exclusive, LOLA has just filed a second lawsuit in Greene County against EQT for the same thing: trespassing on LOLA-leased property.
Read More “LOLA Energy Files 2nd Lawsuit Against EQT for Trespass in SWPA”
In mid-November Gulfport Energy, one of the biggest drillers in the Ohio Utica Shale (210,000 acres), announced they are laying off 13% of their workforce, ending (for now) their stock share buy-back program, and “refreshing” the board with three new members (see Gulfport Fires 13% of Workers, Ends Stock Buy-Back, Board Changes). Here it is five weeks later and the company has just announced yet another new board member, the fourth new member in five weeks. What’s going on?
Read More “Gulfport Continues Board “Refreshment” – 4th Change in 5 Weeks”
In early November, Gulfport Energy, one of the biggest drillers in the Ohio Utica Shale (210,000 acres), which concentrates its drilling in the Ohio Utica and the Oklahoma SCOOP plays, announced they were shopping some non-operated Ohio Utica assets (see Gulfport 3Q – Looking to Sell Non-Operated Utica Assets). They found an undisclosed buyer–for $29 million.
Read More “Gulfport Energy Sells $29M of Non-Operated Ohio Utica Assets”
In February, the parent holding company for Marcellus driller Arsenal Resources, Arsenal Energy Holdings LLC, applied for what has to be the fastest “prepackaged bankruptcy” we’ve ever heard of, sailing through the whole process in 10 days flat (see Arsenal Energy Exits Bankruptcy in 10 Days Flat). Less than 10 months later the company headed back into bankruptcy. However, this time it is Arsenal Resources, the driller itself (not the holding company) that filed for Chapter 11 bankruptcy (see Arsenal Heads into Chapter 11 Bankruptcy for Second Time). The good news for Arsenal is that a Delaware bankruptcy court judge has approved their plan.
Read More “Arsenal Resources Ch. 11 Bankruptcy Plan Approved by Court”
In a bombshell announcement last week Chevron said it is writing down (reducing the paper value) of all its shale assets by $10-$11 billion in the fourth quarter. “More than half” of the write-down is for its Marcellus/Utica assets (see Chevron Writes Down $5B+ in Marc/Utica Assets, Looks to Sell All). In addition, the company has put all of it’s M-U assets on the market for sale (see Chevron Confirms M-U Assets for Sale, Asks Vendors to Avoid Media). What does a write-down of asset value actually mean? Is it important?
Read More “Is Chevron’s $10B Impairment Write-Down Important…or Not?”
For months MDN has brought you bits and pieces of news from individual drillers, detailing plans to cut back on spending for new drilling in the Marcellus/Utica in 2020. It’s not just happening in the M-U–it’s happening across the country. The experts at RBN Energy have a terrific new post that pulls information about major drillers scaling back into one place. They analyze spending by three different groups of drillers: oil-focused, diversified, and gas-focused drillers. In the third category, all but one of the gas-focused drillers have major operations in the M-U. The stats are sobering. As a collective group, M-U gas drillers have pledged to cut their 2020 budgets 25% from the already-lower spending that happened this year. Ouch.
Read More “Big M-U Drillers Slash 2020 Spending a Collective 25%”
Just yesterday MDN ran a story about a ceremony held by Thailand’s Banpu in opening a new regional office in northeastern Pennsylvania, an indication of their commitment to the PA Marcellus where they’ve (so far) invested $500 million (see Banpu Opens New $5M Marcellus Operations Office in NEPA). And just like that, Banpu bought out all of Devon Energy’s Barnett Shale assets in Texas–spending $770 million to do so. Which points out yes, drillers and investors DO have choices and yes, their money WILL leave Pennsylvania (and Ohio and West Virginia) if the economics make more sense elsewhere.
Read More “Banpu Invests Another $770M in Shale – but Not in PA Marcellus”
West Virginia’s co-tenancy law was signed into law by Gov. Jim Justice in March 2018 (see WV Gov. Justice Does 180 – Says He’ll Sign Co-Tenancy Bill). According to speakers at the West Virginia Oil and Natural Gas Association (WVONGA) 2019 Fall Meeting, the new law is working pretty well (see WVONGA Meeting: New Co-Tenancy Law Working, Still a Few Kinks). However, EQT CEO Toby Rice told WV legislators yesterday that co-tenancy may not go far enough for his company.
Read More “EQT CEO Toby Rice Says WV Co-Tenancy Law May Not be Enough”
Last week Chesapeake Energy received a notification from the New York Stock Exchange that its shares of stock have fallen below the $1/share threshold for more than 30 consecutive trading days and because of it, Chessy’s stock will be delisted from the exchange. Unless. Unless they can get the per share price over the $1/share average in a certain period of time. Chesapeake has responded they are taking several actions, the most relevant/likely being a reverse stock split.
Read More “NYSE Warns Chesapeake Energy Stock to be Delisted…Unless”
Montage Resources, which formed from a merger between Eclipse Resources and Blue Ridge Mountain Resources (formerly Magnum Hunter Resources) in March of this year, has a new chairman of the board–MDN friend Randy Albert, former/retired Chief Operating Officer for CNX Gas when it was still part of CONSOL Energy.
Read More “Montage Resources Gets New Chairman of the Board – Former CNX COO”
Thailand’s largest coal producer, Banpu, is also a growing investor/operator in the northeast Pennsylvania Marcellus Shale. In June MDN brought you an update on a new $5 million facility being built by Banpu in Tunkhannock Township (Wyoming County), PA (see Progress on $5M Office in NEPA for Marcellus Co. from Thailand). We’re happy to report last week Banpu held the grand opening of their new office/facility in Tunkhannock.
Read More “Banpu Opens New $5M Marcellus Operations Office in NEPA”
That was fast! In November MDN told you the last remaining member of EQT’s former top management team, Executive VP Donald “Blue” Jenkins, had proffered his resignation and would leave on Dec. 15 (see Last Remaining Member of “Old” EQT Exec Team Resigns). On Dec. 16, the very next day after leaving EQT, Jenkins became president of Washington Gas, a natural gas utility company in the Washington, DC area with more than a million customers. Blue landed on his feet.
Read More “Last of EQT’s Old Mgmt Team Becomes President of Washington Gas”
A leftist anti-fossil group calling itself Protect PT, in Penn Township (Westmoreland County), PA, backed with money from Big Green groups, continues to sue in an effort to block shale drilling in the township. And they keep losing their lawsuits. In November the group lost an appeal of a lower court ruling which challenges a Penn Township ordinance allowing Apex Energy and Huntley & Huntley (now Olympus Energy) to drill and operate wells (see Anti Group Loses Yet Another Penn Twp (PA) Frack Ban Case). And wouldn’t you know it? With endless gobs of Big Green money, Protect PT has just appealed its losing case to the PA Supreme Court.
Read More “Big Green Appeals Penn Twp Frack Ban Case to PA Supreme Court”
On Wednesday MDN told you Chevron is hinting they will sell off all of their Marcellus/Utica assets (see Chevron Writes Down $5B+ in Marc/Utica Assets, Looks to Sell All). It’s no longer a hint. An MDN friend forwarded a copy of an email sent yesterday by Chevron’s Appalachian Mountain Business Unit (AMBU) vice president to suppliers confirming that all (yes ALL) of Chevron’s Marcellus/Utica assets are officially on the market for sale. The email also asks suppliers to ignore rumors and speculation circulating, and requests that should pesky members of the media contact them for comment, to please direct them to Chevron media relations for an official response. We have a copy of the leaked email…
Read More “Chevron Confirms M-U Assets for Sale, Asks Vendors to Avoid Media”
Bill Way, CEO of Southwestern Energy, said in an interview that his company will grow production next year, but not by much. Southwestern’s 2020 growth will be “in the single digits” versus higher growth this year. Which shouldn’t surprise anyone. Reviewing Southwestern’s 3Q19 numbers we find the company’s Marcellus/Utica production from January to September 2019 was 11% higher than the same time frame from last year. Southwestern’s 3Q19 (July to September) production was 8% higher than the previous year’s 3Q. So the signs were already there to see–if you were looking.
Read More “Southwestern CEO Says Company Slowing M-U Production in 2020”