Coterra Energy (Cabot O&G) | Energy Companies | Energy Services | Industrywide Issues | Pennsylvania | Pipelines | Statewide PA | Transco | Williams
Cabot Pockets $89 Million Profit on Sale of Atlantic Sunrise Pipe
On Monday MDN brought you the news that NextEra Energy, largely a renewables company, has made the bold move of buying 39% of the Central Penn Line, otherwise known as Williams’ Atlantic Sunrise Pipeline project (see NextEra Energy Buys 39% Stake in Atlantic Sunrise Pipe for $1.37B). There is another aspect of that story worth mentioning–an aspect that involves Cabot Oil & Gas and a tidy profit.
Read More “Cabot Pockets $89 Million Profit on Sale of Atlantic Sunrise Pipe”
A group of Ohio landowners sued Chesapeake Energy in 2015 in a class action, alleging that Chesapeake had shorted them on royalty payments (see 
Our good friend Charlie Schliebs, managing director of 
EQT Corp. is offering to sublease “more space” at its downtown Pittsburgh headquarters building. Back in April, before the change in leadership at the top, EQT offered up to 46,000 square feet of space to lease at its massive 250,000 square foot building known as EQT Plaza, located at 625 Liberty Ave. (see 
Every now and again we like to check in on a company that continues to keep the faith with respect to shale drilling in New York State. Empire Energy, according to its website, owns “large scale shale acreage” in the Marcellus, Utica and Bakken. Most of Empire’s Marcellus/Utica shale acreage is in New York State–where shale drilling is (so far) not allowed. According to a recent press release, Empire continues to hold its NY shale acreage “at minimal cost.”
Last September MDN reported that Southwestern Energy was the very first driller to earn the label of producing “responsible gas” from the Independent Energy Standards Corporation (IES)–what they call their TrustWell™ Responsible Gas Program certification (see 
It’s hard to believe that Huntley & Huntley Energy Exploration (HHEX), a shale driller headquartered in Southpointe (Washington County), PA that leases land and drills in the Pittsburgh suburbs, is only seven years old (founded in 2012). The company has amassed over 100,000 acres within the core Marcellus, Utica, and Upper Devonian fairways in southwestern PA. As of yesterday, the company no longer goes by the name Huntley & Huntley Energy Exploration. The new name is Olympus Energy, signalling a new chapter for the growing company.
The shale industry often gets a bad reputation for poor conditions along roadways where they operate–especially in West Virginia. In April, West Virginia Gov. Jim Justice, who is pro-coal (because much of his personal fortune comes from coal), took a swipe at shale drillers claiming shale is responsible for the poor condition of roadways in the Mountain State (see 
In August MDN told you that Diversified Gas & Oil was the high (and only) bidder for Ohio Utica assets owned by EdgeMarc Energy, buying those assets out of bankruptcy court (see 
Although we haven’t (yet) had the pleasure of a tour at the massive Shell ethane cracker plant complex in Beaver County, PA (near Pittsburgh), we’ve spoken to others who have. Universally they say it is a marvel to behold. The world’s second largest crane, dubbed “the Mother of All Cranes” is on site, along with about 100 other cranes (no lie, at least 100 cranes). The site is teeming with thousands (yes thousands) of construction workers–some 5,000 right now, and will reach 6,000 by year’s end. But we’ve turned a corner. According to officials, most of the large structures have now been built and the work is shifting to connect them all. Come along with us for a video tour of the facility.
The federal Bureau of Land Management (BLM) recently announced the winners of Utica Shale mineral rights for 14 parcels of land, adding up to ~655 acres, located in Wayne National Forest (WNF). The 14 properties netted the government $1.326 million and all 14 were purchased by two (possibly more) Utica Shale drillers. Average price per acre paid across the entire lot: $2,024. Who did the leasing? You have to be a subscriber to find out. 🙂
Last week MDN told you that oral arguments would be heard on Thursday at the Pennsylvania Supreme Court in what we believe is one of (perhaps THE) most important shale cases ever in the Keystone State (see 
Ever wonder how it feels to be “streamlined” (laid off, fired) to help the company’s “bottom line”? We can assure you, it feels lousy. It feels like the end of the world has just happened. The future is now uncertain. Will you have to sell the house? Pull the kids out of school? File for food stamps (something you’ve never had to do)? Those are some of the thoughts that are swirling through the heads of 196 soon-to-be former employees of EQT after the latest round of “streamlining” and “workforce reductions.”
EQT contracted two drilling rigs from Orion Drilling in 2014 that later, in 2015 and 2016, experienced trouble–like a 50,000-pound drilling block slamming to the ground kind of trouble. EQT canceled the contract and would no longer use the two rigs. Orion sued claiming breach of contract. A jury decided EQT was in the right by canceling the contract. Orion asked a judge to overturn the jury decision and order a new trial. Yesterday the judge refused, meaning the jury decision stands and Orion now owes EQT $2.8 million to cover EQT’s attorneys’ fees and costs. Ouch, that didn’t go as planned.