Major Investor Lectures Gulfport Energy to Cut 2020 Budget by 29%
Shah Capital, which owns three million shares (about 1.9%) of Gulfport Energy stock, last week sent an open letter to the Gulfport board strongly recommending the company trim next year’s budget by 29% (maybe more) in an effort to generate more cash for investors. Gulfport Energy, one of the biggest drillers in the Ohio Utica Shale (210,000 acres), concentrates its drilling in the Ohio Utica and the Oklahoma SCOOP plays.
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Sunoco is performing “optimization work” at the Marcus Hook export terminal this month. Marcus Hook is where two (soon to be three) Mariner East Pipelines terminate, hauling NGLs (propane, ethane, butane) from western Pennsylvania and eastern Ohio all the way to the Philadelphia area. At Marcus Hook the NGLs get separated and most (not all, but most) get loaded onto ships for export to other countries. Sunoco needs to upgrade a few things to export even more. They’re shutting down Marcus Hook this month, and that’s a (temporary) problem for the main shipper sending NGLs to the facility–Range Resources.
The Pittsburgh Business Times‘ ace report Paul Gough is reporting an exclusive: EQT is getting ready to fire (i.e. layoff) around 200 employees. “Multiple sources” have confirmed the plans to the PBT. Since the company employs around 800 employees, that represents 25% of the entire workforce. This comes on the heels of the company laying off over 100 people earlier this year, when the company was run by a different management team (see 
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Last October MDN brought to your attention a lawsuit filed by a Washington County, PA couple, Robin and Thomas Pflasterer, against Range Resources (see 
Here is what we believe to be an exclusive: In June, PennEnergy Resources sold/transferred four well pads (with multiple wells) located in Butler and Lawrence counties in western PA to Geopetro LLC. We have the names of the well pads and proof of the transfer. We’ve not seen this news anywhere else.
Toby Rice, CEO and president of EQT, and Clay Carrell, COO and EVP of Southwestern Energy, recently had a sit down discussion about the state of the shale industry in the Marcellus/Utica and its importance to the economy of West Virginia. The discussion happened at the recent West Virginia Chamber of Commerce Annual Meeting and Business Summit. One surprising revelation for us: Carrell said Southwestern now spends most of its money on WV drilling.
The new leadership at the top of EQT continues to have a major impact on the company and its relationship with landowners and (in this case) entire states. Last year EQT launched an effort to overturn WV’s Senate Bill (SB) 360 (see 
It’s been over a year since we brought you news about Cunningham Energy, a small oil driller based in West Virginia (see 
In February, prior to the July takover by Toby and Derek Rice, EQT filed lawsuits in both Pennsylvania and federal courts against two former employees it had fired, claiming the employees, before they were fired, had systematically copied confidential information from company computers and took it with them when they left (see 
EdgeMarc Energy, headquartered in Canonsburg, PA (with 50,000 acres of Marcellus/Utica leases), filed for Chapter 11 bankruptcy in May, looking to sell all of the company’s assets (see 
Last week the Pennsylvania Dept. of Environmental Protection (DEP) revoked the right of the Beaver County Conservation District (BCCD) to issue and monitor permits for erosion and sediment control, two permits used in building both pipelines and drill pads (see 
In June MDN told you that the Cambridge (Massachusetts) Retirement System is not happy with their investment in EQT shares of stock, so they’re suing the company (see 
EQT’s new CEO Toby Rice made the rounds and conducted four town hall-style meetings with landowners (see 
In October 2017, officials in Plum, PA (Allegheny County) approved a plan by Huntley & Huntley (H&H) to drill a series of Marcellus wells on a single well pad in their municipality (see