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CNX Resources Lays Off 10% of Total Workforce – More Cuts Coming?
CNX Resources has just laid off (i.e. fired) roughly 50 employees company-wide, most of them at company headquarters in Canonsburg. But not all. We heard from an MDN trust source who said at least nine workers got their walking papers in West Virginia. Given the company employs about 500 people, 50 fired represents 10% of the workforce. Question is, will there be more firings?
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Last week MDN told you that EQT CEO Toby Rice is conducting a series of four “town hall” style meetings with landowners in regions where the company drills (see 
If Jeff Bezos (Amazon CEO) and Tim Cook (Apple CEO) jump off a cliff, should you, as CEO of an energy company, jump off too? The CEOs of ExxonMobil, Chevron, Marathon Petroleum and several other big oil and gas companies have just answered that question in the affirmative. Splat. Perhaps they were caught up in the euphoria of the moment. Perhaps they were shamed. (A new disorder for the DSM V: “CEO shaming.”) For whatever reason, a group of CEOs from some of the largest U.S. companies now say the people who buy their company’s stock and fund them via infusions of investment capital are no longer the #1 priority for their companies. We wonder what investors in those companies think. Have they had a change of heart? “Here, take my money and pee it away with no returns. Please! I don’t need this money any more.” Hey Jeff and Tim, we have a bridge in Brooklyn we’d like to sell ya…
For years MDN has observed that Cabot Oil & Gas is one of the few Marcellus/Utica drilling companies that can “spin straw into gold”–meaning it makes money on selling natural gas even when the price of that gas is in the basement (see 
Last November Encino Acquisition Partners (i.e. Encino Energy) completed its purchase of all of Chesapeake Energy’s Ohio Utica Shale assets for $2 billion (see 
In 2017 a group of Ohio landowners did what others had previously done in Pennsylvania, Texas and elsewhere–they filed a proposed class action lawsuit against Chesapeake Energy claiming Chessy had screwed them and about 1,000 other Ohio landowners out of a collective $30 million in royalty payments (see 
Yesterday MDN told you that new EQT CEO Toby Rice is in the midst of conducting four “town hall” style meetings with landowners–two this week and two next week (see 
Take note Pittsburgh Mayor Bill Peduto: You can only crap on the shale industry for so long before it comes back to bite you on the backside. EQT CEO Toby Rice told a group of landowners Wednesday night that the EQT Foundation (EQT’s charitable giving arm), the third largest foundation by giving in Pittsburgh, is going to shift its donations away from Pittsburgh and to the counties/regions where the company drills.
After a bruising proxy fight, Toby and Derek Rice (formerly from Rice Energy) won control of EQT, the largest natural gas-producing company in the U.S. (see 
Democrats and the media (one and the same) are truly a conflicted, schizophrenic bunch. Both national and local Democrats who pretend to be unbiased journalists (what a joke) couldn’t wait to blast out headlines from yesterday’s visit by President Trump to Monaca, PA that Trump is falsely “taking credit” for the Shell ethane cracker, a plant that began life–at least planning stages–during the reign of their Lord and Savior Barack Hussein Obama. Yet in the next breath they write that this plant Trump is taking credit for will produce eeeeevil plastic that’s dooming all life on Mom Earth to extinction. They want credit for the plant, yet they don’t want the plant. What’s a lib Dem to do?
Quick: Which company which recently had a board and upper management shakeup and focuses exclusively on Marcellus/Utica drilling is the #1 natural gas producer in the United States? That’s right, EQT. In a list of the top 40 natgas producers in the U.S. (full list below), it’s striking to note that eight of the top 10 are focused exclusively or primarily on the M-U.
This is one of those “feel good” stories. Going back to 2012, a number of officials in Wyoming County and the borough of Tunkhannock began to dream about connecting the borough to locally extracted Marcellus Shale gas. Among those who helped turn the dream into reality were Williams (the pipeline company) and Cabot Oil & Gas (shale driller). Thanks to the efforts of all involved, Tunkhannock eventually received state-backed funding to build “phase one” of the project (see 
After Toby and Derek Rice seized control of EQT following a bruising proxy fight to control the board, Toby was named CEO of the company. Not long after that, Toby went on record to say he wasn’t cleaning house (see 
A paid political activist who is not a doctor but works for the so-called Physicians for Social Responsibility (left wing group), told a hearing in Murrysville (Westmoreland County), PA on Wednesday that she could not prove fracking leads to negative health affects on those living near the activity, but in the very next breath she essentially said it does, saying there’s a “strong correlation” between fracking an ill health. Her proof? A list of Big Green-paid for “health studies” (propaganda campaigns).
Anadarko Petroleum, as an independent company, is no more. The company has officially sold itself and is now merged into Occidental Petroleum in a cash, stock and assumption of debt deal worth $55 billion. At one point Chevron had a deal to buy Anadarko, but Anadarko left them at the altar, along with a $1 billion deal abortion payment (see