Road Trip! EQT CEO Toby Rice Talks to Landowners in Town Hall Mtgs
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 Rice Bros. Win Proxy War to Control EQT – Toby Rice New CEO). Toby Rice has been CEO for barely a month. He announced late last week that he would conduct four “town hall” style meetings with landowners–two this week and two next week.
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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 
Yesterday Southwestern Energy, a major Marcellus/Utica driller, released its second quarter 2019 update and talked about the rest of 2019 and beyond. Southwestern total production in 2Q was 186 billion cubic feet equivalent (Bcfe), an 11% increase compared to 2Q18 (excluding the Fayetteville, which Southwestern sold last year to become 100% focused on the M-U). That 186 Bcfe number includes 148 Bcf of gas production, 937,000 barrels of oil production, and 5.5 million barrels of natural gas liquids (NGL) production.
Last week National Fuel Gas Company (NFG), headquartered in Western New York State (operates drilling subsidiary Seneca Resources and pipeline subsidiary Empire Pipeline), issued its quarterly update. The company says it plans to cut back on its natural gas drilling in central and western Pennsylvania next year from three rigs to two, but will increase investment and work on pipelines.
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. The company released its operating and financial update for 2Q19 last week. As we told you in May, 2019 is “the year of the DUC” for Gulfport (see 
Yesterday Antero Resources, one of the biggest (and best) drillers in the Marcellus/Utica, issued their second quarter update. The company spent the lowest amount of money to drill in 2Q of any quarter since 2013 (just $303 million), yet production was 28% higher in 2Q than a year ago.
CNX Resources, formerly the CNX Gas division of CONSOL Energy, released its second quarter update yesterday. The big news is that during 2Q CNX drilled the longest new Marcellus well ever…at 19,609 feet! The company reports production jumped 10%, from 123 Bcfe last year to 135 Bcfe in 2Q19, and net income jumped 216% from $61 million last year to $193 million in 2Q19.
Equitrans, formerly known as EQT Midstream (formerly a division of EQT), released its second quarter update yesterday. Among the things we learned: The Mountain Valley Pipeline (MVP) project is now 85% complete and will be done and online in mid-2020. EQT (the driller) remains committed to the MVP project and contrary to false rumors, EQT is not pulling out (it would cost them north of $3 billion to do so!). The project cost for MVP will be around $5 billion–a new high.