On Monday we told you about a letter written by investment firm D.E. Shaw, one of EQT’s largest shareholders (owns 4.5% of outstanding shares), to the EQT board (see WSJ Says EQT is “Failing”, DE Shaw Says EQT Mgmt “Not Up to Task”). At the time we hadn’t see a full copy of the letter–but we have now (copy below). The letter minces no words.
Read More “Scalding Letter to EQT by Big Investor: Replace Top Mgmt Now”
The NYSE (New York Stock Exchange) has sent a notice to Eclipse Resources telling the company that the average 30-day price of the company’s stock has fallen below $1 per share–and unless they get the price boosted, the exchange will delist the stock.
Read More “NYSE Threatens Eclipse Resources with Stock Delisting”
Three years ago lawsuits filed by some 200 West Virginia residents against Antero Resources were combined into a class action lawsuit (see More People Pile on Antero, Seek to Join Mass “Nuisance” Lawsuit). The lawsuits are called “nuisance” lawsuits because, according to the plantiffs, Antero is a nuisance to them–truck traffic, noise, lights at night, etc.
Read More “Antero “Nuisance” Lawsuit Heard by WV Supreme Court Temp Judges”
The mystery is now solved. Last week we incorrectly (based on a Pittsburgh Tribune-Review article) reported that FirstEnergy wants to drill a well under (not on) Linbrook Park, located in the Borough of Franklin Park in Allegheny County (see original story here). It’s not FirstEnergy but PennEnergy that wants to do the drilling.
Read More “Big Crowd Turns Out to Support/Oppose Drilling Under SWPA Park”
Last June Diversified Gas & Oil burst on the Marcellus/Utica scene when they bought 2.5 million acres of leases with 11,350 mostly conventional gas (and oil) wells in Appalachia from EQT (see Diversified Gas & Oil Adds to Conventional Assets in KY, VA, WV). Since that time Diversified has continued to grow. Ever wonder how it got started?
Read More “Birth of a Drilling Company – How Diversified Gas & Oil Got Its Start”
More drama in the ongoing soap opera of EQT and the Rice brothers’ attempt to take it over. The latest items of interest: The Wall Street Journal ran an article in today’s online edition with a headline that says EQT is “failing.” And one of EQT’s biggest investors, D.E. Shaw, is telling the board that current top management “doesn’t have what it takes” to get the company financially performing again. Ouch.
Read More “WSJ Says EQT is “Failing”, DE Shaw Says EQT Mgmt “Not Up to Task””
The Pennsylvania Dept. of Conservation and Natural Resources (DCNR), every now and again, will lease state-owned land for gas drilling. The DCNR has just leased land under the Youghiogheny River in Allegheny and Westmoreland counties. We have the full lease, and lease terms, below…
Read More “PA Leases Youghiogheny River Land in SWPA to Chevron $4K/Ac”
NOTE: This story and the headline have been updated to correct an earlier error from the source we used. It is not FirstEnergy but PennEnergy that is proposing to drill under the park.
We spotted a second story today about a new lease, in this case proposed lease terms, for land in southwestern Pennsylvania. This time the driller, PennEnergy, wants to drill under (not on) a town park that sits on the border of Allegheny and Beaver counties.
Read More “PennEnergy Offers $3.5K/Ac to Drill Under SWPA Town Park”
Yesterday Chesapeake Energy issued a preliminary report on fourth quarter 2018 results, and an operational update looking ahead to 2019. Embedded in the 2018 information is some blow-the-doors-off big news!
Read More “Chesapeake Drills Monster Record-Breaking Marcellus Wells in NEPA”
Huntley & Huntley of Monroeville, PA is doing it again. The company previously requested permits for 9 wells in Upper Burrell (Westmoreland County), PA. They’ve just filed for two more permits in Upper Burrell.
Read More “Huntley & Huntley Proposes Shale Wells 10 & 11 in Upper Burrell”
Antero Resources, a “pure play” driller focused on wet gas drilling in the Marcellus/Utica region, released its 2019 capital budget and production “guidance” (estimates) yesterday. We found some interesting things in the press release and accompanying slide presentation.
Read More “Antero Resources 2019: Spending & Drilling Less, Producing More”
When the radical left repeatedly loses court cases, they put on their arrogant “civil” disobedience clothes and pronounce they are engaging in the age-old American practice of resisting an unethical practice or situation. Is it time for Exxon Mobil to do the same?
Read More “Time for Exxon to “Resist” & Refuse to Comply with Mass. AG?”
On Monday EQT Corporation, the largest natural gas producing company in the U.S., laid off “more than 100” (possibly as many as 132) employees, and issued a letter to shareholders trying to gin up support for the company’s “new” course of action.
Read More “EQT Lays Off ~15% of Workforce – Fires Back at Rice Brothers”
Range Resources issued an updated 2018 (not 2019) capital spending and operational update yesterday to say (a) they spent about $20 million less last year than originally forecast and (b) the company took a hit on production because of an outage at the MarkWest Houston/Harmon Creek processing facilities.
Read More “Range SWPA Production Takes Hit After MarkWest Plant Explosion”
Chesapeake Energy has just released details of new deals to keep in place its CEO and four executive vice presidents for the next three years, paying them all big bucks to stick around.
Read More “Chesapeake Cuts New Deal to Pay Top Management Big Bucks”
Pennsylvania strippers are back in the news. Hold on, this is a family-friendly site! We’re talking about stripper wells.
Read More “PA Supreme Court Rules Strippers Not Exempt from Impact Fee”