Banpu Pcl, Thailand’s largest coal producer, invested over $500 million in 2016-2017 to buy existing Marcellus wells and acreage in northeast Pennsylvania (see our Banpu stories here). The last such purchase was in December 2017 (see Banpu/Kalnin Buys 5,289 Ac & 35 Wells in NEPA Marcellus for $105M). Banpu is back–in a big way.
Read More “Banpu Opens Field Office in NEPA, Looks to Invest $300M in 2019”
Hi-Crush Partners, a frack sand vendor, announced yesterday they’ve cut a long-term deal to supply Northern White frack sand, which comes from Wisconsin, to CNX Resources for fracking Marcellus and Utica wells. So why is that a big deal?
Read More “CNX Decides to Buy Frack Sand Direct from Wisconsin”
There’s just no getting around the obvious–that the shale industry is once again heading into something of a dip. We’re not just talking about shale oil drillers scaling back drilling new wells in places like Texas and North Dakota. We’re talking about big gas drillers in the Marcellus/Utica who are signaling that 2019 will see less spending and less drilling, although production won’t decline.
Read More “Trend: Marcellus/Utica Drillers Will Drill Less in 2019”
Pennsylvania’s Democrat Attorney General, Josh Shapiro, held a public meeting last night in Towanda (Bradford County), PA to talk about the state’s now three-year-old lawsuit against Chesapeake Energy, a lawsuit alleging the company has shafted landowners out of gas royalty money.
Read More “PA AG Will Continue Chesapeake Royalty Lawsuit in Bradford Co.”
Coincidentally on the topic of royalty lawsuits (see today’s companion story, PA AG Will Continue Chesapeake Royalty Lawsuit in Bradford Co.), MDN came across a story (and a lawsuit) we previously had not heard about. An important case brought by landowners in Wyoming County, PA.
Read More “Fed Court Allows PA Royalty Lawsuit Against Chesapeake to Proceed”
Westmoreland Gas, headquartered in Bridgeport, WV, was founded in August 2018 by two industry veterans, one with close ties to Mountain V Oil & Gas. According to a press release issued two days ago, Westmoreland closed on oil and gas assets in WV on Dec. 31, essentially launching the company.
Read More “Is Westmoreland Gas Really Mountain V Oil & Gas Renamed?”
We are positively bursting with news about EQT today. Yesterday EQT’s existing management issued plans for 2019 and the Rice brothers responded–by launching a proxy war to replace board members and top management. In addition, we unearthed news that the Rice boys held their meeting with EQT’s board on Jan. 15.
Read More “EQT Issues 2019 Plan; Rice Boys Launch Proxy War to Take Over”
We now have confirmation for what we’ve been theorizing for years: Marcellus gas will feed Kinder Morgan’s Elba Island, Georgia LNG export facility, when the facility is finally up and running this year.
Read More “Confirmed: Marcellus Gas to Feed Elba Island LNG Export Plant”
Drillers like CNX Resources (formerly CONSOL Energy) file to drill new shale wells on a pretty regular basis, no big deal. So why would we highlight CNX’s recent filing to drill four Utica wells in Westmoreland County, PA?
Read More “CNX Files to Drill 4 Utica Wells on Pad w/Existing Marcellus Wells”
Another situation is brewing with Gulfport Energy not unlike the situation at EQT. One of (we’re pretty sure THE) largest shareholders in Gulfport, investment firm Firefly Value Partners, is not happy with either the board of directors or current management, saying very publicly (via a letter, below) that the current board lacks “necessary skills and experience” to turn the company’s poorly performing stock around. Ba boom!
Read More “Gulfport’s Largest Investor Not Happy with Board or Management”
Shell has calmed the troubled Ambridge waters–that is, the Ambridge Water Authority waters. Shell hit a snag with plans to build its Falcon Ethane Pipeline when the Ambridge Water Authority claimed construction of the pipeline under several streams feeding the Ambridge reservoir would endanger the drinking water for 30,000 people (see Ambridge Water Authority Strongly Opposes Shell Ethane Pipe Route).
Read More “Ambridge Water Authority Changes Tune re Shell Ethane Pipeline”
The political “leaders” in Franklin Park (Allegheny County, near Pittsburgh) have decided to reject a proposal to drill a shale well under (not on) the 80-acre Linbrook Park. With a signing bonus of $283,500 plus 18% royalties, the Franklin Park Borough would have seen revenue of *at least* $1 million. Talk about stupid.
Read More “Franklin Park Turns Down $1M+ to Drill Under Linbrook Park”
Did the Pennsylvania Supreme Court err in its judgment declaring so-called “stripper wells” can be taxed under the 2012 Act 13 law, slapped with an impact fee assessment, if those wells produce more than 90 thousand cubic feet per day (Mcf/d) of gas in a single month (see PA Supreme Court Rules Strippers Not Exempt from Impact Fee)? We have a different take on the high court’s decision than others.
Read More “Was PA Supreme Court Right to Tax Strippers? PIOGA Pushes Back”
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”