CONE Midstream’s IPO Takes in $423M, Market Cap Already $1.71B!
A little over a month ago CONSOL Energy and Noble Energy, two otherwise competitors that often cooperate on drilling programs in the northeast, together formed a new pipeline company called CONE Midstream (see CONSOL & Noble Energy Form New Marcellus Midstream Company). A couple of weeks ago CONSOL & Noble announced they would float an initial public offering (IPO) to sell stock in the new venture, hoping to raise $423 million (see CONSOL/Noble IPO for CONE Midstream Hopes to Raise $423M). Good news: Mission accomplished. Yesterday CONE issued a press release saying the IPO of 20.1 million shares for $22 per share has successfully closed…
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Magnum Hunter has announced they’ve drilled the most southern (geographically) Utica Shale well ever drilled. The surprise is that it’s drilled in Tyler County, WV. The further surprise is that it’s one of the most productive Utica or Marcellus well ever drilled. Is it THE most productive well ever drilled? We don’t know for certain, but we think so. The announcement (below) says Magnum Hunter brought the Stewart Winland 1300U online last weekend and that so far, the “current peak rate” of production has been 46.5 million cubic feet per day (Mmcf/d). Truly astonishing…