Apex Energy | CNX Resources | Energy Companies | Industrywide Issues | M&A | Pennsylvania | Westmoreland County
CNX Issuing New Notes for $200M to Help Fund Purchase of Apex
CNX Resources announced in December that it had struck a deal to buy the assets of Apex Energy II, LLC, a portfolio company of funds managed by Carnelian Energy Capital Management, for $505 million (see CNX Resources Buys Apex Energy for $505M, Adds Pa. M-U Assets). Apex owns wells, acreage, and pipelines in Westmoreland County, PA. Its assets are close to (in some cases adjacent to) CNX’s considerable regional holdings. The deal is expected to close in the first quarter of 2025. However, CNX needs more money to help fund it. Read More “CNX Issuing New Notes for $200M to Help Fund Purchase of Apex”
For the week of Dec 30 – Jan 5, permits issued in the Marcellus/Utica rebounded from holiday lows. There were 30 new permits issued last week, up from just 12 issued the week before. The Keystone State (PA) issued nine new permits, with six going to Range Resources in Allegheny County and three to EQT, split between Lycoming and Washington counties. 
Last October, Shell signed an agreement to buy 100% of RISEC Holdings’ 609-megawatt (MW) two-unit combined-cycle gas turbine power plant located near Providence, Rhode Island (see 
We have two stories about Coterra Energy to share. Coterra was formed in 2021 by the merger of the Marcellus-focused Cabot Oil & Gas and the Permian/Anadarko-focused Cimarex Energy. Unfortunately (for the M-U), the merged company has chosen to concentrate new drilling outside of the northeast Pennsylvania Marcellus until the price of natgas improves (see 
Diversified Energy, with major assets in the Marcellus/Utica region (also assets in other regions, too), owns approximately 8 million acres of leases with 67,000 (mostly) conventional oil and gas wells. The company’s business model is to buy lower-producing wells on the cheap and find ways to make them more productive. Earlier today, the company announced another deal to buy more assets in the Appalachian region. 
One of the significant stories of 2024 in the Ohio Utica was about Austin Master Services (AMS), a radiological waste management solutions company in Martins Ferry (Belmont County), Ohio, that handles fracking waste (trucks it for disposal). AMS ran into trouble when it ran out of money. The Martins Ferry facility where waste is temporarily stored went from a permitted maximum of 600 tons of stored waste to over 10,000 tons, in violation of its permit. The Ohio Attorney General’s office filed a lawsuit against the company in March to force compliance. Local newspaper The Times Leader, in doing a Top 10 stories of the year, provides an update on AMS and where things stand with the cleanup. 
A leftist anti-fossil group calling itself Protect PT (Penn-Trafford), located in Westmoreland County, PA, backed with big money from Big Green groups, has for years challenged Penn Township ordinances that allow Apex Energy and Huntley & Huntley (now Olympus Energy) to drill and operate shale wells. Protect PT finally struck out (legally) at the Pennsylvania Supreme Court in May 2020 (see 
A little over one month ago, we confirmed a rumor that we previously reported regarding EQT Corporation selling a minority stake in its newly-acquired midstream assets from Equitrans to investment firm Blackstone in return for $3.5 billion in cold, hard cash (see 
A lawsuit that slipped by us (and is still playing out) that began in Carroll County, OH, has major ramifications for landowners and drillers across the state. The case is EAP Ohio LLC v. Sunnydale Farms LLC, et al. in which 13 oil and gas leases were executed in 2008 and 2009 in Carroll County, Ohio. The 2008 Leases contained an identical royalty clause that limited post-production deductions to three categories: transportation, compression, and/or dehydration to deliver the gas for sale. After drilling wells on those properties, EAP (Encino Energy) deducted several other items from royalties, including costs incurred for processing, treating, fuel, gathering, and trucking. The lawsuit tussles with the issue of how terms are defined and whether these “extra” categories are allowed under the lease’s language. 
Last week, MDN brought you the news that the Pennsylvania Department of Environmental Protection (DEP) had not followed up on the cleanup work needed for a shale well drilled some 12 years ago (see 
In November, MDN told you that Diversified Energy and EQT Corporation had settled a class action lawsuit originally brought by several West Virginia landowners (see