Trump FTC Votes 3-0 to Keep Consent Order Against EQT & Tug Hill
Disappointingly, the Trump Federal Trade Commission (FTC) voted 3-0 to maintain a “consent order” that prevents private equity firm Quantum Energy Partners from owning stock in EQT and prohibits the CEO of Quantum from serving on EQT’s Board of Directors. This is all to do with EQT’s purchase of fellow driller Tug Hill in 2023. In September 2022, EQT announced a deal to buy privately owned Tug Hill Operating’s West Virginia shale assets (90,000 acres and 800 MMcf/d of production in West Virginia) for roughly $5.2 billion (see Confirmed: EQT Buys Tug Hill’s THQ Appalachia for $5.2 Billion). The deal was finally completed nearly one year later (see EQT Finally Completes Acquisition of Tug Hill and XcL Midstream). Read More “Trump FTC Votes 3-0 to Keep Consent Order Against EQT & Tug Hill”
In September 2022, EQT announced a deal to buy privately owned Tug Hill Operating’s West Virginia shale assets (90,000 acres and 800 MMcf/d of production in West Virginia) for roughly $5.2 billion (see 
Nearly one year after EQT announced a deal to buy privately-owned Tug Hill Operating’s West Virginia shale assets for roughly $5.2 billion (see 
New shale permits issued for Aug 14 – 20 in the Marcellus/Utica finally turned around. There were 27 new permits issued last week, way up from the 10 issued the prior week. Last week’s permit tally included 21 new permits in Pennsylvania, 2 new permits in Ohio, and 4 new permits in West Virginia (after no permits in WV for three weeks in a row). The top permittee for the week, for the second week in a row, was Chesapeake Energy, receiving 6 permits–5 in Bradford County and 1 in Susquehanna County.
Nearly one year after EQT announced a deal to buy privately-owned Tug Hill Operating’s West Virginia shale assets for roughly $5.2 billion (see 
We should have known there was a price to pay, a “pound of flesh” to be exacted, when we read the announcement that the Bidenistas of the FTC (Federal Trade Commission) had approved EQT’s deal to buy Tug Hill’s West Virginia assets. Two days ago, EQT issued a press release to announce the deal had been blessed by the FTC and would happen within the next seven days (see 
Last September, EQT Corporation announced it was buying privately-owned Tug Hill Operating’s West Virginia shale assets for $5.2 billion (see 
EQT Corporation, the largest natural gas producer in the United States, issued its second quarter 2023 update yesterday. There was loads of news. The company reported a new world record of drilling 18,200 feet in 48 hours for a single well in Green County, PA. Also of note, CEO Toby Rice and newly appointed CFO Jeremy Knop said a long-delayed purchase of Tug Hill Operating (major new acreage for EQT in West Virginia) would be concluded within the next 30 days. Very exciting news! But it wasn’t all peaches and cream. Reading through the reports, you will discover that EQT produced 471 Bcfe in 2Q23 (an average of 5.18 Bcfe/d) versus producing 502 Bcfe in 2Q22 (an average of 5.52 Bcfe/d)–down 6% year over year. The company lost $67 million in 2Q23 versus making a profit of $891 million in 2Q22, a swing of $958 million (nearly one billion dollars). Why?
Last September, EQT Corporation announced it is buying privately-owned Tug Hill Operating’s West Virginia shale assets for $5.2 billion (see 
In September, EQT Corporation announced it is buying Tug Hill Operating’s West Virginia shale assets for $5.2 billion (see Confirmed: