Tug Hill Operating

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28 New Shale Well Permits Issued for PA-OH-WV Oct 24-30
November 4, 2022November 4, 2022

Something of an improvement from last week’s new permits report when there were only 11 new permits. For the week of October 24-30, there were 28 new permits. But not because of the return of new permits in Pennsylvania. Instead, Ohio was the shining light. PA reported 11 new permits, all of them in Lycoming County, with seven going to Repsol and four going to Inflection Energy. Ohio issued 16 new permits, with Encino Energy grabbing six, Southwestern Energy getting five, and Ascent Energy receiving four. Finally, WV had a single new permit, for Tug Hill Operating (soon to be EQT), in Wetzel County.
Read More “28 New Shale Well Permits Issued for PA-OH-WV Oct 24-30”
Energy Companies | EQT Corp | Industrywide Issues | M&A | Tug Hill Operating

Quantum CEO Won’t be Joining EQT Board Following Tug Hill Purchase
November 3, 2022November 3, 2022

Wil VanLoh

In September, EQT Corporation announced it is buying Tug Hill Operating’s West Virginia shale assets for $5.2 billion (see Confirmed: EQT Buys Tug Hill’s THQ Appalachia for $5.2 Billion). The deal adds 90,000 acres and 800 MMcf/d (million cubic feet per day) of production to EQT’s existing, massive, portfolio. Tug Hill and private equity firm Quantum Energy Partners jointly own THQ Appalachia I, LLC (THQA), which is Tug Hill’s subsidiary focused on drilling in the Marcellus, Utica, and Upper Devonian plays in WV. Quantum’s founder and CEO, Wil VanLoh, was supposed to join the EQT board of directors post-closing. That will not now happen.
Read More “Quantum CEO Won’t be Joining EQT Board Following Tug Hill Purchase”
Beech Resources | BKV/Banpu | Bradford County | Chesapeake Energy | Encino Energy | Energy Companies | Harrison County | Lycoming County | Marshall County | Ohio | Pennsylvania | Southwestern Energy | Tug Hill Operating | Weekly Permits | West Virginia | Wyoming County (PA)

16 New Shale Well Permits Issued for PA-OH-WV Oct 10-16
October 21, 2022October 21, 2022

Permits issued for new shale wells last week got a bit better from their pathetically low numbers. From Oct. 10-16 there were eight new permits issued in Pennsylvania, and four each issued in Ohio and West Virginia. All of the PA permits were issued in northeastern PA, with four going to BKV Operating (i.e. Banpu) in Wyoming County, two to Chesapeake in Bradford County, and two to Beech Resources in Lycoming County. Encino Energy scored all four permits for Ohio, all of them in Harrison County. In WV, Tug Hill (soon to be EQT) received three permits, and Southwestern Energy received one permit, all four in Marshall County.
Read More “16 New Shale Well Permits Issued for PA-OH-WV Oct 10-16”
Energy Companies | EQT Corp | Industrywide Issues | M&A | Statewide WV | Tug Hill Operating | West Virginia

A Closer Look at EQT’s $5.2B Purchase of Tug Hill’s THQ Appalachia
October 3, 2022October 3, 2022

In September, EQT Corporation announced it is buying Tug Hill Operating’s West Virginia shale assets for $5.2 billion (see Confirmed: EQT Buys Tug Hill’s THQ Appalachia for $5.2 Billion). The deal adds 90,000 acres and 800 MMcf/d (million cubic feet per day) of production to EQT’s existing, massive, portfolio. Although we shared many of the details about the transaction (as provided by EQT), RBN Energy has done a deeper dive into the deal, looking at what it means for EQT, and what it means for the entire region.
Read More “A Closer Look at EQT’s $5.2B Purchase of Tug Hill’s THQ Appalachia”
Energy Companies | EQT Corp | Industrywide Issues | M&A | Tug Hill Operating

EQT Issues $1B in New Debt to Generate Cash for Tug Hill Deal
September 21, 2022September 21, 2022

Earlier this month EQT Corporation announced it is buying Tug Hill Operating’s West Virginia shale assets for $5.2 billion (see Confirmed: EQT Buys Tug Hill’s THQ Appalachia for $5.2 Billion). The deal adds 90,000 acres and 800 MMcf/d (million cubic feet per day) of production to EQT’s existing, massive, portfolio. How will EQT go about paying for it? Part of the money, $1 billion of it, will come from a new round of “notes” (IOUs) EQT announced yesterday…
Read More “EQT Issues $1B in New Debt to Generate Cash for Tug Hill Deal”
Antero Resources | Ascent Resources | Belmont County | Bradford County | Butler County | Carroll County | Chesapeake Energy | CNX Resources | Columbiana County | Elk County | Encino Energy | Energy Companies | Harrison County | Hilcorp Energy | INR/Infinity Natural Resources | Marshall County | Monongalia County | Ohio | PennEnergy Resources | Pennsylvania | Seneca Resources | Southwestern Energy | Tug Hill Operating | Tyler County | Weekly Permits | Wetzel County

40 New Shale Well Permits Issued for PA-OH-WV Aug 29-Sep 4
September 9, 2022September 9, 2022

Last week the three states with active Marcellus/Utica drilling, Pennsylvania, Ohio, and West Virginia, issued a collective 40 new drilling permits, way up from the 19 permits issued the week before. But there was a shocker. PA only issued nine new permits, while OH issued 14 new permits and WV issued a record high 17 new permits.
Read More “40 New Shale Well Permits Issued for PA-OH-WV Aug 29-Sep 4”
Energy Companies | EQT Corp | Industrywide Issues | M&A | Marshall County | Tug Hill Operating | West Virginia | Wetzel County

EQT CEO Toby Rice Pulls Back the Curtain on Tug Hill $5.2B Deal
September 8, 2022September 8, 2022

Yesterday MDN brought you the news that EQT Corporation is buying the West Virginia assets of Tug Hill Operating–the company’s THQ Appalachia operation–for $5.2 billion (see Confirmed: EQT Buys Tug Hill’s THQ Appalachia for $5.2 Billion). The deal adds roughly 90,000 leased acres (mainly in Marshall and Wetzel counties) to EQT’s massive existing footprint. It also adds an extra 800 million cubic feet per day (MMcf/d) of production to EQT’s current 5.5 billion cubic feet per day (Bcf/d). EQT CEO Toby Rice went on the record with the Pittsburgh Business Times to share his reasoning and thoughts behind the Tug Hill acquisition. Rice pulled back the curtain, giving a behind-the-scenes look at how deals like this come together. One of the big motivations for Rice is that he loves loves loves Marshall County, WV.
Read More “EQT CEO Toby Rice Pulls Back the Curtain on Tug Hill $5.2B Deal”
Energy Companies | EQT Corp | Industrywide Issues | M&A | Marshall County | Tug Hill Operating | West Virginia | Wetzel County

Confirmed: EQT Buys Tug Hill’s THQ Appalachia for $5.2 Billion
September 7, 2022September 7, 2022

The rumors were right. Yesterday we brought you the news (rumors), as reported by both Reuters and Bloomberg, that EQT Corporation was about to seal a deal to buy Tug Hill’s THQ Appalachia operation with major assets in West Virginia (see EQT Close to Buying Tug Hill’s THQ Appalachia for $4+ Billion). Reuters reported the deal would be worth $4 billion. Bloomberg reported the deal would be worth $5.2 billion. Bloomberg (we are surprised to say) was right. EQT issued a press release yesterday afternoon announcing the deal and confirming the details.
Read More “Confirmed: EQT Buys Tug Hill’s THQ Appalachia for $5.2 Billion”
Energy Companies | Energy Services | EQT Corp | Industrywide Issues | M&A | Marshall County | Tug Hill Operating | West Virginia | Wetzel County | XcL Midstream

EQT Close to Buying Tug Hill’s THQ Appalachia for $4+ Billion
September 6, 2022September 6, 2022

In June, MDN brought you the news that Tug Hill was shopping its THQ Appalachia division (Tug Hill’s West Virginia assets) for $5 billion (see Tug Hill’s THQ Appalachia Shops Itself for $5 Billion). Yesterday both Reuters and Bloomberg reported a deal is close and may even be announced today (Tuesday). However, the price of the deal reported by the two news services differs by quite a bit. Reuters reports a deal price for the THQ Appalachia assets of roughly $4 billion, while Bloomberg pegs it at $5.2 billion.
Read More “EQT Close to Buying Tug Hill’s THQ Appalachia for $4+ Billion”
Allegheny County | Ascent Resources | Beaver County | Elk County | Encino Energy | Energy Companies | EQT Corp | Greene County (PA) | Guernsey County | Harrison County | Inflection Energy | Lycoming County | Marshall County | Ohio | Pennsylvania | Range Resources Corp | Seneca Resources | Tug Hill Operating | Utica Resource Operating | Weekly Permits | West Virginia

19 New Shale Well Permits Issued for PA-OH-WV Aug 22-28
September 2, 2022September 2, 2022

Last week the three states with active Marcellus/Utica drilling, Pennsylvania, Ohio, and West Virginia, issued a collective 19 new drilling permits, down from 30 the week before. The top receiver of permits in PA was EQT (i.e. Rice Drilling), with five permits issued for the same well pad in Greene County. Range Resources and Inflection Energy each received two new permits.
Read More “19 New Shale Well Permits Issued for PA-OH-WV Aug 22-28”
Apex Energy | Ascent Resources | Belmont County | Bradford County | Chesapeake Energy | Clearfield County | Coterra Energy (Cabot O&G) | Energy Companies | EQT Corp | Greene County (PA) | HG Energy | Lewis County | Lycoming County | Marshall County | Ohio | Pennsylvania | Range Resources Corp | Southwestern Energy | Susquehanna County | Tug Hill Operating | Washington County | Weekly Permits | West Virginia | Westmoreland County | Wetzel County

45 New Shale Well Permits Issued for PA-OH-WV Aug 15-21
August 26, 2022August 26, 2022

After several weeks of anemic permit numbers for Pennsylvania, last week PA came roaring back by issuing 30 permits to drill new shale wells. Some 12 of those permits went to Coterra Energy for two pads in Susquehanna County. EQT (aka Rice Drilling) received six permits for a single pad in Greene County, and Chesapeake Energy also received six permits split between two pads–one pad in Bradford County and the other in Lycoming County.
Read More “45 New Shale Well Permits Issued for PA-OH-WV Aug 15-21”
Elk County | Energy Companies | EQT Corp | Greene County (PA) | Greylock Energy | Jay-Bee Oil & Gas | Pennsylvania | Pennsylvania General Energy | Seneca Resources | Tioga County (PA) | Tug Hill Operating | Tyler County | Weekly Permits | West Virginia | Wetzel County

16 New Shale Well Permits Issued for PA-OH-WV Jul 18-24
July 29, 2022July 29, 2022

For the week of July 18-24, the three Marcellus/Utica states issued just 16 permits to drill new shale wells, down from 43 the prior week. Pennsylvania and West Virginia both issued eight new permits each. Ohio issued a big, fat, goose egg. PA issued three permits each to Greylock Energy (Green County) and Pennsylvania General Energy (Tioga County), and one each to EQT and Seneca Resources. WV issued four permits each to Jay-Bee Oil & Gas (Tyler County) and Tug Hill Operating (Wetzel County).
Read More “16 New Shale Well Permits Issued for PA-OH-WV Jul 18-24”
Apex Energy | Ascent Resources | Belmont County | Bradford County | Butler County | Chesapeake Energy | Clean Energy E&P | Energy Companies | Gulfport Energy | Jefferson County (OH) | Laurel Mountain Energy | Marshall County | Monroe County | Ohio | Olympus/Huntley & Huntley | Pennsylvania | Pennsylvania General Energy | Southwestern Energy | Tioga County (PA) | Tug Hill Operating | Weekly Permits | West Virginia | Westmoreland County | Wetzel County | Wyoming County (PA)

35 New Shale Well Permits Issued for PA-OH-WV Jun 27-Jul 3
July 11, 2022July 11, 2022

We’re catching up the permits issued report, but not for last week. This report is for permits issued two weeks ago–June 27 through July 3. The numbers increased from the prior week (27) to 35. Pennsylvania issued the lion’s share of new permits, 25, with most of them going to Olympus Energy (12 permits in Washington County), and a significant number going to a name we’ve only seen once before: Clean Energy Exploration & Production (six permits in Tioga County). Ohio issued four new permits, with three going to Ascent Resources and one to Gulfport Energy. Finally, West Virginia also issued four new shale permits, two each for Southwestern Energy and Tug Hill Operating.
Read More “35 New Shale Well Permits Issued for PA-OH-WV Jun 27-Jul 3”
Apex Energy | Ascent Resources | Belmont County | Butler County | Carroll County | Clinton County | Encino Energy | Energy Companies | Gulfport Energy | Laurel Mountain Energy | Marshall County | Monroe County | Ohio | PennEnergy Resources | Pennsylvania | Pennsylvania General Energy | Range Resources Corp | S.T.L. Resources | Southwestern Energy | Tioga County (PA) | Tug Hill Operating | Washington County | Weekly Permits | West Virginia | Westmoreland County

29 New Shale Well Permits Issued for PA-OH-WV Jun 20-26
July 1, 2022July 1, 2022

Last week, for June 20-26, the number of new permits issued to drill in the Marcellus/Utica decreased just a bit to 29 (from 34 the week prior). Pennsylvania issued 15 new permits, all but one in southwestern PA. Five of PA’s permits went to PennEnergy Resources in Butler County, four to Range Resources in Washington County, and three to Apex Energy in Westmoreland County. Ohio issued 10 new permits with five going to Encino Energy (EAP) in Carroll County and three going to Ascent Resources in Belmont County. Finally, West Virginia issued four new permits, all of them to Tug Hill Operating. In each case the permits were for multiple wells on single well pads.
Read More “29 New Shale Well Permits Issued for PA-OH-WV Jun 20-26”
Energy Companies | Marshall County | Tug Hill Operating | West Virginia | Wetzel County

Tug Hill’s THQ Appalachia Shops Itself for $5 Billion
June 21, 2022June 23, 2022

Tug Hill Operating is focused on acquiring, exploring, developing, and producing oil and natural gas in the onshore U.S. with a primary focus on the Marcellus Shale in the Appalachia Basin (Southwest Appalachia in West Virginia, and Northeast Appalachia in Pennsylvania), Eagle Ford Shale in South Texas, Niobrara Shale in the Rockies region, and other select basins and formations. According to sources speaking with Reuters, Tug Hill is looking to divest its West Virginia assets for $5 billion.
Read More “Tug Hill’s THQ Appalachia Shops Itself for $5 Billion”
Apex Energy | Arsenal Resources | Ascent Resources | Belmont County | Bradford County | CNX Resources | Coterra Energy (Cabot O&G) | Energy Companies | Guernsey County | Gulfport Energy | Indiana County | INR/Infinity Natural Resources | Lycoming County | Marshall County | McKean County | Ohio | Pennsylvania | Repsol | Seneca Resources | Susquehanna County | Taylor County | Tug Hill Operating | Weekly Permits | West Virginia | Westmoreland County

24 New Shale Well Permits Issued for PA-OH-WV May 16-22
May 26, 2022May 26, 2022

Just last week MDN told you we will, from now on, bring you new permit data for the previous week on Fridays. Yet here it is Thursday and we’re sharing the permit data for last week. What gives? MDN and its author, Jim Willis, are taking a break Friday (tomorrow) and next Monday for the Memorial Day holiday. Well, we’re taking Monday off for the holiday. We’re taking Friday off because there’s a wedding in Jim’s family this weekend. There are preparations to make, and celebrations to partake in. So we’re bringing you the permit data today, on Thursday. Speaking of which, there were 24 new permits issued last week, with 14 of them going to Pennsylvania, seven to Ohio, and three to West Virginia. We break it down below.
Read More “24 New Shale Well Permits Issued for PA-OH-WV May 16-22”