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16 New Shale Well Permits Issued for PA-OH-WV Oct 10-16

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.
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A Closer Look at EQT’s $5.2B Purchase of Tug Hill’s THQ Appalachia

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.
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EQT Issues $1B in New Debt to Generate Cash for Tug Hill Deal

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…
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40 New Shale Well Permits Issued for PA-OH-WV Aug 29-Sep 4

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.
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EQT CEO Toby Rice Pulls Back the Curtain on Tug Hill $5.2B Deal

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.
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Confirmed: EQT Buys Tug Hill’s THQ Appalachia for $5.2 Billion

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.
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EQT Close to Buying Tug Hill’s THQ Appalachia for $4+ Billion

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.
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19 New Shale Well Permits Issued for PA-OH-WV Aug 22-28

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.
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45 New Shale Well Permits Issued for PA-OH-WV Aug 15-21

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.
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16 New Shale Well Permits Issued for PA-OH-WV Jul 18-24

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).
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35 New Shale Well Permits Issued for PA-OH-WV Jun 27-Jul 3

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.
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29 New Shale Well Permits Issued for PA-OH-WV Jun 20-26

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.
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Tug Hill’s THQ Appalachia Shops Itself for $5 Billion

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.
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24 New Shale Well Permits Issued for PA-OH-WV May 16-22

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.
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35 New Shale Well Permits Issued for PA-OH-WV May 9-15

We’re giving Fridays a shot as the day we will release weekly updates for permits issued for the prior one-week period. Today’s report is for the period of May 9-15 (last week, not this week). It seems as if the various state agencies have the data updated by the end of the week following, so that’s how we’ll release it (for now). Last week, Pennsylvania issued 22 new permits with Seneca Resources taking the lion’s share of 12 permits on two different pads (eight in Lycoming County and four in McKean County). Repsol scored four permits in Bradford County.
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30 New Shale Well Permits Issued for PA-OH-WV Apr 18-24

Last week Pennsylvania issued 22 new shale well permits, up ten from the prior week. EQT led the way with five permits, all in Greene County. Both LOLA Energy and Snyder Brothers had four permits each, LOLA in Butler County and Snyder in Armstrong. For the second week in a row, Ohio had no new shale permits issued last week. Bummer. West Virginia had eight permits, up from two in the prior week. Arsenal Resources had the most with four permits in Taylor County, while Southwestern Energy had three permits–one in Ohio County and two in Brooke County.
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