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NRG Buys 18 Gas-Fired Power Plants, Including 5 in PA, for $12B

map showing the location of the power plants being purchased by NRG (click for larger version)

NRG Energy agreed to acquire LS Power’s portfolio of natural-gas power plants in a deal valued at roughly $12 billion, including debt, that will expand NRG’s footprint in Texas and along the East Coast. NRG said the acquisition would give it 18 more natural-gas-fired facilities in nine states—including five in Pennsylvania and one in Ohio—doubling its generation capacity to about 25 gigawatts (GW). The PA acquisition includes the Springdale natural gas power station in Allegheny County, the Armstrong plant in Indiana County, the Gans plant in Fayette County, the Chambersburg plant in Franklin County, and the Ironwood plant in Lebanon County. Read More “NRG Buys 18 Gas-Fired Power Plants, Including 5 in PA, for $12B”

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ArcLight Capital Becomes Majority Owner of NGPL, KM Still Operator

Investment firm ArcLight Capital Partners, LLC, announced it has acquired an additional 25% interest in Natural Gas Pipeline Company of America (NGPL). As a result of the transaction, ArcLight will become the largest owner of NGPL with a 62.5% economic ownership interest, alongside partner Kinder Morgan, Inc., which continues to own a 37.5% economic interest and operates the pipeline. NGPL is the largest transporter of natural gas into the Chicago-area market, as well as one of the largest interstate pipeline systems in the country. It is also a major natural gas transporter to large LNG export facilities and other markets on the Texas and Louisiana Gulf Coast. Most importantly, Marcellus/Utica molecules flow into NGPL. Read More “ArcLight Capital Becomes Majority Owner of NGPL, KM Still Operator”

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Gulfport Energy Signals It Wants to Buy Another Ohio Driller

Wow, what a difference four years can make! In May 2021, Gulfport Energy, the third-largest driller in the Ohio Utica Shale (by the number of wells drilled), emerged from bankruptcy with a new board and new management (see Gulfport Energy Emerges from Bankruptcy w/New Board, CEO/CFO Gone). Later in 2021, the rumors began to swirl that Gulfport was looking to sell itself (see Big News: OH Utica Driller Gulfport Energy Looking to Sell Itself). In the spring of 2022, the rumors centered on a combo with (sale to) fellow Ohio driller Ascent Resources (see Rumor: Gulfport Energy in Talks to Merge with Ascent Resources). None of the rumors came true. In last week’s first quarter update, Gulfport CEO John Reinhart indicated his company is now looking to DO the buying, rather than be bought. Read More “Gulfport Energy Signals It Wants to Buy Another Ohio Driller”

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WhiteHawk Prevails, Gets PHX Minerals Down the Aisle for $187M

WhiteHawk Energy is smitten with PHX Minerals. WhiteHawk has been trying to get PHX down the marriage aisle in any way it can for nearly two years. PHX has repeatedly given WhiteHawk the cold shoulder (see our WhiteHawk/PHX articles here). After begging, pleading, threatening, and appealing to shareholders, WhiteHawk has finally done it. WhiteHawk, one of the largest royalty owners in the Marcellus Shale, will acquire PHX Minerals Inc., a mineral rights owner with holdings in the Haynesville Shale and elsewhere, for $187 million ($4.35 per share). Read More “WhiteHawk Prevails, Gets PHX Minerals Down the Aisle for $187M”

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French Investment Firm Buys Out SW Pa. Gas-Fired Power Plant

A power project we’ve been tracking since 2017 is a 620-megawatt (MW) Marcellus-fired electric plant in Greene County, PA, called the Hill Top Energy Center (see our stories here). In 2019, investment firm Ardian, based in Paris, France, announced that it had purchased a 41.9% stake in the project, becoming the majority owner (see SWPA Gas-fired Electric Plant Project Gets French Investment). Ardian just announced it has purchased the other 58.1% stake it did not already own. Read More “French Investment Firm Buys Out SW Pa. Gas-Fired Power Plant”

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EQT Buying Olympus Energy for $1.8 Billion; 90K Acres, 0.5 Bcf/d

The rumor mill was right. In February, MDN brought you the juicy rumor that Olympus Energy, founded in 2012 as Huntley & Huntley Energy Exploration (a company that drills exclusively in the Pittsburgh suburbs), was being shopped for sale by its main financial backer (see Blackstone Looks to Sell M-U Driller Olympus Energy for $2 Billion). EQT Corporation, the second-largest natural gas producer in the country (which drills only in the Marcellus/Utica), released its first-quarter 2025 update late yesterday. Tucked in the update is the bombshell news that it has cut a deal to buy Olympus for $1.8 billion in stock and cash. Read More “EQT Buying Olympus Energy for $1.8 Billion; 90K Acres, 0.5 Bcf/d”

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Canada’s Capital Power Buying 2 PJM Gas-Fired Plants in PA, OH

Capital Power Corporation, based in Edmonton (Alberta), Canada, a power producer with approximately 10 gigawatts (GW) of power generation at 30 facilities across North America, announced it is buying two gas-fired power plants from LS Power. One facility is the 1,124 megawatt (MW) Hummel Station, a combined-cycle natural gas facility in Shamokin Dam, PA, fed by Marcellus molecules. The other is the 1,023 MW Rolling Hills plant, a combustion turbine natural gas facility in Wilkesville, OH, fed by Utica molecules. We welcome Capital Power to the M-U! Read More “Canada’s Capital Power Buying 2 PJM Gas-Fired Plants in PA, OH”

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ArcLight Capital Buying Majority Interest in CT Gas-Fired Plant

ArcLight Capital Partners, an infrastructure investment firm focused on energy and related infrastructure, announced it is buying out the ownership interests of Osaka Gas USA Corporation and Kyuden International Americas Inc. (both Japanese companies) in Kleen Energy Systems, LLC. Kleen Energy owns Kleen Power, a 620 megawatt (MW) natural gas-fired power plant in Middletown, Connecticut. The terms of the transaction were not disclosed. Read More “ArcLight Capital Buying Majority Interest in CT Gas-Fired Plant”

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WhiteHawk Energy Doubles Ownership Interest in 475K Marcellus Acres

WhiteHawk Energy, headquartered in Philadelphia and owning mineral and royalty interests for over 1 million gross unit acres with over 3,400 producing horizontal shale wells between the Marcellus and the Haynesville, announced yesterday that it has doubled its ownership in Marcellus assets in Washington and Greene counties in southwest Pennsylvania. WhiteHawk paid $118 million to increase ownership across 475,000 gross acres in the Marcellus Shale. The drillers operating on those acres include EQT, Range Resources, and CNX Resources.

4/8/25 UPDATE: San Jacinto Minerals announced that it was the seller of the mineral and royalty interests. See the press release below.

Read More “WhiteHawk Energy Doubles Ownership Interest in 475K Marcellus Acres”

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IOG Resources II Announces Eastern Ohio Utica Non-Op Acquisition

Here’s a company we’ve not written about since 2021: IOG Capital and its subsidiary IOG Resources. Back in 2015 we first told you that IOG Capital had cut a deal with Seneca Resources to fund Seneca’s Marcellus drilling program in Elk, McKean and Cameron counties in northcentral Pennsylvania (see Seneca Res. Cuts Deal with IOG Capital to Fund Up to 80 PA Wells). Seneca announced in 2016 that its deal with IOG had been revised and extended from funding 75 wells to funding 82 wells (see Seneca Resources & IOG Extend JV to Drill More Wells in PA). IOG, via its subsidiary IOG Resources, reported in 2021 that it purchased nonoperating interests in 77 producing Utica wells from Sequel Energy for an undisclosed amount (see IOG Resources Buys 77 Nonoperated Utica Wells from Sequel Energy). IOG is back investing in more M-U assets, this time in the Ohio Utica Shale. Read More “IOG Resources II Announces Eastern Ohio Utica Non-Op Acquisition”

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2 of Top 5 Upstream M&A Deals in 4Q Were in the Marcellus/Utica

Enverus Intelligence Research (EIR), a subsidiary of Enverus, issued a summary of the fourth quarter and full-year 2024 upstream M&A (mergers and acquisitions) activity yesterday. Two of the top five M&A deals include deals in the Marcellus/Utica. Coming in at #3 on the list was EQT’s sale of non-operated assets to Equinor for $1.25 billion in October (see EQT Sells Remaining Nonop Assets in NE Pa. for $1.25 Billion). Coming in at #5 on the list was CNX Resources’ purchase of Apex Energy for $505 million in December (see CNX Resources Buys Apex Energy for $505M, Adds Pa. M-U Assets). Read More “2 of Top 5 Upstream M&A Deals in 4Q Were in the Marcellus/Utica”

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Stonehenge & UGI JV Acquires 3 Appalachian Pipe Gathering Systems

Pine Run Gathering LLC, a joint venture owned by Stonehenge Energy and UGI, announced yesterday that it had completed a transaction to buy Superior Midstream Appalachian, LLC, for $120 million. Superior Appalachian owns and operates three gathering systems in Pennsylvania, namely Pittsburgh Mills (Allegheny & Butler counties), Snow Shoe (Centre County), and Brookfield (Tioga County). The Pittsburgh Mills system is connected to UGI’s Big Pine gathering system. All three have a combined daily flow of approximately 190 million cubic feet per day (MMcf/d). Read More “Stonehenge & UGI JV Acquires 3 Appalachian Pipe Gathering Systems”

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CNX Closes Deal to Buy Apex Energy for $505M, Adds SWPA Assets

In December, CNX Resources announced 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. The Apex assets are close to, in some cases adjacent to, CNX’s considerable assets in the region. As of yesterday, the deal is complete. Apex Energy II is no more. Read More “CNX Closes Deal to Buy Apex Energy for $505M, Adds SWPA Assets”

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Coterra Energy Closes Deal to Buy Permian Assets for $3.9 Billion

Last November, Coterra Energy announced it would buy “certain assets of Franklin Mountain Energy and Avant Natural Resources” located in the Permian (see Siren Song: Coterra Energy Buys Permian Assets for $4 Billion). The purchase (two deals) gives Coterra another 49,000 acres in Lea County, New Mexico, with 400-550 net Permian oil-drilling locations. The deal closed yesterday. So, what does that have to do with the Marcellus? Read More “Coterra Energy Closes Deal to Buy Permian Assets for $3.9 Billion”

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Diversified Energy to Buy/Merge with Maverick Natural Res. for $1.3B

Diversified Energy, with major assets in the Marcellus/Utica region (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. The company made a major announcement this morning. It has struck a deal to buy out and merge with Maverick Natural Resources for $1.28 billion. The deal adds over a million more acres of leases to Diversified plus significant new production. Read More “Diversified Energy to Buy/Merge with Maverick Natural Res. for $1.3B”

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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”