EQT Sells Remaining Nonop Assets in NE Pa. for $1.25 Billion
As part of its third quarter update, EQT Corporation, now the second-largest natural gas producer in the U.S., dropped the bombshell that it has completely divested from the remaining non-operated wells it owns in northeastern Pennsylvania, selling the assets to Norwegian company Equinor (formerly known as Statoil) for $1.25 billion. You may recall in April, EQT did a deal with Equinor to swap land in Pennsylvania and Ohio, plus receiving $500 million from Equinor to sweeten the pot (see Equinor Swaps Acreage with EQT in PA & OH, Exits Operated US Shale). Yesterday’s deal is for the remainder of the wells where EQT doesn’t own the full rights but only a portion of them and doesn’t run the operations. The wells are majority-owned and operated by Expand Energy, the successor to Chesapeake Energy, following the merger of Chesapeake with Southwestern Energy. Read More “EQT Sells Remaining Nonop Assets in NE Pa. for $1.25 Billion”
Some 15 months ago, WhiteHawk Energy, headquartered in Philadelphia with ownership of mineral and royalty interests for over 1 million gross unit acres and over 3,400 producing horizontal shale wells between the Marcellus and the Haynesville, proposed marriage to PHX Minerals, based in Fort Worth, Texas, owner of 75,000 leased mineral acres principally located in the SCOOP and Haynesville plays (see 
Two oilfield services companies—Axis Energy Services LLC and Brigade Energy Services LLC—jointly announced the closing of an agreement to merge and form the nation’s largest well servicing company. The new company will retain the Axis Energy name and will remain headquartered in Dallas, TX. According to Axis, the transaction creates the nation’s leading company for completion services, workover solutions, and plug and abandonment operations. The newly combined company boasts more than 1,700 employees and 200 active and marketable workover rigs—the largest single fleet in the industry. The company has a “strong presence” in the Marcellus/Utica. 
In September 2023, Dominion Energy and Enbridge co-announced that Dominion had agreed to sell the company’s remaining natural gas local distribution companies (LDCs) that Dominion owns to Enbridge for $14.0 billion, which includes $9.4 billion in cash plus the assumption of debt (see 
In January, Chesapeake Energy, now helmed by Nick Dell’Osso, announced a deal to buy out and merge with competitor Southwestern Energy for $7.4 billion (see 
The 295-mile Portland Natural Gas Transmission System (PNGTS) spans New England from the Canadian border to pipeline connections in New Hampshire, Maine, and Massachusetts. The system began operations in 1999 and is located between three major pipeline networks originating in Canada and the U.S. TC Energy owns 61.7% of PNGTS. The remaining 38.3 percent is owned by Northern New England Investment Company. At least until yesterday, when PNGTS was spun off into its own standalone company, now owned by the evil BlackRock. 
A major change in ownership is coming for gas-fired power plants through the Marcellus/Utica region as well as New England. Quantum Capital Group announced yesterday that it has entered into an agreement to acquire Cogentrix Energy, an independent power producer, from another investment firm (Carlyle) for $3 billion. The Cogentrix portfolio is comprised of 5.3 gigawatts of natural gas-fired power plants located throughout PJM (the M-U region), ERCOT (Texas), and ISO-NE (New England). M-U molecules feed most power plants in PJM and ISO-NE, ergo our molecules will feed the plants changing hands.
In November 2018, under intense pressure from activist investors, EQT split itself into two companies: EQT Corporation and Equitrans Midstream (see 
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