TC Energy Completes Sale of 40% Interest in Columbia Pipe to GIP
TransCanada Corporation, which renamed itself TC Energy in 2019, bought out/merged in U.S.-based Columbia Pipeline Group (now Columbia Gas Transmission) in 2016 (see TransCanada and Columbia Pipeline Tie the Knot Today). TransCanada paid $13 billion for Columbia, including the assumption of $2.8 billion of debt. In July, TC Energy announced it was selling a 40% stake in Columbia for US$3.9 billion (C$5.2 billion) to investment firm Global Infrastructure Partners (see TC Energy Sells 40% Interest in Columbia Pipeline to Investor GIP). TC will retain majority ownership and operate the Columbia assets, which include 11,899 miles of pipeline extending from New York state to the Midwest and Southeast, along with dozens of storage fields in multiple states. As of yesterday, the deal is done and TC has a new partner.
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Hope Gas, a Local Distribution Company (LDC), otherwise known as a utility company, provides gas service to approximately 112,000 residential, industrial, and commercial customers in thirty-five West Virginia counties. In January, Hope announced it was buying the West Virginia division of Peoples Gas, currently owned by Essential Utilities, for an undisclosed amount (see 
Williams CEO Alan Armstrong spoke at the Barclays CEO Energy-Power Conference in New York City yesterday. Certain members of the press were invited to attend (but sadly, not MDN). Armstrong had some interesting things to say at the Barclays soiree. Armstrong engaged in a little smack talk about the recently announced Enbridge deal to buy Dominion Energy’s remaining gas utility businesses for $14 billion (see 
Yesterday, Dominion Energy and Enbridge co-announced that Dominion has agreed to sell what we think (not 100% sure) are the 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. The deal includes three LDCs–The East Ohio Gas Company, Public Service Company of North Carolina, and Questar Gas Company (along with Wexpro Company). The three LDCs serve about 3 million homes and businesses in Ohio, North Carolina, Utah, Wyoming, and Idaho and include 78,000 miles of natural gas distribution, transmission, gathering, and storage pipelines and more than 62 Bcf of working underground and LNG storage capacity. Dominion wants to shed its natgas businesses and focus solely on electrifying everything.
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 week MDN told you that WhiteHawk Energy, headquartered in Philadelphia with ownership of mineral and royalty interests for 850,000 gross unit acres and over 2,500 producing horizontal shale wells between the Marcellus and the Haynesville, had 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 
At the end of May, WhiteHawk Energy, headquartered in Philadelphia with ownership of mineral and royalty interests for 850,000 gross unit acres and over 2,500 producing horizontal shale wells between the Marcellus and the Haynesville, sent a letter to the board and management of PHX Minerals, based in Fort Worth, Texas, owner of 75,000 leased mineral acres principally located in the SCOOP and Haynesville plays. The letter proposes marriage–a combination of the two companies. WhiteHawk received no response and tried again about three weeks later. Still nothing. So WhiteHawk has gone public to catch the attention of PHX shareholders, hoping to convince them to pressure PHX’s board–the M&A equivalent of a shotgun wedding.
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?
TransCanada Corporation, which renamed itself TC Energy in 2019, bought out/merged in U.S.-based Columbia Pipeline Group (now Columbia Gas Transmission) in 2016 (see