M&A

Industrywide Issues | M&A | Research

Deloitte Says Clean Energy a ‘Substantial Driver’ of M&A in O&G
March 1, 2023March 1, 2023

Consulting giant Deloitte’s new report “Oil and Gas M&A Outlook 2023: Pivoting for Change” examines the shift in the industry and the strategic pivots expected to shape the future. The report says so-called “clean energy” is now a “substantial driver” of mergers and acquisitions (M&A) in the oil and gas industry and signals big changes in the M&A playbook.
Read More “Deloitte Says Clean Energy a ‘Substantial Driver’ of M&A in O&G”
Energy Companies | Industrywide Issues | M&A | Range Resources Corp

Rumor: Oil Driller Pioneer Negotiating to Buy Range Resources
February 27, 2023February 27, 2023

The rumor mill kicked into overdrive on Friday when Bloomberg published an article saying Pioneer Natural Resources Co., one the largest independent oil producers in the U.S., is considering (negotiating for) an acquisition of Marcellus driller Range Resources Corp., according to “people familiar with the matter.” Range was the very first company to drill a Marcellus shale well back in 2004 in western Pennsylvania. By the end of Friday, Pioneer issued an abrupt statement saying it “is not contemplating a significant business combination or other acquisition transaction.” It wasn’t an outright denial that such talks are taking place. Range could not be reached for comment.
Read More “Rumor: Oil Driller Pioneer Negotiating to Buy Range Resources”
Chesapeake Energy | Energy Companies | Industrywide Issues | M&A

Chesapeake Sells 90% of Eagle Ford Assets to WildFire for $1.4B
January 19, 2023February 22, 2023

Yesterday Chesapeake Energy announced it has cut a deal to sell the majority of its Eagle Ford oil assets to WildFire Energy I LLC for $1.425 billion. The sale includes approximately 377,000 net acres and approximately 1,350 wells in the Brazos Valley region of its Eagle Ford asset, along with related property, plant, and equipment. In 2018 Chesapeake, under the direction of then-CEO Doug Lawler, purchased 420,000 net acres in the Eagle Ford shale and Austin Chalk formations in Texas from WildHorse Resource Development Corp for $4 billion (see Chesapeake Now Gone from Ohio Utica; Spends $4B in Eagle Ford). The company grew its Eagle Ford assets with more purchases and currently (prior to the sale) owns 610,000 acres.
Read More “Chesapeake Sells 90% of Eagle Ford Assets to WildFire for $1.4B”
Energy Companies | EQT Corp | Industrywide Issues | M&A | Regulation | Statewide WV | Tug Hill Operating | West Virginia

EQT $5.2B Deal to Buy Tug Hill Extended Additional Year to Close
January 5, 2023January 5, 2023

Last September, EQT Corporation announced it is buying privately-owned 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. But then the Bidenistas at the Federal Trade Commission (FTC) got involved, slowing down the deal (see Bidenistas at FTC Probing EQT Deal to Buy Tug Hill’s WV Assets). Because of the FTC dragging its feet, EQT and Tug Hill recently renegotiated the timeline, adding a full year.
Read More “EQT $5.2B Deal to Buy Tug Hill Extended Additional Year to Close”
Industrywide Issues | LDCs | M&A | Statewide WV | West Virginia

Hope Gas Cuts Deal to Buy Peoples Gas of West Virginia
January 4, 2023January 4, 2023

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. Hope is about to add another 13,000 customers to that number. Yesterday, Hope announced it is buying the West Virginia division of Peoples Gas, currently owned by Essential Utilities, for an undisclosed amount.
Read More “Hope Gas Cuts Deal to Buy Peoples Gas of West Virginia”
Electrical Generation | ESG | Industrywide Issues | M&A

Dan Rice Buys Co. that Builds Zero-Carbon Gas-Fired Electric Plants
December 15, 2022December 15, 2022

The Rice boys–Dan, Toby, and Derek–have done it again. Yesterday, the Rice boys’ second publicly traded shell company (or SPAC), called Rice Acquisition Corp II, announced it is acquiring NET Power–an electric power developer with revolutionary new technology to capture every last molecule of carbon dioxide from natural gas-fired power plants. The deal values NET Power at $1.46 billion. Existing shareholders, including Occidental Petroleum, Constellation Energy, and Baker Hughes, will roll their existing equity into a new public version of the company. Both the Rice boys and Oxy will contribute another $100 million in equity each. When the deal is done, the current CEO of NET will retire, and Dan Rice will take over as CEO.
Read More “Dan Rice Buys Co. that Builds Zero-Carbon Gas-Fired Electric Plants”
Energy Companies | EQT Corp | Industrywide Issues | M&A | Tug Hill Operating

Bidenistas at FTC Probing EQT Deal to Buy Tug Hill’s WV Assets
December 5, 2022December 5, 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. 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. The radicals who now head the Federal Trade Commission (FTC) are requesting more information than the mountains already provided–signaling the Bidenistas may try to block the sale using red tape.
Read More “Bidenistas at FTC Probing EQT Deal to Buy Tug Hill’s WV Assets”
Bradford County | Energy Companies | Industrywide Issues | M&A | Pennsylvania | Repsol

Repsol Picks Up Abarta’s Non-Op Working Interest in PA Marcellus
November 14, 2022November 14, 2022

Abarta Energy (aka Abarta Oil & Gas Co.) was a privately-owned company based in Pittsburgh with assets including wells and pipeline systems located in Pennsylvania, West Virginia, and Kentucky. In November 2021, Abarta filed for Chapter 11 bankruptcy, reporting liabilities of $25.4 million and assets of $4.2 million (see M-U Driller Abarta Energy Files for Chapter 11 Bankruptcy). Abarta said it wanted to liquidate/sell all of its remaining oil and gas assets. Some of those assets included a non-operated working interest with Repsol in the northeastern Pennsylvania Marcellus. It appears Repsol bought out Abarta’s interest in the joint venture the two companies had. The transaction happened before June 30, 2022.
Read More “Repsol Picks Up Abarta’s Non-Op Working Interest in PA Marcellus”
Bradford County | Industrywide Issues | Lycoming County | M&A | Pennsylvania | Pipelines | Tioga County (PA)

HEP Gathering Pipeline in NE Pa. Gets a New Canadian Owner
November 9, 2022November 9, 2022

Howard Energy Partners (HEP) is a midstream/pipeline company that owns and operates natural gas and crude oil pipelines, natural gas processing plants, refined products storage terminals, deep-water dock and rail facilities, fractionation facilities, hydrogen production facilities, renewable diesel logistics facilities, and other related midstream assets in Texas, New Mexico, Oklahoma, Pennsylvania, and Mexico. The company owns more than 600 miles of natural gas gathering pipelines with some 100+ of those miles located in the PA Marcellus. Yesterday, Alberta Investment Management Corporation (AIMCo) announced it has purchased a controlling interest (87%) in HEP. AIMCo is the new owner.
Read More “HEP Gathering Pipeline in NE Pa. Gets a New Canadian Owner”
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”
BP | Energy Companies | EQT Corp | Industrywide Issues | M&A | Rice Energy

Rice Boys’ Paycheck for Selling Renewable Energy Co? $975 Million
October 19, 2022October 19, 2022

The Rice Brothers: Derek, Toby, and Daniel (left to right) in November 2021. (Credit: Chris Crisman/The Forbes Collection)

Yesterday MDN brought you the news that the company created and backed by Dan Rice (and his brothers), called Archaea Energy, is selling itself to BP for $4.1 billion (see Dan Rice’s Renewable Energy Company Sells to BP for $4.1 Billion). Depending on the source you read (Bloomberg or Forbes), the Rice boys will pocket either $975 million or $720 million from the deal. Any way you slice it, it’s a LOT of money.
Read More “Rice Boys’ Paycheck for Selling Renewable Energy Co? $975 Million”
BP | Energy Companies | Hydrogen | Industrywide Issues | M&A

Dan Rice’s Renewable Energy Company Sells to BP for $4.1 Billion
October 18, 2022October 18, 2022

In December 2020, Dan Rice IV, former CEO of Rice Energy and a member of the EQT board of directors, launched a “blank check” acquisition firm, called Rice Acquisition Corp., to invest in various energy ventures. Dan found his something-to-invest-in just a few months later in the form of acquiring and merging together Archaea Energy and Aria Energy into a single company focused on providing renewable natural gas (RNG) and “green” hydrogen (see Dan Rice Bets $1 Billion that Landfill Gas is the Next Big Thing). With the merger done, the new company (using the Archaea Energy name) moved from Pittsburgh to Houston, Texas, earlier this year (see Dan Rice’s Renewable Energy SPAC Moving to Houston, TX). Dan’s big payday is finally here. BP announced yesterday that it is buying Archaea for $4.1 billion.
Read More “Dan Rice’s Renewable Energy Company Sells to BP for $4.1 Billion”
Energy Services | Industrywide Issues | M&A | Pennsylvania | ShalePro Energy Services | Washington County

ShalePro Energy Services Buys PA-based Tight Line Services
October 13, 2022October 13, 2022

ShalePro Energy Services, headquartered in Pittsburgh, PA but with five regional offices scattered across seven states (including offices in each of the three Marcellus/Utica states), announced it has just closed on a deal to acquire Tight Line Services, based in Hickory, PA (Washington County). Tight Line, which provides civil construction services to the natural gas industry, is the fifth company acquired by ShalePro. Financial details of the deal were not disclosed. Tight Line’s seven full-time employees, along with the company’s current CEO, have joined ShalePro.
Read More “ShalePro Energy Services Buys PA-based Tight Line Services”
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 Midstream | Antero Resources | Crestwood Midstream | Doddridge County | Energy Companies | Energy Services | Harrison County | Industrywide Issues | M&A | Pipelines | Processing Plants | West Virginia

Antero Buying Crestwood’s WV Marcellus Gathering Pipeline System
September 13, 2022September 14, 2022

Yesterday both Antero Midstream (the pipeline subsidiary of Antero Resources), and Crestwood Equity Partners announced a deal to sell Crestwood’s remaining Marcellus assets to Antero for $205 million. The assets include 72 miles of dry gas gathering pipelines and nine compressor stations with approximately 700 MMcf/d of compression capacity located in Doddridge County and Harrison County in West Virginia.
Read More “Antero Buying Crestwood’s WV Marcellus Gathering Pipeline System”