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Rice Boys’ Paycheck for Selling Renewable Energy Co? $975 Million
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.
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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 
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.
In September, EQT Corporation announced it is buying Tug Hill Operating’s West Virginia shale assets for $5.2 billion (see 
Earlier this month EQT Corporation announced it is buying Tug Hill Operating’s West Virginia shale assets for $5.2 billion (see 
Last week EQT Corporation confirmed it is buying Tug Hill’s THQ Appalachia operation with major assets in West Virginia for $5.2 billion (see 
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 
Select Energy Services (SES) continues to expand with mergers and acquisitions. Earlier this year, SES bought out and merged in Nuverra Environmental Solutions (formerly Heckmann) for $45 million (see 
On July 1, just as everyone was heading out the door for summer vacation, Ascent Resources announced it is buying another 26,800 acres in the Ohio Utica for $270 million (see 
Diversified Energy (sadly) continues to expand outside the Marcellus/Utica region. Yesterday the company announced it is paying $240 million to buy some of ConocoPhillips’ upstream assets in Oklahoma and Texas. The assets include roughly 1,500 wells spanning 250,000 acres. Diversified, which now owns approximately 8 million acres of leases with close to 70,000 (mostly) conventional oil and gas wells used to be solely focused on the Appalachian region–until last year.