Activist Investor Elliott Management Goes Shopping in Shale Plays
We have mixed emotions about Elliott Management, a so-called activist investment firm. On the one hand, Elliott assisted the Rice boys in their takeover of EQT in July 2019, which turned out to be a very positive thing (see Rice Bros. Win Proxy War to Control EQT – Toby Rice New CEO). On the other hand, Elliott pressured Marathon Petroleum to sell off two of its three divisions, including what was called MarkWest Energy (see Partial Activist Victory: Marathon to Sell Speedway, CEO Retiring). Elliott succeeded in forcing Marathon to divest its retail Speedway chain, but not MarkWest (now called MPLX). Elliott is on the hunt once again. Elliott, according to Reuters, wrote to big banks in January inviting them to pitch opportunities to acquire U.S. oil and gas acreage.
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GAI Consultants, headquartered in Pittsburgh, is a planning, engineering & environmental consulting firm serving clients in the energy, transportation, development, government, and industrial markets. GAI has been in business since 1958 and has served the oil and gas industry since the early 1980s. The shale industry was a big boom for GAI’s business. Shale is helping GAI to grow again–exponentially. GAI announced last Friday the company has expanded further into the oil and gas industry with the acquisition of PGH Petroleum & Environmental Engineers LLC, headquartered in Austin, Texas.
We recently received a couple of recent issues of a monthly news/analysis newsletter from 
Public company Gulfport Energy, the third-largest driller in the Ohio Utica Shale (by the number of wells drilled), emerged from bankruptcy less than a year ago, in May 2021, with a new board and new top management (see 
We’ve heard of “supermajors”–those six to seven integrated oil and gas companies that have a market capitalization of $100 billion or more (including ExxonMobil, Shell, BP, Chevron, ConocoPhillips, and Total). We’ve heard of “majors”–integrated oil and gas companies defined as having a market capitalization of $10 billion to $100 billion. And we’ve heard of “independents”–smaller companies that focus just on drilling (not integrated, meaning no downstream and possibly no midstream operations). A Reuters article introduces to a new concept–mini-majors. Among that group is EQT Corporation.
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 that 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 
A month ago MDN brought you the news that UGI Corporation, one of Pennsylvania’s largest natural gas utility companies, had cut a deal to buy the Stonehenge Appalachia Midstream natural gas gathering system in Butler County, PA, for $190 million (see 
Last week MDN brought you the news that Chesapeake Energy is buying Marcellus driller Chief Oil & Gas (plus associated non-operated assets from Tug Hill Operating) for $2 billion in cash and approximately 9.44 million common shares (see 
In May 2021 S&P Global Market Intelligence ran an article on which Marcellus/Utica drillers are likely targets to be acquired, and which drillers are doing the targeting (see 
According to super-secret sources talking to Reuters, Chesapeake Energy is in advanced talks to purchase Chief Oil & Gas for $2.4 billion. MDN brought you the news last October that Chief, a private company owned by Texas wildcatter Trevor Rees-Jones, was shopping itself for $3 billion (see