Titan Energy Sells Marcellus Assets, Buyer Rapidly Expanding
In February, MDN told you that Titan Energy, which used to be known as Atlas Energy/Resource Partners, was listing what appeared to be the rest of the acreage they still own on the Appalachian basin–some 494,229 acres–including rights for drilling in the Marcellus (see Titan Energy Puts 494K Appalachian Acres Up for Sale). On Friday, Titan announced it has signed an agreement to sell the acreage, along with 8,400 oil and gas wells across Pennsylvania, Ohio, Tennessee, New York and West Virginia, for $84.2 million to Diversified Gas & Oil (DGO). Yes, the vast majority of those wells are conventional (vertical only) and not shale wells. In fact, we’re not sure any of the wells are shale wells. However, Marcellus assets were part of the sale–so at least some of the acreage will allow for Marcellus drilling, should DGO want to pursue it. Although Titan is keeping its Utica Shale acreage, the company says it use the money from this sale to concentrate efforts on oil drilling in the Texas Eagle Ford Shale play. Titan is moving its headquarters from Pittsburgh to Houston, TX. In addition to the news about Titan selling its conventional assets and moving, the twin story (perhaps even more interesting) is that the buyer, DGO (nominally headquartered in Birmingham, Alabama, although actually a UK company), has been on a buying spree–snapping up 75,250 conventional acres (1,300 wells) in PA & WV earlier this year. All told, DGO now owns 1.6 million acres of leases and 10,000+ conventional oil and gas wells in Appalachia…
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Yesterday Noble Energy dropped a bombshell that it has sold its 100% interest in 385,000 Marcellus/Utica acres and wells producing 415 million cubic feet equivalent of natural gas in West Virginia and Pennsylvania for $1.225 billion to “an undisclosed buyer.” That works out to be $3,181 per acre. Not included in the sale is Noble’s half operating interest in the CONE Midstream pipeline gathering system. It was just three years ago that Noble announced it would lease 138,000 feet in a new office building in Southpointe, and move in 200 employees (see 
As of today, the nameplate on the door that says “Sunoco Logistics Partners” is getting changed to “Energy Transfer Partners” (ETP). On paper (and for investors) Sunoco LP & ETP have been different companies, but functionally both companies have co-existed under the Energy Transfer Equity (ETE) umbrella for years–essentially as different divisions of the same company. Sunoco LP is (currently) best known for its Mariner East pipeline projects–along with the Marcus Hook refinery/terminal. ETP is (currently) best known for the recently completed Dakota Access Pipeline. Sunoco LP’s headquarters will move from Newtown Square, PA to combine with ETP’s HQ in Dallas, TX. For investors, Sunoco LP will stop trading at close of business today and become part of the ETP ticker symbol as of Monday. Shareholders for both companies approved the paper merger on Wednesday…
Last October EQT announced a deal to buy Trans Energy, Inc., a public pure-play driller in the Marcellus in West Virginia, which will become a wholly-owned subsidiary of EQT (see 
According to one of the top accounting/consulting firms in the world, PricewaterhouseCoopers (PwC), mergers & acquisitions (M&A) activity in the oil and gas sector in the U.S. set a new record high in 1Q17 for the first quarter of any year–$73.04 billion in deals. The report, titled “US Oil & Gas Deals insights first quarter 2017” (full copy below), says the market is quite pleased with The Donald’s pro-energy policies and is loosening up the money to fund new exploration and production. In fact, first quarter spending represents a “stunning 160% increase in deal value year over year.” Some 53 deals were announced in 1Q17, with upstream (i.e. exploration/drilling) taking the lion’s share with 32 deals worth $36.6 billion…
As MDN told you last November, Patterson-UTI Energy, an oilfield services company with major operations in the northeast, is buying out and merging in Seventy Seven Energy (SSE) in an all-stock deal worth $1.76 billion (see 
Oilfield services company (OFS) Mammoth Energy Services, headquartered in Oklahoma City, OK, operates in both the Utica Shale and Permian Basin. Last week MDN reported that Mammoth, a new company formed in 2014 (but growing rapidly), had bought itself a sand mine/processing plant (Taylor Frac) in an effort to keep Mammoth’s fracking crews stocked with frack sand (see 
Last September MDN reported on a midstream deal with major implications for the Marcellus/Utica: Canadian pipeline operator Enbridge Inc. announced an all-stock deal to buy out pipeline operator Spectra Energy, based in Houston, for $28 billion (see 
Last year an elaborate midstream drama unfolded before our very eyes. Energy Transfer Equity (ETE) pushed and prodded and poked and cajoled and insisted, and finally with the help of an inside corporate raider, forced Williams to agree to a buyout/merger (see 
As we pointed out to you last December, evil corporate raider Carl Icahn (invests in companies so he can fire a bunch of people, boost the stock and pocket the profit) had fired Cheniere Energy CEO Charif Souki (see 
In November rumors swirled that WGL Holdings, the umbrella company that owns Washington (DC) Gas Light Company and WGL Midstream, is considering selling itself to utility giant (and Spanish-based) Iberdrola (see