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CNX Issuing New Notes for $200M to Help Fund Purchase of Apex
CNX Resources announced in December that it had struck a deal to buy the assets of Apex Energy II, LLC, a portfolio company of funds managed by Carnelian Energy Capital Management, for $505 million (see CNX Resources Buys Apex Energy for $505M, Adds Pa. M-U Assets). Apex owns wells, acreage, and pipelines in Westmoreland County, PA. Its assets are close to (in some cases adjacent to) CNX’s considerable regional holdings. The deal is expected to close in the first quarter of 2025. However, CNX needs more money to help fund it. Read More “CNX Issuing New Notes for $200M to Help Fund Purchase of Apex”
If you’ve read MDN for any time, you’ve come across at least a few articles about gas-fired power. Nationwide, natural gas produces 43.1% of all electricity, the number one source of electric generation (
The end of the year and the beginning of a new year are times when many publications reflect on what was and what may be. A recent article by Hart Energy’s Oil and Gas Investor magazine tackled the topic of what may lie ahead for the Marcellus/Utica region over the next couple of years. The article looked at two primary issues—the potential for more pipelines getting built within (and out of) our region and the likelihood of more mergers and acquisitions for drillers in our region. 
We have two stories about Coterra Energy to share. Coterra was formed in 2021 by the merger of the Marcellus-focused Cabot Oil & Gas and the Permian/Anadarko-focused Cimarex Energy. Unfortunately (for the M-U), the merged company has chosen to concentrate new drilling outside of the northeast Pennsylvania Marcellus until the price of natgas improves (see 
Diversified Energy, with major assets in the Marcellus/Utica region (also assets in other regions, too), owns approximately 8 million acres of leases with 67,000 (mostly) conventional oil and gas wells. The company’s business model is to buy lower-producing wells on the cheap and find ways to make them more productive. Earlier today, the company announced another deal to buy more assets in the Appalachian region. 
DT Midstream (DTM), headquartered in Detroit, owns major assets in the Marcellus/Utica region and in other regions, such as Haynesville. In November, DTM announced it had cut a deal to buy three FERC-regulated interstate pipelines from Oklahoma-based ONEOK, Inc. for $1.2 billion (see 
WhiteHawk Energy is smitten with PHX Minerals. For the last 16 months, WhiteHawk has been trying to get PHX down the marriage aisle in any way it can. PHX has repeatedly given WhiteHawk the cold shoulder. WhiteHawk’s latest attempt, which we told you about in November, was an appeal to PHX shareholders to pressure the board to sell at $4 per share (see 
Yesterday, Northern Oil and Gas, Inc. (NOG) announced it had entered a Joint Development Program with an unnamed Marcellus/Utica driller to invest $160 million in 2025 for new well drilling. In return, NOG will receive a 15% working interest (i.e., ownership) in the assets. NOG did not identify the driller but called it “one of Appalachia’s most capital efficient operators.” 
Just about one month ago, Reuters reported that sources “familiar with the matter” whispered to its reporters that private equity firm Blackstone is “in advanced talks” to acquire minority stakes in the interstate natural gas pipelines now owned by EQT Corp. (following its purchase of Equitrans Midstream) for a whopping $3.5 billion (see 
Some 15 months ago, WhiteHawk Energy, headquartered in Philadelphia with ownership of mineral and royalty interests for over 1 million gross unit acres and over 3,400 producing horizontal shale wells between the Marcellus and the Haynesville, 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