Diversified’s Next LVL Energy Moves Headquarters from PA to WV
One year ago, Diversified Energy (formerly Diversified Gas & Oil) announced it had purchased Next LVL Energy, a well-plugging company that concentrates on plugging mainly old conventional oil and gas wells in Appalachia (see Diversified Energy Buys Well-Plugging Co. Next LVL Energy). Next LVL was founded by oil and gas industry veterans Brad Maddox, Clay Cochran, and Keith Coleman in 2020 and headquartered in the Pittsburgh region. Last Friday, Diversified CEO Rusty Hutson, Jr. was joined by West Virginia Gov. Jim Justice at a ribbon-cutting ceremony for a brand new headquarters for Next LVL–in Bridgeport, WV.
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A group of landowners in Harrison and Doddridge counties (in West Virginia) sued Antero Resources, claiming the company had deducted post-production costs from royalties not allowed under the leases they had signed. Last year, the U.S. District Court for the Northern District of West Virginia ruled mostly in favor of the landowners. Antero appealed the case to the U.S. Court of Appeals for the Fourth Circuit (4th Circuit). Yesterday, the judges of the 4th Circuit issued their ruling (full copy below). Nobody got everything they wanted–we’d call it a split decision. However, Antero did win the right to make deductions in certain circumstances.
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.
Our apologies that this latest weekly permit update is a day late. Normally we issued these updates on Wednesdays. Yesterday the Pennsylvania database we use to locate information on new permits issued was throwing an error. We alerted the PA Dept. of Environmental Protection, which maintains the database, and they got it fixed sometime last night. So we’re back! Our thanks to the programmers at the DEP.
Last week both Pennsylvania and West Virginia issued permits to drill new shale wells. Ohio remained skunked for a sixth week in a row. What’s going on in Ohio? Or rather, what isn’t going on there? PA issued 15 new shale permits. Not to be outdone, WV also issued 15 new shale permits.
Tomorrow the Harrison County Commission will consider (and most likely approve) an extension for an option to purchase property at the site of a proposed natural gas-fired power plant in Harrison County. Energy Solutions Consortium (ESC) currently has an option to buy the site of a proposed 550-megawatt natural gas-fired power plant, but the option expires on Dec. 31 of this year.
Ryan Energy Services
EQT announced yesterday it has closed on a deal to sell “certain non-strategic assets” to Diversified Gas & Oil (DGO) for $125 million, plus another potential $20 million later on. MDN first told you about this deal on May 13 (see