Apex Energy | CNX Resources | Coterra Energy (Cabot O&G) | Energy Companies | EQT Corp | Equinor/Statoil | Industrywide Issues | M&A | Research
2 of Top 5 Upstream M&A Deals in 4Q Were in the Marcellus/Utica
Enverus Intelligence Research (EIR), a subsidiary of Enverus, issued a summary of the fourth quarter and full-year 2024 upstream M&A (mergers and acquisitions) activity yesterday. Two of the top five M&A deals include deals in the Marcellus/Utica. Coming in at #3 on the list was EQT’s sale of non-operated assets to Equinor for $1.25 billion in October (see EQT Sells Remaining Nonop Assets in NE Pa. for $1.25 Billion). Coming in at #5 on the list was CNX Resources’ purchase of Apex Energy for $505 million in December (see CNX Resources Buys Apex Energy for $505M, Adds Pa. M-U Assets). Read More “2 of Top 5 Upstream M&A Deals in 4Q Were in the Marcellus/Utica”
Natural gas-fired electric power generation has increased in Pennsylvania since 2013 as the state has shifted toward natural gas as its main fuel source for electric power generation. In October 2024, natural gas-fired generation accounted for 57% of the electricity generated in Pennsylvania, more than twice the share in October 2013 (26%). This is thanks to the miracle of Marcellus Shale and fracking. 
The environmental left is now saying that calling out the scam known as carbon credits is causing companies to stop “investing” (i.e., blowing money) on said credits, and the situation is “devastating livelihoods and communities.” It is an “existential crisis” for the NGOs. Yes, it’s our fault that scholarships, new schools, and water projects are disappearing. Cry me a river. 
There has been a shift in the ongoing war to defeat fossil energy. Have you felt it? It’s a shift in the direction of those of us who support fossil energy. Yes, the election of Donald Trump, who ran on a platform of unapologetically supporting oil and gas (and coal), and his overwhelming victory is a watershed moment in history. However, we propose that Trump’s win is a result (evidence of) and not the cause of this shift. A recent commentary in the Wall Street Journal nails the reason for the shift against radical environmentalism and in favor of fossil energy. The article begins with this lucid and insightful statement: “Momentous social movements begin to die the moment adherents figure out their leaders don’t believe what they say.” 
OTHER U.S. REGIONS: Venture Global given OK to introduce natgas at another LNG plant; NATIONAL: Trump EPA fires science advisers just like Biden did; WTI slips below $73 as Canada-Mexico tariff uncertainty grows; Trump’s transport secretary orders fuel-economy rule rewrite; Trump’s ‘drill, baby, drill’ agenda will likely take on an entirely new shape; How to rescind the endangerment finding in a way that will stick; INTERNATIONAL: EU won’t ban Russian LNG until it secures alternatives. 
Last November, three of five supervisors in Cecil Township (Washington County), PA, voted to ban all new fracking via a new setback (distance from well to nearest structure) requirement of 2,500 feet (see 
The PJM Interconnection electrical grid operator that covers Pennsylvania (along with all or parts of 12 other states and the District of Columbia) has caved to the political demands of PA Gov. Josh Shapiro to artificially cap the prices of the next capacity auction scheduled for July 2025. It means electric ratepayers won’t see as high of an increase in their electric rates (yah!), but it also means the risk of a blackout has just gone way up (boo!). As we’ve outlined in previous posts, electric prices are soaring in PJM because of the policies of Josh Shapiro. 
Both conventional and unconventional (shale) drillers in Pennsylvania were supposed to submit a new annual report to the state Department of Environmental Protection (DEP) on December 10, 2023, detailing volatile organic compound (VOC) and methane emissions from their operations over the previous one-year period. Shortly before that deadline, the DEP suspended the due date and set a new due date of June 1, 2024 (see 
There’s a reason the Haynesville shale play in Louisiana and East Texas drills more wells than both the Marcellus and Utica shales combined. That reason? Lower taxes and less regulation. Particularly compared with Pennsylvania, where the taxes and “fees” are high and regulations are far too restrictive. Pennsylvania State Senator Doug Mastriano, who ran for governor against Josh Shapiro in 2022, is proposing to correct the situation with a new bill that would suspend the state income tax on shale drillers, among other positive moves. 
In March 2024, we reported that two Democrats and one anti-drilling RINO who run Bucks County, PA government (a Philadelphia suburb) fell for the bait by Big Green and filed a lawsuit against Big Oil companies for supposedly, knowingly, causing the Earth to toast to a cinder (see 
In February 2022, three Democrat Federal Energy Regulatory Commission (FERC) commissioners voted to adopt and immediately begin using new guidelines for approving pipeline projects by taking into account mythical global warming (GHG) factors (see 
Pine Run Gathering LLC, a joint venture owned by Stonehenge Energy and UGI, announced yesterday that it had completed a transaction to buy Superior Midstream Appalachian, LLC, for $120 million. Superior Appalachian owns and operates three gathering systems in Pennsylvania, namely Pittsburgh Mills (Allegheny & Butler counties), Snow Shoe (Centre County), and Brookfield (Tioga County). The Pittsburgh Mills system is connected to UGI’s Big Pine gathering system. All three have a combined daily flow of approximately 190 million cubic feet per day (MMcf/d).