EQT Shareholders Approve $10.6M Compensation for Toby Rice 2023
Last Wednesday, EQT Corporation held its annual shareholders meeting. These sorts of meetings are typically short and sweet, as was EQT’s meeting last week. Ahead of annual meetings, various resolutions are circulated for shareholders to vote on (by proxy before the meeting). There were three such resolutions on EQT’s agenda this year: Election of board members, hiring an accounting firm to do an independent audit, and executive compensation for 2023 (last year). In the bowels of the paperwork, we discovered that EQT CEO Toby Rice was being paid $10.6 million for his work last year, reckoned as $1 dollar in salary plus $9.6 million in shares of EQT stock and $1 million in incentive compensation. Rice’s compensation last year is actually down from 2022 ($11.6 million) and 2021 ($16.9 million).
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Last week, the Baker Hughes rig count regained a couple of rigs; for the first time in five weeks, the count has gone up instead of down. The count went from 617 active rigs two weeks ago up to 619 last week. Since last October, the national count has gone as low as 616 and as high as 629. And that’s it. No higher and no lower. The Marcellus/Utica lost one rig last week and now runs 41 rigs. Pennsylvania remained constant with 22 rigs; Ohio lost a rig and now operates 11 rigs; and West Virginia remained the same with 8 rigs.
Things may finally be turning around for the problem-plagued Freeport LNG export facility located in Quintana, Texas. Last week we reported gas flows to the facility had dropped to “near zero” for at least five days in a row (see 
Today is the annual day when environmental wackos demand fealty to Mother Earth. You WILL bow down and worship the creation (instead of the Creator) or risk being excommunicated from polite company. We thumb our noses at Earth Day worshipers and declare our love for the miracle of fossil energy on this Earth Day. We invite you to join us in celebrating the greatest invention of mankind–fossil fuels!
MARCELLUS/UTICA REGION: Marcellus Shale Coalition chief touts virtues of natgas production in area; Dems, like Bob Casey, who backed Biden’s war on energy will pay; OTHER U.S. REGIONS: Biden limits oil drilling across Alaska’s petroleum reserve; NATIONAL: Left-wing group with shady backing takes prominent role against gas stoves; Biden has taken over 200 actions against US oil; Federal agencies target ExxonMobil and Chevron acquisitions; The U.S. Supreme Court should shut down energy lawfare chaos; INTERNATIONAL: Saudi Arabia needs oil price near $100, IMF says; Why Israel Iran skirmish failed to move oil price above 6-month highs.
Two weeks ago, for April 1 – 7, there were eight new permits issued (see 
Over the past seven-plus years, BKV Corporation (Banpu Kalnin Ventures), the American arm of Banpu (96% owned by Banpu, Thailand’s largest coal mining company), has become one of the top 20 gas-weighted natural gas producers in the U.S. BKV originally entered the American shale sector by investing $500 million in 2016-2017 to buy existing Marcellus wells and acreage in northeast Pennsylvania. Then the company went wandering into other shale plays (see 
Exactly a year ago, MDN brought you the good news that a company based in Houston, Texas called Encina (not to be confused with Encino Energy, which drills for natural gas and oil in Ohio) was proposing to build a $1.1 billion plastics recycling plant along the Susquehanna River in Northumberland County, PA — about 60 miles north of Harrisburg (see 
LS Power, headquartered in New York City, has developed or acquired 47,000 megawatts (MW) of power generation, including utility-scale solar, wind, hydro, battery energy storage, and natural gas-fired facilities. We’ve previously mentioned LS Power in a number of MDN articles (
According to S&P Global Commodity Insights, U.S. power sector natural gas demand set another record high in the first quarter and has remained higher year over year into April. Demand from the power sector for natural gas totaled 32.7 Bcf/d (billion cubic feet per day) in the first quarter of 2024, up 2 Bcf/d from the first quarter of 2023. The trend has continued into April. Gas demand from power plants averaged 30.8 Bcf/d from April 1-18, which is 2.1 Bcf/d higher than the same period of 2023. However, whether the trend will continue through the rest of the year is an open question.
A local community receiving a federal grant of $14 million (arranged by a local Congressman) to improve natural gas infrastructure, like replacing worn-out gas pipes, is a fairly common occurrence across most of the country. But it’s not a common occurrence when the community receiving the grant and doing the work is located in New York State — a state that is utterly hostile to even a single square inch of new natural gas infrastructure. That’s what makes this story so unusual, so “man-bites-dog” in nature. Bath and Woodhull (both in Steuben County, NY) are receiving a combined $14 million to replace nearly 18 miles of natural gas pipelines.
Bloomberg is reporting that White House officials have restarted discussions about potentially declaring a national “climate emergency” in order to unlock sweeping federal powers in order “to stifle oil development.” Yeah, you read that right. The Bidenistas want to destroy the U.S. oil industry. Declaring an emergency would grant the president sweeping powers that “could be used to curtail crude exports, suspend offshore drilling, and curb greenhouse gas emissions.” These radicals are over-the-top drunk on power. They are authoritarian (Communist) to their core. They are the opposite of what this country was founded on — freedom.
In January 2023, Pennsylvania State Senator Scott Martin (from Lancaster, PA) hosted a reelection fundraiser at an Italian restaurant in nearby Harrisburg. A pretty swanky fundraiser, too, at $1,000 a plate. Like it or not, this is how it works in the world of politics. Martin happens to be a Republican and a supporter of fossil energy. Those two things send leftists into orbit. A small group of far-left (professional) protesters showed up at the entrance of the restaurant to make a lot of noise and to make silly asses of themselves (which they excel at doing). One of them tilted over into criminality. He obstructed the doorway to the restaurant and would not let anyone enter or leave — a fire hazard at a minimum. Justice was finally rendered on Wednesday in a Dauphin County courtroom.
In October 2019, Eureka Resources, which operates three frack wastewater treatment facilities in the Marcellus Shale (and is building a fourth facility in Dimock, PA), began extracting lithium from Marcellus wastewater at one of its plants in Bradford County, PA (see 