Rice Bros. Win Proxy War to Control EQT – Toby Rice New CEO
Monumentally BIG NEWS! The Rice boys, Toby and Derek, have won the proxy fight to elect their candidates to the EQT board. In a joint announcement made this morning, preliminary results show the Rice boys prevailed in a huge upset (80% of the vote) to gain control of the largest natural gas producing company in the U.S. Later today the new board will meet and vote to appoint Toby Rice CEO and President of EQT. The firing and replacement of top management won’t be far behind.
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Last July a group of 100+ southwestern Pennsylvania landowners sued EQT for failure to pay them rental fees for storing natural gas under their properties (see 
Little by little, piece by piece, the evidence continues to mount that PTT Global Chemical and their partner Daelim Chemical will make a positive final investment decision (FID) to build a multi-billion dollar ethane cracker in Belmont County, OH. On Monday we told you the State of Ohio is investing another $30 million in the project, even though the project is not officially a done deal, yet (see 
In March 2016, the Federal Energy Regulatory Commission (FERC) approved Tennessee Gas Pipeline’s (TGP) Connecticut Expansion project (see 
New York State is so screwed. Let’s just be honest–there’s no saving the Empire State now. (We can say these things because we live here.) Following the passage of a recent law (see 
MARCELLUS/UTICA REGION: Only explosion from natural gas leak came on social media; Thrasher says WV’s economy could slow after natural gas boom; Three permits issued in Ohio’s Utica-Point Pleasant; OTHER U.S. REGIONS: Berkeley to consider prohibiting natural gas in new buildings; NATIONAL: In 2018, 90% of the natural gas used in the United States was produced domestically; Animated chart of the day: US electricity generation by fuel source, 1949-2019; US EIA expects lower gas spot prices, some deceleration in gas production growth; Zero-carbon natural gas not good enough?; Tom Steyer officially announces presidential bid.
When so-called protesters take the law into their own hands and illegally block a legal activity, like building a pipeline, they should be arrested and the maximum sentence should be enforced. If that doesn’t happen, people begin to disrespect and not trust our legal system. Such a miscarriage of justice happened yesterday in Lancaster County, PA. A group of seven radicalized anti-pipeline activists, including an 88-year-old grandma, were given a pass by a local judge for their illegal actions in blocking pipeline construction back in 2017. One more erosion of our legal system.
A project we’ve been tracking since 2017, a 620 megawatt Marcellus-fired electric plant in Greene County called Hill Top Energy Center (
A little over a year ago CNX Resources announced that the company had signed a long-term contract with Evolution Well Services to use Evolution’s 100% natural gas-fueled electric pressure pumping equipment (see 
The pipeline situation today in the Marcellus/Utica region is far different than it was just a year or two ago. Not long ago lack of pipelines meant we had an overabundance of natural gas in the region without buyers, driving prices into the basement. Today? It’s all different. Because of new and expanded pipelines coming online over the past couple of years, producers (i.e. drillers) today have options on where to send their natural gas–fetching far better prices in new markets. In fact, according to the analysts at RBN Energy, “The spate of pipeline expansions and additions in the past two years have not only caught up to production but capacity now far outpaces it.” That’s a big switcheroo.
It may be time to boycott the products and services of Salesforce.com, Microsoft, LinkedIn (owned by Microsoft), Apple and other Big Tech firms who are attempting to force Dominion Energy to abandon plans to build clean-burning, natural gas-fired electric plants in Virginia to power data centers. To which we say, go find your electricity somewhere else, you fools. Go build your own solar farms and windmills, see how far you get in supplying your huge electric demands. And tell your customers “Oops, sorry!” when the electricity cuts out and the data centers go dark when the sun doesn’t shine and the wind doesn’t blow.