Posts Authored by Aaron M. Bruggeman

Commission that oversees fracking to recommend changes to law

Ohio Oil and Gas Leasing Commission members are recommending changes in state law “governing fracking on public land and the size and operations of the commission,” The Columbus Dispatch reports. The Ohio Department of Natural Resources (ODNR) staff proposed changes and presented them to the commission, which includes ODNR Geological Survey Division Chief Mike Angle, “two members representing oil and gas interests, attorneys Matt W. Warnock and Michael W. Wise,” former Ohio EPA director Richard Shank representing the environment, and a public representative, former state Bureau of Workers’ Compensation CEO Steve Buehrer.

Proposed changes include ensuring “there are no conflicts of interest involving commission members when it comes to mineral rights,” adding members to the commission, and clarifying language “to allow state agencies to make lease stipulations,” among others. There are 2,142 wells on or beneath public property in Ohio; 64% of them are active, including 503 in wildlife areas, 31 in state parks, 20 in preserves and 10 in state forests. For more, read the full article.

Ohio

Marathon Petroleum executives resist idea to split company

Marathon Petroleum CEO Gary Heminger and Greg Goff, one of the company’s directors, recently assured employees “the company intends to continue as a diversified oil and gasoline company” in response to a New York hedge fund’s recommendation to break Marathon into three companies, the Akron Beacon Journal reports. Findlay-based Marathon operates a refinery in Canton and is the “majority owner in a partnership that operates MPLX, an oil and natural gas gathering network with operations in Stark County and the Utica Shale.”

Elliott Management, which owns 2.5% of Marathon’s stock, said it believes Marathon would be more valuable if the company split into three businesses: Speedway gas and convenience stores, a refining operation, and MPLX as a standalone “midstream business moving oil and natural gas from wells to refineries and processors.” For more, read the full article.

National

Cabot to sell stake in Meade Pipeline Company

Houston-based Cabot Oil & Gas Corp. has reached an agreement to sell its 20 percent stake in Meade Pipeline Co. to NextEra Energy Partners for $256 million, the Pittsburgh Business Times reports. Cabot’s regional headquarters is based in Pittsburgh; Meade “carries Marcellus Shale gas on the Atlantic Sunrise in eastern Pennsylvania,” and is “30 percent owner of the Central Penn Line, a 185-mile segment of the Atlantic Sunrise pipeline,” according to the article. The deal is expected to close by the end of this year. For more, read the full article.  

National, Pennsylvania

15 drilling permits issued in Utica-Point Pleasant shale

The Ohio Department of Natural Resources (ODNR) approved 15 permits for horizontal well drilling in the Utica-Point Pleasant shale for the week ending August 31, 2019, The Business Journal reports. Nine permits were awarded to Ascent Resources Utica LLC, five were awarded to EAP Ohio LLC, and one was awarded to Triad Hunter LLC. The ODNR reported 2,684 wells had been drilled in Ohio, with 2,266 active as of August 31. For more, read the full article.

Ohio

Ohio loses natural gas investments because of nuclear power subsidies

The Columbus Dispatch reports that two companies have canceled plans to build or expand natural gas power plants in Northern Ohio in the wake of the fees levied on consumers by HB 6. The fees will subsidize coal and nuclear plants, and according to some oil and gas spokespersons, disincentivize natural gas interests.  The president of Clean Energy Future estimates an economic loss of $29 billion over the 50-year life of one shelved plant in Lordstown. Read the full story.

Ohio

Rice addresses town hall

Toby Rice, the new CEO of EQT, addressed a town hall meeting that drew nearly 200 landowners to Union Local High School in Belmont, Ohio, reports The Intelligencer Wheeling News-Register. Rice discussed his recent election to CEO and the change in leadership at EQT, and sought to assure those present that the deficiencies in EQT’s operations were a thing of the past. Rice is quoted, “We want to be the operator of choice…we’re going to continue treating our landowners with respect.” He outlined EQT’s plans surrounding the $1.5 billion investment in natural gas in Belmont County, including their partnership with Gulfport Energy and the proposed cracker plant. Landowners voiced some concerns but were generally receptive to Rice. Read the full story.

Ohio

Rice installs executives at EQT

The Pittsburgh Post-Gazette reports that EQT’s new CEO Toby Rice has appointed a slate of executives from his former company Rice Energy, Inc., including general counsel William Jordan, CIO Tony Duren and CHRO Lesley Evancho. Other key positions have been filled but were not yet named. These executives have been tasked with leading EQT through the transition period and implementing Mr. Rice’s proposed 100-day plan. Read the full story, including market and production goals and Mr. Rice’s thoughts on company culture.

Pennsylvania

UGI expands midstream portfolio with acquisition

UGI Energy Services, a subsidiary of UGI Corporation, has announced that it has entered into an agreement with TC Energy to acquire the equity interests of Columbia Midstream Group from one of TC Energy’s subsidiaries. The deal is worth roughly $1.25 billion, and will allow UGI to “expand [their] midstream capabilities in the prolific…Southwest Appalachian Basin,” according to UGI president and CEO John L. Walsh.  Other “compelling financial and strategic benefits,” according to UGI and reported by BusinessWire, include diversification, expansion of revenue, portfolio-building and an expanded footprint in the midstream asset market across Utica and Marcellus. Read the full story, including financing and closing details, here.

Ohio

Permit for proposed injection well, RUMA stalled by township trustees

The Intelligencer: Wheeling News-Register has reported that the Richland Township (Belmont County) trustees have tabled indefinitely two key items which would allow Omni Energy Group to drill and operate at the intersection of U.S. 40 and Ohio 331: the permit for the proposed well and the road use maintenance agreement for Omni’s ongoing operations in relation to the well. Likewise, the trustees have requested the involvement of the county and state and federal representatives. Concerns are running high among residents, some citing fears of health threats, some the noise and disruption of construction; some are skeptical of wastewater well technology in general. The discussion is ongoing; the next trustees’ meeting is August 7. Read the full story.

Ohio

Rice and his team are once again in control of EQT

Toby Rice sold Rice Energy Corp. to EQT Corp. in 2017. On Wednesday, July 10, 2019, as reported in the Pittsburgh Post-Gazette, after a nine-month campaign culminating in a shareholder vote, a majority Rice-nominated slate has taken over the board and installed Mr. Rice as CEO. EQT posted disastrous results in 3Q 2018, which is cited as a major catalyst for this change. Plans are under way for the transition and all involved are looking to a successful transformation. Read the full story.

Pennsylvania
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