Worth a Share…

Worth a Share…

With all the talk about sending the fossil fuels industry packing in favor of renewables, a reminder is in order of what even one day without oil and gas would look like. No question, fracking and horizontal drilling have led to our nation’s energy independence from rogue characters and, in turn, protects our national security. American energy is the bedrock of virtually every industry, including the manufacture of “green” components like solar panels and wind turbines. You have to look mighty close at the raw materials used to make even the most common household items—from toothbrushes, tires, and athletic shoes, to eyeglasses, clothing, computers, and cell phones—to find one that doesn’t require hydrocarbons to produce. A single day without oil and gas, never mind their position as the dominant fuels to power vehicles, warm/cool homes, cook, and generate electricity, would eliminate hundreds if not thousands of goods and materials we depend on to live, work, and sustain industries. While the combustion engine will one day face its maker, the death of crude oil and natural gas is not as imminent as one might believe.

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A TKO Looms in Appalachia

A TKO Looms in Appalachia

In what could be a stunning one-two punch, Pittsburgh-based natural gas giant EQT looks to score two big prizes that would mark CEO Toby Rice’s first deals since being named to his post in July last year. The 38-year-old Rice already presides over the largest supplier of natural gas in the nation. With more than 1 million gross acres in the Marcellus and Utica, EQT is the undeniable juggernaut in Appalachia producing 4.1 BCFD and holding 15.1 TCF of proved reserves. Reese Energy Consulting today is following the latest news from EQT, which has announced it will acquire Chevron’s upstream and midstream assets in the Appalachian Basin for $735 million. EQT’s first offer was $750 million. The bolt-on deal includes 335,000 net acres in the Marcellus, 100 wells, a 31% interest in Laurel Mountain Midstream, and two water systems. Current net production is 450 MMCFD. But wait, there’s more. EQT also has made a takeover offer for CNX Resources that would make EQT the largest price setter in the region. With a market cap of $2.6 billion, CNX produces 1.38 BCFD. Can’t wait to watch this prize fight.

EQT

EQT Corporation is a company engaged in hydrocarbon exploration and pipeline transport. It is headquartered in EQT Plaza in Pittsburgh, Pennsylvania.

www.eqt.com

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Learn more about our natural gas services at www.ReeseEnergyConsulting.com.

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