Renewable Rice

Renewable Rice

The headlined proxy war in 2018 between two natural gas “machines” is practically stuff of legend. A year before, Pa.-based EQT acquired Rice Energy for $8.2 billion, creating the nation’s largest natural gas producer. But there was a caveat to the deal; namely, a pledge by EQT that the combined company would operate more efficiently, spend less, and make more. But in short order, the merger fell into failure. EQT’s stock price plunged 42% to the tune of $4 billion. So, the Rice Brothers came calling along with shareholder insistence to boot bosses, displace board members, and elect Toby Rice as EQT’s new CEO. Suffice it to say, the Rices know how to produce conventional gas profitably. Now, they plan to take renewable gas to the stratosphere. REC today is following the latest from Rice Acquisition Corp., which has purchased Aria Energy and Archaea Energy for $1.27 billion. Combined, the two will be sworn in as the nation’s largest producer of RNG captured from landfills, with a dozen projects in place, 20 more in the works, and plans to triple output in three years.

 

EQT Corporation

EQT Corporation is a leading independent natural gas producer with an evolutionary focus on our future. EQT has operations in Pennsylvania, West Virginia and Ohio and is dedicated to responsibly developing our world-class asset base in the core of the Appalachian Basin. EQT is making strides toward becoming the best producer by creating long-term value for all stakeholders, including employees, landowners, communities, industry partners and investors.

www.eqt.com

What do you think? Learn more about REC and our natural gas marketing services at www.ReeseEnergyConsulting.com.

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Turn the Page

Turn the Page

Houston-based Alta Resources appears ready to close the book on a company that not so long ago counted the “father of fracking” as an early business partner. Reese Energy Consulting today is following the latest news from Alta that now looks to sell its position in the gas-rich Marcellus for $3 billion. The lucky buyer will receive 537,000 gross and 239,000 net acres, 900 wells across six Pa., counties, and the final chapter in the legacy of Texas billionaire wildcatter George Mitchell. During the 80s and 90s, Mitchell spent nearly 20 years in lesser-known fields testing his hydraulic fracturing processes to unlock oil and gas from embedded shale. He honed his techniques in the Barnett play, pairing horizontal drilling with a cocktail of water, sand, and chemicals under high pressure. The cost was astronomical, his staff thought he was nuts, but Mitchell stayed determined to make fracking commercially viable. And he did—launching the nation’s shale revolution. After selling his company to Devon for $3.1 billion, Mitchell joined Alta in 2001 where he stayed until his passing in 2013. He was 94.

 

Alta Resources

Alta Resources, LLC is a private company headquartered in downtown Houston. Founded in 1999, Alta has been a leader in the exploration for and development of shale oil and gas assets from the Fayetteville Shale in Arkansas and the Marcellus Shale in Pennsylvania to the liquids-rich Duvernay Shale play in the Kaybob area of Alberta, Canada.

www.alta-resources.com

What do you think? Learn more about REC and our natural gas expertise at www.ReeseEnergyConsulting.com.

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Equinor Makes a U.S. Exit

Equinor Makes a U.S. Exit

After a hugely disappointing year, Norway-based Equinor has sold one of its last two remaining onshore U.S. operations. Reese Energy Consulting today is following the latest news from oil and gas giant Equinor (neé Statoil), which last year halted all drilling in the Marcellus/Utica and the Bakken. The government-owned company now has announced the sale of its Bakken shale assets in a $900 million deal with Houston-based Grayson Mill Energy. Backed by EnCap, Grayson—an operator primarily in the Powder River Basin—will acquire 242,000 net acres with about 48,000 BPD in production. As part of the agreement, Equinor will transfer employment of its Bakken field personnel and a number of support teams to Grayson Mills. With drilling operations in 30 countries, Equinor last month was selected to provide N.Y., with offshore wind power in one of the largest renewable energy procurements in the U.S., totaling 3.3 gigawatts. The project will include converting the South Brooklyn Marine Terminal and the Port of Albany into large-scale offshore wind-working facilities as part of N.Y.’s ambition to become a wind industry hub.

Equinor

Equinor is committed to turning natural resources into energy for people and progress for society, in over 30 countries worldwide. Equinor is developing as a broad energy company, leveraging strong synergies between oil, gas, renewables, carbon capture and hydrogen.

www.equinor.com

What do you think? Learn more about REC at www.ReeseEnergyConsulting.com.

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