Rice Energy co-founders Toby Rice and Derek Rice on Monday called for a “course correction” at EQT Corp., which they said is severely undervalued and in need of more executives with “proven operational experience” like themselves.
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Rover Pipeline LLC and FERC remain at odds over pending in-service requests for the final portions of the 713-mile, 3.25 Bcf/d project, with the operator this week defending its actions after Commission staff scrutinized missed restoration deadlines.
The FERC deputy secretary who granted a request from two New Jersey agencies to rehear an order that issued certificates authorizing the PennEast pipeline was acting outside his authority, according to New Jersey Attorney General (AG) Gurbir Grewal.
U.S. Sen. Tim Kaine (D-VA) has written Chairman Kevin McIntyre asking that FERC grant rehearing requests on the Appalachia-to-Southeast Atlantic Coast (ACP) and Mountain Valley pipeline (MVP) projects.
Citing a report that Obama-era environmental enforcement against Devon Energy Corp. could be rolled back, a high-ranking Senate Democrat is once again questioning Environmental Protection Agency (EPA) Administrator Scott Pruitt over his ties to the Oklahoma City-based operator.
Range Resources Corp. produced a record 1.85 Bcfe/d during the fourth quarter. The period’s volumes were lifted by performance in the Marcellus Shale and the company’s $4.4 billionacquisition of Memorial Resource Development Corp. and assets in the Cotton Valley Sands Terryville Complex in North Louisiana. Range produced 1.43 Bcfe in 4Q2015. The company has set a capital budget of $1.15 billion for 2017 to set it up for 33-35% growth this year and 20% year/year growth in 2018. The company plans to spend two-thirds of the budget in the Marcellus and one-third in North Louisiana, where it will move forward with more welltests this year. Range reported a fourth quarter net loss of $161 million (minus 66 cents/share), compared to a net loss of $322 million (minus $1.93) in the year-ago period. Revenue for the quarter was down 38% from 4Q2015 to $254 million.
As state budget hearings kicked-off on Tuesday, calls to increase the Pennsylvania Department of Environmental Protection’s (DEP) general fund appropriations were again voiced, this time by the agency’s Citizens Advisory Council.
In a strongly worded rebuttal, Democratic Gov. Tom Wolf on Monday lashed out at the Pennsylvania Chamber of Business and Industry for its role in opposing his severance tax proposal on oil and natural gas production in the state, calling the group’s stance “unacceptable” and accusing it of appeasing special interests.
Pennsylvania’s top oil and gas trade groups have sent a letter to Republican and Democratic leaders in both chambers of the state legislature, urging against the passage of a new severance tax on the industry.