Page 11 - NorthAmOil Week 15 2021

NorthAmOil NEWS IN BRIEF NorthAmOil

POLICY growing portfolio of certified natural effective date of the acquisition is November 1,
gas, sometimes referred to as responsibly 2020, and it is expected to close in late April.
EQT issues statement in sourced gas. When its certification said, “This is an exceptional acquisition of
Chad Stephens, president and CEO,
project with Equitable Origin and MiQ is
support of reinstating completed, EQT will be producing more mineral assets with excellent geology that fits
certified gas than any other producer’s total
well within our stated strategy to grow the
federal methane rule domestic natural gas production (certified company on an accretive basis. These assets
or uncertified). Equitable Origin has a
have compelling upside potential in a core
EQT Corporation today issued the following proven track record of certifying energy area with active drilling programmes by high
statement in support of H.J. Resolution companies on ESG indicators in accordance quality and well capitalised operators.”
34, and S.J. Resolution 14 of the 117th with its EO100™ Standard for Responsible PHX MINERALS, April 15, 2021
Congress, which provide for Congressional Energy Development, a set of rigorous
disapproval of the 2020 Methane Rescission ESG performance standards for energy Continental Resources
Rule submitted by the administrator of the development projects. MiQ, a non-profit
Environmental Protection Agency relating partnership between RMI and SYSTEMIQ, announces preliminary first
to “Oil and Natural Gas Sector: Emission is pioneering a market-based approach to
Standards for New, Reconstructed, and rapidly reduce methane emissions across the quarter 2021 production
Modified Sources Review” (85 Fed. Reg. natural gas sector.
57018 (September 14, 2020)): EQT CORPORATION, April 15, 2021 update and plans to
“As the nation’s largest natural gas
producer, EQT knows that natural gas announce first quarter 2021
will continue to play a meaningful role in UPSTREAM
accelerating a sustainable pathway to a low results on Wednesday, April
carbon future. We believe the responsible PHX Minerals announces
development of natural gas will help meet 28, 2021
future global energy demand as we address acquisition
climate change together. As an industry Continental Resources today provided an
leader in reducing methane emissions, we PHX Minerals announced today that it has update on its first quarter 2021 production
support reinstituting NSPS OOOOa as a agreed to acquire from certain third parties results.
uniform federal standard. EQT is committed certain mineral and royalty interests totalling February 2021 weather adversely
to working with elected officials, regulators approximately 2,698 net royalty acres in the impacted first quarter 2021 total production
and other stakeholders to establish sound southern SCOOP play for $11,947,000 in by approximately 6,000 Boepd (60% oil).
environmental policies that promote increased cash and stock, subject to customary closing First-quarter 2021 oil production is expected
access to clean and affordable energy sources.” adjustments. The purchase price consists of to average approximately 152,000 bopd and
Earlier today, EQT announced its $9,547,000 in cash and $2,400,000 in PHX first quarter 2021 natural gas production
commitment to seek independent certification common stock. PHX intends to raise the is expected to average approximately 935
of a majority of its produced natural gas under cash portion of the purchase price through mmcfpd. Additionally, the company is
certification standards developed by Equitable an underwritten public offering of common providing preliminary production guidance
Origin and MiQ. The certification process is stock (announced concurrently with this for second quarter 2021 of 160,000-165,000
expected to commence this month, and it is release). The stock issued in connection with bopd and 920-940 mmcfpd. The company
anticipated that certification from Equitable the acquisition will be subject to the same is on track to meet or exceed its annual
Origin and MiQ will be obtained later this terms and conditions as the other subscribers production guidance for the year of 160,000-
year. for the offering. The board of directors of PHX 165,000 bopd and 880-920 mmcfpd.
These certifications will expand EQT’s unanimously approved the acquisition. The As of March 31, 2021, the company has
reduced its total debt to $4.97bn, with a cash
balance of $96mn, equating to net debt of
$4.88bn (non-GAAP), reflecting a significant
reduction from year-end 2020. The company’s
recent debt reduction demonstrates the
continued commitment to shareholder capital
returns. The company expects to reduce total
debt to approximately $4bn or below by year-
end 2021.
The company plans to announce first
quarter 2021 results on Wednesday, April 28,
2021 after the close of trading on the New
York Stock Exchange. The Company plans to
host a conference call to discuss first quarter
2021 results on Thursday, April 29, 2021 at
12:00 p.m. ET (11:00 a.m. CT).
CONTINENTAL RESOURCES, April 13, 2021

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