EQT Corp. has completed the purchase of the upstream and midstream operations of Olympus Energy for $1.8 billion and consequently raised its projected sales volume for 2025 by 100 billion cubic feet of natural gas equivalent (Bcfe). The Appalachian Basin-focused producer said in its quarterly report it expects to integrate the new assets within a month. “The assets comprise a vertically integrated, contiguous 90,000-net-acre position offsetting the company’s existing core acreage in Southwest Pennsylvania with net production of approximately 500 MMcf/d [million cubic feet a day]”, EQT said April 22 announcing the deal. “Olympus Energy has over 10 years of high-quality Marcellus inventory at maintenance activity levels, with an additional seven years of upside from the Utica”, EQT said. “Olympus Energy’s integrated platform and high-quality inventory drives an unlevered free cash flow breakeven price comparable to the company’s peer-leading cost structure”. In the second quarter EQT logged 568 Bcfe in sales volumes, up 60 Bcfe from Q2 2024, “driven by strong well performance and compression project outperformance, underscoring continued synergy capture momentum from the company’s acquisition of Equitrans Midstream Corp.”, EQT said. EQT took over Equitrans last year, with president and chief executive Toby Z. Rice calling the enlarged EQT “America’s only large-scale, vertically integrated natural gas business”. For the full year 2025, EQT raised its sale volume guidance from 590-640 Bcfe to 2,300-2,400 Bcfe. Meanwhile its Q2 2025 adjusted net result rebounded to $273 million, compared to an adjusted net loss of $37 million for Q2 2024. EQT’s adjusted earnings per share of 45 cents beat the Zacks Consensus Estimate of $0.44. Before adjustment for nonrecurring items, net profit was $784 million, up $774 million against Q2 2024. Adjusted earnings before interest, taxes, depreciation and amortization totaled $1.03 billion, up $563 million compared to Q2 2024. Adjusted operating cash flow

Constellation Energy Corporation said it has received regulatory approval from the Federal Energy Regulatory Commission (FERC) for its previously announced acquisition of Calpine Corporation. The approval represents the most recent step forward in the transaction following earlier approvals by the New York Public Service Commission and the Public Utility Commission of Texas, the company said in a news release. The transaction, which is expected to close in the fourth quarter of 2025, remains subject to clearance by the Department of Justice and other customary closing conditions, according to the release. “We appreciate FERC’s timely attention, review and approval of this transaction,” Constellation President and CEO Joe Dominguez said. “As electricity demand accelerates, this combination gives us the ability to best serve the nation’s industries and communities with the clean, always-on power they need to grow and thrive”. The two companies have entered into an agreement under which Constellation will acquire Calpine in a cash and stock transaction valued at an equity purchase price of approximately $16.4 billion, composed of 50 million shares of Constellation stock and $4.5 billion in cash plus the assumption of approximately $12.7 billion of Calpine’s net debt. After accounting for cash that is expected to be generated by Calpine between signing and the expected closing date, as well as the value of tax attributes at Calpine, the net purchase price is $26.6 billion, Constellation said earlier. The acquisition “creates the cleanest and most reliable generation portfolio in the USA, with a diverse, coast-to-coast portfolio of zero- and low-emission generation assets,” Constellation said. The combination of Constellation and Calpine will have nearly 60 gigawatts (GW) of capacity from zero- and low-emission sources, including nuclear, natural gas, geothermal, hydro, wind, solar, cogeneration and battery storage. The combined company’s footprint will include a significantly expanded presence in Texas, the

The U.S. Department of Energy (DOE) has issued an emergency order allowing PJM Interconnection to operate Unit 4 of the Wagner Generating Station beyond its normal limits. The DOE said in a media release that it allowed PJM, in coordination with Talen Energy Corporation, to run specified units at the Wagner Generating Station as PJM deems necessary to meet anticipated electricity demand. “This order reduces the threat of power outages during peak demand conditions for millions of Americans”, Secretary of Energy Chris Wright said. The order is in effect from July 28 through October 26, 2025, and is the fifth emergency order authorized by Section 202(c) of the Federal Power Act that Secretary Wright has signed since assuming office, the DOE said. On January 20, 2025, President Donald Trump issued Executive Order 14156, declaring a National Energy Emergency. The order emphasized that the country’s insufficient energy supply and outdated infrastructure threaten U.S. energy security and have led to high energy costs for Americans, the DOE said. In the DOE’s “Resource Adequacy Report: Evaluating the Reliability and Security of the U.S. Electric Grid”, the department warned that if existing retirement plans and addition schedules continue as planned, most regions could face severe reliability problems within five years, and the power grid may fail to meet future demand. Section 202(c) of the Federal Power Act gives the DOE the authority to support electricity companies during times of emergencies when they would otherwise not be permitted to supply Americans with reliable, consistent power by superseding normal regulatory requirements, the DOE said. PJM has expressed concerns about resource adequacy due to load growth and the retirement of dispatchable resources. In its February 2023 assessment, PJM underscored reliability risks stemming from mismatched timing between retirements, load growth, and new generation entry. To contact the author,

Baker Hughes said it was awarded a contract by Genesis Energy to provide drag-reducing agents (DRAs) for two critical offshore oil pipelines serving the U.S. Gulf Coast. The multi-year agreement includes chemicals, associated management services, and the deployment of Baker Hughes’ Leucipa automated field production solution to optimize operations, the company said in a news release. Under the agreement, Baker Hughes will provide DRAs from its FLO product line to support the transportation of both light and heavy crude from offshore platforms to storage and refining facilities in Texas and Louisiana. Financial terms of the contract were not disclosed. The use of DRAs and midstream solutions will significantly increase the capacity of the Cameron Highway Oil Pipeline and Poseidon systems, each of which is operated and 64 percent owned by Genesis Energy, allowing for increased oil production and enhanced crude slate flexibility in the Gulf, Baker Hughes said. “As America’s energy demand continues to grow, it is crucial that midstream capacity keep up with production to avoid bottlenecks,” Amerino Gatti, executive vice president of oilfield services and equipment at Baker Hughes, said. “Fortunately, technology provides the solution to this challenge. By utilizing DRAs to reduce friction between pipelines and the hydrocarbon resources that flow through them, as well as AI to optimize their operation, Genesis can increase its capacity without the need for large investments of time and capital, all while helping the country meet its energy needs”. Strategic Partnership with Petronas Earlier in the month, Baker Hughes said it entered into a memorandum of understanding (MoU) with Petroliam Nasional Berhad (Petronas) on a strategic partnership to explore business initiatives aimed at supporting the delivery of Asia’s energy expansion and transition. The MoU “serves as a foundation for collaboration initiatives between the two companies to enhance local supply chain capabilities

UK union Unite announced that around 350 offshore workers are “traveling towards strike action in disputes with offshore operators and companies”, in a statement sent to Rigzone by the Unite team recently. Workers employed by Repsol, CNOOC, and MCL Medics are all involved in strike ballots or forthcoming industrial action on offshore platforms, Unite highlighted in the statement. “Over 200 Repsol workers have rejected several unacceptable pay offers with the latest amounting to a three per cent increase in basic pay,” the union said in the statement. “Unite can confirm its membership has emphatically backed strike by 92.1 per cent after rejecting the latest pay offer,” it added. The union noted in the statement that industrial action is now set to hit Repsol’s Arbroath, AUK, Bleoholm, Claymore, Clyde, Fulmer, Montrose, and Piper Bravo assets “in a series of stoppages”. Unite said a one day strike will commence at 06:00 on August 6, 13, and 28 and added that a further stoppage will take place on September 4. A continuous overtime ban will also be in operation, according to the statement. The union claimed in the statement that “the impact of industrial action will lead to the shutting down of platforms as the workers involved include control room operators, supervisors, electricians, technicians, mechanics and HSE advisors”. A further 130 CNOOC workers are being balloted on industrial action in a dispute over jobs, pay, and conditions on the Buzzard, Scott, and Golden Eagle platforms, Unite said in the statement, noting that several offers concerning pay and allowances have been rejected by the workers, with the latest amounting to a 4.25 percent increase in basic pay. The union highlighted in the statement that a ballot on industrial action opened on July 25 and will close August 28. “Unite believes that the impact of

Cue Energy Resources Ltd., which produces oil and gas in Australia, Indonesia and New Zealand, has reported an output of 148,300 barrels of oil equivalent (boe) for the fourth quarter of fiscal year 2025. That was down from 156,100 boe for the prior three-month period. Cue Energy derived over 1,900 barrels and 0.34 petajoules from Australia in the quarter ended June, up for liquids but down for gas. New Zealand production dropped to just over 19,000 barrels. In Indonesia, the Mahato block contributed over 52,000 barrels, up from fiscal Q3 2025; the Sampang production sharing contract (PSC) produced 215 barrels and 0.12 petajoules, both down sequentially. Cash receipts totaled AUD 11.1 million ($7.21 million), down from AUD 15.3 million for fiscal Q3 2025. “Net cash flow was impacted by higher cash outflow from accelerated drilling activities at Mahato and delayed receipts from a Maari oil sale, with proceeds received after quarter end”, Cue Energy said. “The company’s balance sheet remains in a strong position, with no debt and a cash balance of $10.8 million”. In Australia, the volume of gas sold “remained consistent with the previous period, with the recently drilled WM29 and WM30 wells continuing to outperform pre-drill expectations”, Cue Energy said without disclosing sale volume figures. “The Northern Gas Pipeline (NGP) remained open for most of the quarter, closing again at the end of June due to maintenance works affecting other NT [Northern Territory] gas supply. Under existing contract terms, when the NGP is closed, Cue’s east coast gas sales are redirected into the NT, including to the NT government, minimizing the impact of NGP outages. “Oil sales from Mereenie were partially constrained due to current offtake arrangements. As a result, four wells with lower gas-to-oil ratios have been temporarily shut in to reduce liquids volumes, leading to