Quantum Energy Partners and Tug Hill Inc. have announced the formation of a partnership (THQ) to engage in the acquisition, development and exploitation of conventional and unconventional oil and gas assets in certain North American basins. The partnership will be supported by an initial $450 million equity commitment from Quantum and Tug Hill.
Michael G. Radler founded Tug Hill in 2007 and serves as its president and CEO. In 2007, Tug Hill partnered with Chief Oil & Gas and collectively built a land position in excess of 600,000 acres in the Marcellus Shale. Radler served as the interim COO at Chief from 2009 to 2012 as the two companies developed and monetized portions of their Marcellus Shale acreage. Tug Hill has participated in over 750 Marcellus shale wells to date and plans to continue to participate in the drilling and development of its Marcellus assets. Tug Hill will continue to manage its existing Marcellus and legacy properties outside of the partnership.
Tug Hill is based in Fort Worth, Texas and QEP is based in Houston.
Recommended Reading
Post $7.1B Crestwood Deal, Energy Transfer ‘Ready to Roll’ on M&A—CEO
2024-02-15 - Energy Transfer co-CEO Tom Long said the company is continuing to evaluate deal opportunities following the acquisitions of Lotus and Crestwood Equity Partners in 2023.
For Sale? Trans Mountain Pipeline Tentatively on the Market
2024-04-22 - Politics and tariffs may delay ownership transfer of the Trans Mountain Pipeline, which the Canadian government spent CA$34 billion to build.
Summit Midstream Launches Double E Pipeline Open Season
2024-04-02 - The Double E pipeline is set to deliver gas to the Waha Hub before the Matterhorn Express pipeline provides sorely needed takeaway capacity, an analyst said.
Kinder Morgan Sees Need for Another Permian NatGas Pipeline
2024-04-18 - Negative prices, tight capacity and upcoming demand are driving natural gas leaders at Kinder Morgan to think about more takeaway capacity.
Scathing Court Ruling Hits Energy Transfer’s Louisiana Legal Disputes
2024-04-17 - A recent Energy Transfer filing with FERC may signal a change in strategy, an analyst says.