First shale IPO in years will test wary investors
After injury heals, swing looks good vs. Mets’ degrom
The first initial public offering for a shale driller in almost half a decade will test investors’ desire for an industry that’s still dusting off from last year’s historic energy-market bust.
Vine Energy, backed by private-equity giant The Blackstone Group, plans to sell 19 million shares as soon as this week. With an initial price of $16 to $19 per share, the issuance could be valued as high as $357 million.
The natural gas explorer is coming to the market as shale drillers grapple with investor pressure to restrain spending and production growth for the sake of shareholder returns and avoiding new supply gluts.
The 7-year-old company is led by Eric Marsh, the former gas chief at Encana Corp., which drilled the first exploration well in the Haynesville Shale in Louisiana about 15 years ago. Encana is now known as Ovintiv.
Vine is the first shale driller to seek an IPO since Jagged Peak Energy in early 2017. Three years later, Jagged Peak was acquired by Parsley Energy, which has since been taken over by Pioneer Natural Resources.
PORT ST. LUCIE, Fla. — Behind closed gates, on a back field beyond any outsider’s view, Alex Bregman battled back from a strained left hamstring. He fielded ground balls, sprinted around the bases and faced some of the Astros’ most prized pitching prospects in live batting practice sessions. Bregman lauded the youngsters, but what actual preparation could they afford the twotime All-star and franchise cornerstone?
Amid it all, Bregman gave glowing reports about his swing. He claimed it felt better than at any point during his injury-interrupted 2020 season. Bregman offers
so much specific scrutiny when his offensive approach is out of whack. To hear someone so selfcritical make such a lofty claim piqued interest. Tuesday offered an opportunity to confirm it
against competition no one will question.
“When you face 100, 101, 102 — I don’t know how hard he was throwing — you definitely get to
see where your timing is at,” Bregman said.
Call it a quirk or a miserable scheduling coincidence, but the Astros are facing Jacob degrom every fifth day. A regionalized Grapefruit League schedule means a steady diet of the New York Mets, Washington Nationals, St. Louis Cardinals and Miami Marlins. The Astros’ last three games against the Mets all arrived on degrom’s start day.
degrom won the National League Cy Young Award in 2018 and 2019. He finished third last season. His fastball routinely reaches triple digits. On Tuesday, he threw 15 sliders that averaged 93 mph. Bregman’s first pitch of Grapefruit League play was degrom’s hardest of the day — a 100.7 mph fourseamer.
“It’s something that you can’t really replicate off the field. It’s something you can’t really see, regardless of what you can turn a pitching machine up to,” said catcher Jason Castro, who also returned from a 14-day game absence. “It’s just not the same. Getting in there the first game back in a little bit and facing a guy like him is actually a good thing. It kind of speeds up the process a little bit.
You kind of see where you’re at.”
At least for three at-bats, Bregman allayed any concerns his long layoff might have presented. He saw seven pitches from degrom and five from four-time All-star reliever Dellin Betances. Bregman flew out to center field in all three at-bats. He did not swing and miss once.
Mets center fielder Brandon Nimmo robbed him of at least a double — and maybe a home run — off degrom during the fourth. Bregman turned on a 97.9 mph heater and sent it 386 feet into the right-center gap. Nimmo leapt at the wall to keep the baseball in
play.
“I was just happy to square a baseball up, stay on it and stay through it,” Bregman said. “He made a great play.
“I felt good. I was seeing the ball well, staying closed. The biggest thing for my swing, I think, is staying closed. The better job I do of that, the better results I’ve been getting, and (I) hope to continue that and try and do that throughout the year.”
Results are secondary in spring training. Hitters put more emphasis on their timing and mechanics — whether they feel in sync with their swings. Bregman got the barrel to two elite degrom fastballs: a 100.3 mph offering in the first and that aforementioned 97.9 mph heater in the fourth. All three balls Bregman hit carried exit velocities harder than 90 mph. Bregman’s fourth-inning blast had a 101 mph exit velocity.
“He was surprisingly good,” manager Dusty Baker said of Bregman. “He was on the ball all day.”
Bregman played five innings of third base, part of Baker’s plan. The Astros are being almost alarmingly deliberate with Bregman and Yordan Alvarez this spring.
After Tuesday’s game, Baker said Bregman will not play Wednesday against the Cardinals. The skipper stressed that Bregman did not reaggravate his hamstring.
The Astros do not appear willing to play Bregman in back-toback games yet. Alvarez’s trajectory is similar. He played Sunday and took off Monday before playing again Tuesday. Baker said Alvarez will be in Wednesday’s lineup.
“I feel great,” said Bregman, who spoke about 30 minutes before Baker. “I’ve felt great for the last week or so. I’ve been able to get lots of at-bats on the back fields, and I feel like I’m in a great spot.”
Bregman’s delayed ramp-up invites questions about a career-long issue. He finished his first 30 games of the 2017 season with a .684 OPS. In the same span during 2018, Bregman posted a .717 clip. Bregman rebounded for elite years in both instances, but his stigma as a slow starter remains — perhaps the only consistent flaw in his professional career.
Bregman slashed .272/.374/ .500 in his first 107 plate appearances last season but strained his hamstring and stalled his momentum. He never regained it — a sequence the Astros are not looking to repeat.
“All around, I felt good,” Bregman said. “Got to see a lot of good pitching today, and I look forward to doing that whenever my next opportunity is.”