Allegheny County | Antero Resources | Apex Energy | Ascent Resources | Belmont County | Butler County | CNX Resources | Energy Companies | EQT Corp | Greene County (PA) | Guernsey County | Gulfport Energy | INR | Jefferson County (OH) | Laurel Mountain Energy | Lycoming County | Ohio | Olympus/Huntley & Huntley | Pennsylvania | Range Resources Corp | Tyler County | Weekly Permits | West Virginia | Westmoreland County
27 New Shale Well Permits Issued for PA-OH-WV Jan 22 – 28
There were 27 new permits issued to drill in the Marcellus/Utica during the week of Jan. 22 – 28, versus 20 permits issued during the prior week. Pennsylvania issued 19 new permits last week. Ohio issued 5 new permits. West Virginia issued 3 new permits last week. Olympus Energy scored the most new permits with 7, all of them in Westmoreland County, PA. Apex Energy came in second with 6 new permits, also in Westmoreland. In fact, Westmoreland County, in southwestern PA, received 15 new permits last week, by far the most of any county.
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Shippers, including drillers, utility companies, and others that buy and sell natural gas, are now free to buy and sell producer-certified gas (PCG) or responsibly sourced gas (RSG) at all pooling points across the Tennessee Gas Pipeline (TGP) system following a decision by the U.S. Court of Appeals for the District of Columbia (DC Circuit). The judges of the DC Circuit dismissed a case brought by Antero Resources and EQT Corporation attempting to block TGP’s plan. We will explain.
EQT CEO Toby Rice appeared on CNBC’s ‘Money Movers’ program last Friday to discuss what he expects for natural gas prices this year, what lower natural gas production means for EQT, and more. It was an interesting segment (watch it below; it is just four minutes long). Rice said, among other things, that a key issue for people to understand is that the marginal cost (i.e., the breakeven cost) in the U.S. to produce natural gas is around $3.50/MMBtu, which will hold production levels flat. Prices lower than that lead to lower production.
How was 2023 with respect to the return on investment (ROI) in the stocks of gas-focused (largely Marcellus/Utica) drillers? Of the three classes of O&G companies — oil-focused, diversified, and gas-focused — it was the gas-focused drillers who had the best stock returns in 2023, according to an analysis by RBN Energy. Gas-weighted E&Ps posted a 7% median gain last year, according to RBN. Most of the companies in RBN’s list of gas-focused drillers have major operations in the M-U. Let’s have a look at how each one did.
Reuters is reporting a rumor, based on “people familiar with the matter,” that EQT Corporation, the largest natural gas driller in the United States (by production), is shopping its 25% non-operated interest in a number of producing gas wells in northeastern Pennsylvania for $3 billion. Chesapeake Energy is the majority owner and operator of the wells.
There’s been a lot of news coming from the UN COP28 climate event in Dubai. In some respects, we feel like it’s a firehose of news about leftists targeting fossil energy (even though the event is being hosted by the CEO of a fossil fuel company). COP28 runs from Nov. 30 to Dec. 12, so we will bring you important news from the event in due course. Today, we focus on one bit of news: Some 50 oil and gas companies from around the world, representing 40% of global oil production, launched a new initiative called the Oil and Gas Decarbonization Charter (OGDC). EQT Corporation is one of the 50 participants.
In July 2022, MDN brought you news of a possible frac-out, or “inadvertent return” that happens when drilling mud pops out of places where it’s not supposed to — places outside the borehole being drilled (see