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DT Midstream 4Q – M-U Pipeline Operations Expand, Looking for M&A
DT Midstream (DTM), headquartered in Detroit, owns major assets in the Marcellus/Utica region and other regions like the Haynesville. DTM issued its fourth quarter 2023 update last Friday. The Marcellus/Utica region (which they call Northeast in the report) received several prominent mentions during a conference call with analysts. Also of note were comments by DT CEO David Slater, who said he’s positioning the company to take advantage of “bolt-on” opportunities in the regions where they operate. Meaning he’s on the lookout for mergers and acquisitions.
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There were 19 new permits issued to drill in the Marcellus/Utica during the week of Feb. 5 – 11, versus 20 permits issued the prior week. Pennsylvania issued 13 new permits last week. Ohio issued 4 new permits. West Virginia issued 2 new permits last week. Range Resources scored the most new permits with 5 split between Allegheny and Beaver counties in PA. Chesapeake Energy received 4 permits in Bradford County, PA. Seneca Resources received 4 permits in Elk County, PA. Encino Energy received 4 permits in Guernsey County, OH. And Diversified Energy received 2 permits in Harrison County, WV.
On Wednesday, MDN pointed out that a New York-based company will play a key role in (and get gobs of money from) the WV hydrogen hub project (see 
A group of landowners in Harrison and Doddridge counties (in West Virginia) sued Antero Resources, claiming the company had deducted post-production costs from royalties not allowed under the leases they had signed. Last year, the U.S. District Court for the Northern District of West Virginia ruled mostly in favor of the landowners. Antero appealed the case to the U.S. Court of Appeals for the Fourth Circuit (4th Circuit). Yesterday, the judges of the 4th Circuit issued their ruling (full copy below). Nobody got everything they wanted–we’d call it a split decision. However, Antero did win the right to make deductions in certain circumstances.
Yesterday both Antero Midstream (the pipeline subsidiary of Antero Resources), and Crestwood Equity Partners announced a deal to sell Crestwood’s remaining Marcellus assets to Antero for $205 million. The assets include 72 miles of dry gas gathering pipelines and nine compressor stations with approximately 700 MMcf/d of compression capacity located in Doddridge County and Harrison County in West Virginia.
Last week both Pennsylvania and West Virginia issued permits to drill new shale wells. Ohio remained skunked for a sixth week in a row. What’s going on in Ohio? Or rather, what isn’t going on there? PA issued 15 new shale permits. Not to be outdone, WV also issued 15 new shale permits.