Devon Energy Updated 2026 Outlook: Marcellus Getting the Least $$
Yesterday, Devon Energy issued its first updated outlook for 2026 after completing its Coterra Energy merger. Devon forecasts 2026 production of about 1.38 million boe/d, including roughly 500,000 bpd of oil, on $4.9 billion in capital spending. Over 60% of the money Devon will spend this year will go to the Permian Basin, where Devon is concentrating growth. The company plans to operate 31 rigs and 10 completion crews and to drill 460–480 net wells across all shale plays in which it operates. What stood out to us in reviewing planned expenditures is that Devon plans to spend the least amount of capital on drilling in the Marcellus. Read More “Devon Energy Updated 2026 Outlook: Marcellus Getting the Least $$”
Yesterday, President Trump accused New York Governor Kathy Hochul of reneging on her pledge to allow the 125-mile Constitution Pipeline project to be built in the Empire State. The project was canceled in 2020 after New York repeatedly rejected the necessary permits. President Trump brokered a deal with New York Governor Kathy Hochul to resurrect the project last year (see 
On April 29, 2026, Pennsylvania’s Department of Environmental Protection (DEP) issued six violations to CNX Resources for causing water supply problems affecting two Bell Township residences in Westmoreland County. The violations targeted three CNX facilities with 19 shale gas wells drilled between 2022 and 2026. DEP determined that CNX operations diminished water supplies after two homeowners filed complaints in December 2025 about loss of well water. CNX was ordered to provide temporary water within 24 hours and submit restoration plans within 15-45 days. CNX, which *did* offer temporary water back in December, is disputing the DEP’s findings, denying responsibility and claiming insufficient evidence of hydrogeologic pathways linking their operations to water impacts. 
Pennsylvania imposes an annual “impact fee” (the state’s version of a severance tax) on unconventional (i.e., shale) natural gas wells that were drilled or operating in the previous calendar year. The state Independent Fiscal Office (IFO) provides updates to predict how much will be collected from the fee. The IFO released its mid-year report yesterday, which typically focuses on a forecast for the current fiscal year (FY 2026). But this update is different. It spends most of its verbiage on firming up and confirming the final numbers for 2025, which will be distributed in July of 2026. Near the end, the IFOers do break out the crystal ball and venture a guess on revenues for 2026 that will be paid out next July. 
One year ago, in June 2025, MDN brought you news about a commercial lithium production facility already built and being tested in Susquehanna County, PA (see 
On June 8, 2026, a Pennsylvania Department of Environmental Protection (DEP) inspector visited Frontier Natural Resources’ Winner 1, Winner 2, Winner 4H and Winner 6 shale gas well pads, along with four multimillion-gallon water impoundments in East and West Keating Townships, Clinton County. The inspector found that Frontier had not restored the pads and impoundments within 9 months of drilling ending. But here’s the thing: the original violations were lodged by the DEP on July 14, 2017. That’s almost nine years ago! In other words, the DEP didn’t bother to re-inspect the pads/sites for nine years. 
OTHER U.S. REGIONS: Two-week pause of Canadian hydropower exposes frailty of Mass. plan to wean off natgas; NATIONAL: U.S. natural gas futures slip in rangebound trade; Sierra Club floods the climate zone – alarmism or bust!; Banks’ fossil fuel financing increased 8% in 2025; INTERNATIONAL: Oil futures volatility returns; Kuwait offers oil to Asian buyers for first time since the war; BP CEO shakes up structure; WoodMac finds ‘no consensus’ on Gulf crisis resolution. 
The troubles continue to pile up for Eureka Resources and its now-closed frack wastewater treatment facilities in Pennsylvania — two in Lycoming County and one in Bradford County. In March, the PA Department of Environmental Protection (DEP) assessed two fines against Eureka for violations of cleanup deadlines at two facilities, totaling $100,000 (see 
JobsOhio, a private, nonprofit corporation that works on behalf of the state to drive job creation and new capital investment in Ohio by attracting business, contracts its economic research to Cleveland State University (CSU) to monitor the Utica Shale industry. JobsOhio released the latest CSU twice-a-year report yesterday (full copy below). It shows that Ohio’s shale energy sector drew another $2.9 billion in direct investment between January and June 2025, pushing cumulative investment in the Utica since 2011 to nearly $117.5 billion. All private money! It’s massive. 
WhiteHawk Minerals (formerly WhiteHawk Energy), a natural gas mineral and royalty interest owner in the Marcellus and Haynesville plays, with over 3.4 million gross acres under lease for drilling, launched an initial public offering (IPO) two weeks ago (see 
In February, MDN brought you the big news that Devon Energy is buying out and merging with Coterra Energy, paying $21.4 billion in Devon stock (see 
Here’s a story that may, at first glance, seem to have nothing to do with the Marcellus/Utica. Au contraire! The story of what’s happening with Permian drillers has a great deal to do with the M-U region. Although MDN frequently refers to the Haynesville Shale as the #1 competitor to the M-U because both plays target natural gas as the primary hydrocarbon, would it surprise you to learn that the Permian basin is the #2 producer of natural gas behind the M-U? And it’s catching up. Permian Basin drillers are experiencing starkly contrasting fortunes, reaping historic profits from war-driven oil price rallies while facing negative regional natural gas prices due to severe pipeline bottlenecks. To curb financial losses from associated gas, major producers like Permian Resources and Devon Energy are shutting in wells, while others resort to flaring to maintain more profitable crude production. 
Last week, the combined Marcellus/Utica Baker Hughes rig count remained at 36 active rigs for the fourth week in a row. The M-U’s chief competitor, the Haynesville, maintained its count of 55 active rigs, operating 19 more than the M-U. The national count added 1 rig last week, bringing the total to 563 rigs. That’s the seventh week in a row the national count has added rigs, driven by new oil-focused rigs. Baker Hughes said oil rigs rose by two to 431 last week, the highest since June 2025, while gas rigs fell by one to 124, the lowest since January 2026. Other miscellaneous rigs held at eight. 
Back in March, MDN alerted you to a potential new water pipeline coming in Lycoming County, PA, for EQT shale drilling (see