M-U Rigs Even @ 36; Haynesville Even @ 55; Nat’l Up 4th Week @ 581
Last week was (once again) noteworthy for the Baker Hughes rig count. Although the Marcellus/Utica count didn’t budge, the national count increased by 1 rig. The national count has risen over the last four weeks — by 19 rigs. The new national count of 581 is the highest the combined count has been since May 2025 (well over a year). The combined M-U rig count remained at 36 active rigs for the ninth consecutive week. The M-U’s chief competitor, the Haynesville, maintained its count of 55 active rigs, operating 19 more than the M-U. Read More “M-U Rigs Even @ 36; Haynesville Even @ 55; Nat’l Up 4th Week @ 581”
For the past decade, landowners in Wayne and Pike counties in northeastern Pennsylvania have unfairly been denied the ability to profit from fracking on (and under) their property, simply because they happen to live inside the imaginary boundaries of the Delaware River Basin, an area under the iron hammer control of the Delaware River Basin Commission (DRBC). The DRBC, unlike its counterpart in the Susquehanna River Basin (SRBC), is controlled by left-wingers. They falsely claim that allowing fracking anywhere in the basin would destroy the water supply of 14 million people. Congress is now on the cusp of overturning this ongoing tragedy. 
On July 12, the Pennsylvania Senate and House passed, and Governor Josh Shapiro signed into law, a $50.84 billion General Fund budget. It was only 12 days late this year. This is a net-positive budget for the Marcellus/Utica industry. It contains no new taxes or fees on production, delivers a long-sought modernization that unlocks the deep Utica play, and builds legal scaffolding favorable to gas-fired power for data centers. The only new obligations — full-cement plugging and (for midstream-adjacent projects) data-center reporting — are modest. 
In early May, Devon Energy completed its buyout of and merger with Coterra Energy, paying $21.4 billion in Devon stock (see 
Eastern Gas Transmission and Storage (EGTS), a wholly owned subsidiary of Berkshire Hathaway Energy Company (Warren Buffett’s company), filed a new project with the Federal Energy Regulatory Commission (FERC) in July 2025 (see 
A long-running and favorite tactic of the environmental left is to use our own judicial system against us. On the federal level, foreign-backed groups like the Sierra Club, Earthworks, Food & Water Watch, and others have (in the past) challenged new pipeline or drilling projects, filing appeal after appeal up the line, blocking construction until said lawsuits were resolved. Last June (2025), the Federal Energy Regulatory Commission (FERC) took away the left’s ability to block construction while lawsuits are filed and played out (see 
MARCELLUS/UTICA REGION: Ohio named CNBC’s number 1 top state for business; NATIONAL: Freeport LNG maintenance, ample supply drag natural gas futures lower; U.S. exports of crude oil and petroleum products reached record in April; Regarding energy, the left wants us to live smaller lives; What is a data center and why are they suddenly everywhere?; INTERNATIONAL: Oil eases as US, Iran continue talks after renewed fighting; “Experts” quite simply don’t hold a candle to markets; China is weaponizing fertilizer against American farmers. 
The Marcellus/Utica region received 28 new drilling permits last week, June 29 – July 5, down 3 from two weeks ago. Last week, Pennsylvania issued 18 new permits. Ohio issued 4 new permits. And, West Virginia issued 6 new permits. The drillers who received new permits included: Antero Resources (6), CNX Resources (10), EOG Resources (4), EQT (1), Expand Energy (3), and Range Resources (4). 
Ohio’s program to lease state-owned land for fracking beneath it (never on top) has been an astonishing success. Ohio has earned $314 million from leasing roughly 22,000 acres of state parks and wildlife areas for fracking. Most came from signing bonuses: $62 million for 6,200 acres under Salt Fork State Park and $238 million for Jockey Hollow and Egypt Valley wildlife areas. Royalties have also begun flowing—Infinity Natural Resources has paid $11.3 million from Salt Fork production since October 2025. 
Northeastern states outside established data center hubs are positioning for major growth that could reshape regional natural gas demand. Surprisingly, blue state Maryland is emerging as a secondary data center hub, supported by large hyperscale projects, new gas-fired generation, and transmission upgrades. Delaware is constrained by coastal regulation, while Massachusetts, Connecticut, and even the Communist state of Rhode Island are seeing proposals (although there is stiff opposition in all of those states). Maine is weighing large-load rules as a mill conversion advances, and New Hampshire and Vermont remain limited. 
The U.S. Energy Information Administration (EIA) issued its latest monthly Short-Term Energy Outlook (STEO) yesterday. Using the official EIA dartboard, the STEO is the agency’s monthly best estimate of where energy prices and production will go over the next 12 months. There was a revision to the agency’s prediction about the spot price (at the Henry Hub) for natural gas in 2026 and 2027. Last month, the EIA predicted 2026 would end up with an average HH price of $3.60/MMBtu and 2027 would see an average of $3.46/MMBtu. Yesterday, the EIA revised both numbers up by a few pennies. The agency sees an average price of $3.67 this year, up seven cents from last month, and $3.49 in 2027, up three pennies. 
The International Gas Union’s 2026 World LNG Report shows global LNG trade hit a record high of 436.98 million tonnes (Mt) in 2025, up 6.3%—the strongest growth since 2022—driven by a 25.3 Mt surge in North American exports and Europe’s return as the key balancing market. Canada and Mauritania–Senegal became first-time exporters. Investment in new supply reached a six-year high. The LNG fleet grew 8.4% to 804 vessels, with 301 newbuilds on order, keeping freight rates depressed, while bunkering infrastructure expanded. Despite disruptions from the Gulf conflict that damaged infrastructure and the closure of the Strait of Hormuz, the IGU says LNG’s long-term demand outlook through 2035 remains intact. 
MDN will take off Thursday and Friday, July 9 & 10, as a brief summer vacation to spend time with family. We will return to catch you up on all the latest on Monday, July 13.
In a recent interview with Bloomberg, EQT CEO Toby Rice declared that natural gas is poised to surpass petroleum as America’s top energy source by 2030, ending oil’s 75-year dominance that began in 1950 when it overtook coal. In 2025, gas accounted for 36% of U.S. energy consumption, compared with petroleum’s 37%, with Rice predicting a crossover within a couple of years. The shale revolution’s cheap gas has displaced coal in power generation, fueled economic electrification, and complemented intermittent renewables, while flat gasoline demand — partly due to EVs — has stalled oil consumption. The EIA projects gas demand growing 3.4% through 2027 versus 0.6% for petroleum, and booming LNG exports add further momentum.