PA New Shale Permits Remain Low Despite High NatGas Price

Well permits, long tracked by MDN, are a leading indicator of drilling activity. In Pennsylvania, four of the state's five biggest producers--EQT, Chesapeake Energy, Range Resources, and Southwestern Energy--have kept the pace of drilling new wells "subdued" according to an analysis by S&P Global Market Intelligence. The top five producers in PA accounted for only 51% of the permits issued in September, down from 53% in August. Normally, the top five drillers account for roughly two-thirds of permits issued each month.

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