EnerVest Shopping 146K Acres of Non-Op & ORRI Assets in OH-PA Utica
EnergyNet is an online marketplace for buying and selling oil and gas working interests (operated and non-operated), overrides, royalties, mineral interests, leaseholds, and other contracts. From time to time we spot auctions on EnergyNet from Marcellus/Utica drillers. EnerVest Energy is currently auctioning a package of 146,053 acres of leases for non-operated and overriding royalty interests (ORRI) in the Utica Shale scattered across Ohio and Pennsylvania. The EnerVest auction ends Oct 7. We have the details below.
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Another great company succumbs to the siren call of ESG (environmental, social, governance). A week ago we told you that Seneca Resources, the drilling arm of utility giant National Fuel Gas Company (NFG), had signed up with Project Canary to certify its natural gas as responsibly sourced (see 
During a meeting of the Pennsylvania Dept. of Environmental Protection’s (DEP) Oil and Gas Technical Advisory Board yesterday, DEP staffers said they are still evaluating whether or not it is appropriate to develop a regulation covering road dumping of conventional oil and gas drilling wastewater. The staffers noted there is currently a ban on giving permission for road dumping from the Oil and Gas Program. However, the same staffers, namely Scott Perry, DEP Deputy for Oil and Gas Management, neglected to say that wastewater is still used to treat PA’s dusty rural roads through a program under the DEP’s Bureau of Waste Management. Antis are hopping mad.
Lately, we’ve brought you a number of articles about the price of natural gas, both the financial NYMEX futures price (from the Henry Hub), and the spot price gas fetches at various trading hubs around the Marcellus/Utica region. The price of gas matters. It drives higher royalties for landowners, higher profits for drillers, and ultimately whether or not there is an increase (or decrease) in drilling new wells. Yesterday was another historic milestone. The NYMEX futures price for the “front month” (October) closed over $5 per MMBtu. That’s the first time the closing price for the current NYMEX contract has been over $5 in seven years (since 2014).
Natural gas drillers, particularly in the Marcellus/Utica, are finally financially healthy. Some are healthy for the first time ever, some for the first time in years, since the severe 2018 and 2019 downturn when natgas prices collapsed. Things are going well in the M-U with most companies focused on fiscal discipline and producing free cash flow. However, there’s a big, black cloud on the horizon–the Joe Biden administration. A number of people in the administration have signaled their disdain, even outright hatred for natural gas, because it’s a “fossil fuel.” The Biden administration aims to cripple the use of natural gas nationwide.
NATIONAL: EIA: US weekly LNG exports reach 20 vessels; CEO of U.S. shale producer Pioneer says oil consolidation largely over; US natural gas storage fields adds 52 Bcf, over market expectations; Harvard University pledges to end investment in fossil fuels.