Chesapeake CEO Says Lots of Interest in Buying Its Eagle Ford Assets
In April 2021, MDN brought you the news that Chesapeake Energy, after buying Eagle Ford oil assets in 2018 for $4 billion (during the reign of Doug Lawler), was looking to unload those assets for around $2 billion (see 50% Off Deal! Chesapeake Rumored to Shop Eagle Ford for $2B). The company hired Evercore in August of this year to conduct an auction of the assets (see Chesapeake Energy Hires Evercore to Auction Off Eagle Ford Assets). New CEO Nick Dell’Osso says there has been a “tremendous amount of interest” in the company’s EF assets.
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One step forward and two steps back. That country tune went through our head as we read about the progress being made by Williams with its Regional Energy Access Expansion Pipeline project in Pennsylvania. The project, aimed at competing with the now-dead PennEast Pipeline project by flowing gas from northeastern Pennsylvania to the Trenton, NJ area, will get a virtual public hearing by the PA Dept. of Environmental Protection on Wednesday, October 5.
In early August, the attorneys general from 19 states, headed by Arizona AG Mark Brnovich and Texas AG Ken Paxton, sent a letter to the world’s largest investment firm, BlackRock, to say the company’s pressure on investors to divest from fossil energy companies based on so-called ESG (environmental, social, governance) criteria may, in fact, be illegal (see 
The Enverus rig count, as of Wednesday, stood at 871, up by three from the week before. We are now 33 rigs ABOVE the pre-pandemic high of 838 rigs. Finally! Last week the Marcellus operated 46 rigs (up by one), and the Utica operated 11 rigs (also up by one), for a total of 57 active rigs in the M-U. Rigs chasing oil declined by four leaving 662, while natural gas-prone rigs gained seven for a total 209. The Haynesville, which is the chief competitor to the Marcellus/Utica, had 75 active rigs operating last week. The Haynesville continues to beat the pants off the M-U with respect to rigs and drilling new wells.
Last week the three states with active Marcellus/Utica drilling, Pennsylvania, Ohio, and West Virginia, issued a collective 40 new drilling permits, way up from the 19 permits issued the week before. But there was a shocker. PA only issued nine new permits, while OH issued 14 new permits and WV issued a record high 17 new permits.
MARCELLUS/UTICA REGION: Manchin under water in new WMOV/Triton poll; NATIONAL: U.S. LNG exports remain flat week on week; LNG could be “really, really tight” this winter; INTERNATIONAL: Where is the oil price heading in 2022 and 2023?; Fracking ban in England lifted in bid to boost UK gas supply; Anti-energy nihilism behind economic crisis; ‘Obligatory rationing’—the energy nightmare is coming true.