Marcellus Drilling News

Chesapeake Energy | Energy Companies

Chesapeake 3Q – Continues to Love Marcellus, Loves Haynesville More
November 3, 2022November 3, 2022

Love is a verb–an action. And actions speak loudly–more loudly than words. Chesapeake Energy issued its third quarter update yesterday. The company is big and getting bigger with each quarter. Chessy produced 4.1 Bcfe/d in 3Q. The company operated an average of 16 rigs in 3Q, drilling 58 wells and placing 50 wells online to production. Chesapeake is currently operating 13 rigs, including five in the Marcellus, two in the Eagle Ford, and six in the Haynesville. The company plans to add a seventh Haynesville rig by the end of November. Actions speak louder than words. The company drills more in the Haynesville, indicating it loves that play more.
Read More “Chesapeake 3Q – Continues to Love Marcellus, Loves Haynesville More”
Energy Companies | Gulfport Energy

Gulfport 3Q – Slight Net Loss, Production Down 6%, Recovering
November 3, 2022November 3, 2022

Gulfport Energy, the third-largest driller in the Ohio Utica Shale (by the number of wells drilled), emerged from bankruptcy in May 2021 with a new board and new top management. By September of last year, rumors began circulating that the company was shopping itself for sale (see Big News: OH Utica Driller Gulfport Energy Looking to Sell Itself). The two largest drillers in the Ohio Utica (Ascent Resources and Encino Energy) were reported to be in talks to buy Gulfport. But Gulfport’s performance over the past two quarters, including yesterday’s update on 3Q22, seem to indicate all talk about selling is now off the table. Gulfport turned in respectable results in 3Q.
Read More “Gulfport 3Q – Slight Net Loss, Production Down 6%, Recovering”
Columbia Pipeline Group | Energy Services | Industrywide Issues | Pipelines | Regulation | Virginia

Columbia Files w/FERC to Replace 48 Miles of Pipe in Southeast Va.
November 3, 2022November 3, 2022

Last December, Columbia Gas Transmission pre-filed with the Federal Energy Regulatory Commission (FERC) to build the Virginia Reliability Project that will add 100 MMcf/d of incremental capacity on Columbia’s system to serve delivery points in southeast Virginia, namely Virginia Natural Gas (see Columbia Seeks to Replace 48 Miles of Pipe in Southeast Va.). Columbia’s project includes two new compressor units and will replace 48 miles of existing pipeline. Just coming to light (for us) now is that Columbia made a full, official filing for the project with FERC on August 24th.
Read More “Columbia Files w/FERC to Replace 48 Miles of Pipe in Southeast Va.”
Bradford County | Energy Companies | ESG | Industrywide Issues | Pennsylvania | Repsol | Susquehanna County | Tioga County (PA)

Repsol Begins Shipping MiQ Certified Natural Gas from PA Marcellus
November 3, 2022November 3, 2022

Spanish-owed Repsol owns 214,000 net acres of leases in the Marcellus Shale, primarily located in northeastern Pennsylvania in Bradford, Susquehanna, and Tioga counties. Earlier this year, Repsol said it was working with certification authority MiQ to have all of its Marcellus production certified as “responsibly produced” (see Repsol Pursues MiQ Responsible Gas Cert for Marcellus Production). Good news! MiQ has granted full certification, and as of Nov. 1, Repsol is providing “responsible” Marcellus gas to the marketplace.
Read More “Repsol Begins Shipping MiQ Certified Natural Gas from PA Marcellus”
Ohio | Statewide OH

NatGas Backers Invest $1M in Campaign Ads in Ohio, Left has a Cow
November 3, 2022November 3, 2022

We had to chuckle when we read the arrogant and snide article appearing in the Cleveland Plain Dealer about a political action committee (PAC) that apparently is funded by or has ties to the natural gas industry. The article begins this way: “An opaque political organization linked to the natural gas industry has quietly pumped big money into races bolstering Ohio Republicans, records show.” The problem for the Democrat “reporter” who wrote the article is that the “big money” mostly flowed to Republican Senate candidate J.D. Vance, and Vance is winning, so the “reporter” dutifully attempts to target the PAC, accusing it of being nefarious. It’s really quite hilarious!
Read More “NatGas Backers Invest $1M in Campaign Ads in Ohio, Left has a Cow”
Energy Companies | EQT Corp | Industrywide Issues | M&A | Tug Hill Operating

Quantum CEO Won’t be Joining EQT Board Following Tug Hill Purchase
November 3, 2022November 3, 2022

Wil VanLoh

In September, EQT Corporation announced it is buying Tug Hill Operating’s West Virginia shale assets for $5.2 billion (see Confirmed: EQT Buys Tug Hill’s THQ Appalachia for $5.2 Billion). The deal adds 90,000 acres and 800 MMcf/d (million cubic feet per day) of production to EQT’s existing, massive, portfolio. Tug Hill and private equity firm Quantum Energy Partners jointly own THQ Appalachia I, LLC (THQA), which is Tug Hill’s subsidiary focused on drilling in the Marcellus, Utica, and Upper Devonian plays in WV. Quantum’s founder and CEO, Wil VanLoh, was supposed to join the EQT board of directors post-closing. That will not now happen.
Read More “Quantum CEO Won’t be Joining EQT Board Following Tug Hill Purchase”
Coterra Energy (Cabot O&G) | Energy Companies

Dan Dinges Stepping Down as Coterra Board Chair, but Sticking Around
November 3, 2022November 3, 2022

Dan Dinges

According to an announcement from Coterra Energy, the longtime CEO of Cabot Oil & Gas (now called Coterra), Dan Dinges, will step down from his role as Chairman of the Board and will be replaced in that role by Coterra’s current President and CEO, Thomas Jorden. However, Dinges will remain on the board and will assume the role of Chair of the Executive Committee. Coterra is one of the largest producers of Marcellus gas in Pennsylvania. Changes at the top always make us nervous.
Read More “Dan Dinges Stepping Down as Coterra Board Chair, but Sticking Around”
Best of the Rest

Other Stories of Interest: Thu, Nov 3, 2022
November 3, 2022November 3, 2022

MARCELLUS/UTICA REGION: Tim Ryan is hoping voters forget about his presidential run; NATIONAL: North America leads $370 billion global push for oil & gas pipelines; Drillers ask U.S. to exempt smallest wells from looming methane rule; We told big oil not to invest, so don’t complain now; INTERNATIONAL: Rishi Sunak’s anti-fracking gift to Vladimir Putin.
Read More “Other Stories of Interest: Thu, Nov 3, 2022”