Marcellus Drilling News

Chesapeake Energy | Energy Companies

Chesapeake Energy Continues to Scale Back Drilling, but Not Too Much
May 4, 2023May 4, 2023

Chesapeake Energy Corporation issued its first quarter 2023 update yesterday. The company reports making a profit of $1.39 billion in net income during 1Q23, versus losing $764 million in 1Q22 (the loss last year mainly due to derivatives). Chessy generated $241 million in free cash flow. First quarter net production was approximately 4,069 MMcfe per day (or 4.1 Bcfe/d, 90% natural gas and 10% total liquids), using an average of 14 rigs to drill 60 wells and placing 53 wells on production. Although Chesapeake drills for natural gas in both the Marcellus and the Haynesville, the company gave slightly more love to the Haynesville in 1Q23.
Read More “Chesapeake Energy Continues to Scale Back Drilling, but Not Too Much”
Energy Companies | Gulfport Energy

Gulfport 1Q Net Income Swings +$1B to Positive, Avg 1.06 Bcfe/d
May 4, 2023May 4, 2023

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. In January of this year, the company appointed a new CEO, John Reinhart, the former President and CEO of M-U driller Montage Resources Corporation before that company was gobbled up by Southwestern Energy (see Marcellus Veteran John Reinhart Joins Gulfport Energy as CEO). Yesterday Gulfport issued its first quarter 2023 update. The company made $523 million in net income during 1Q23 versus losing $493 million in 1Q22–a swing of over $1 billion! What about the number of wells drilled and production?
Read More “Gulfport 1Q Net Income Swings +$1B to Positive, Avg 1.06 Bcfe/d”
Energy Companies | EQT Corp | Industrywide Issues | M&A | Tug Hill Operating

EQT Seeks to Extend Note Redemption Extra 6 Mos. for Tug Hill Deal
May 4, 2023May 4, 2023

Last September, EQT Corporation announced it is buying privately-owned 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. But the Bidenistas at the Federal Trade Commission (FTC) got involved, slowing down the deal. Because of the FTC dragging its feet, EQT and Tug Hill recently renegotiated the timeline, adding a full year–to the end of 2023 (see EQT $5.2B Deal to Buy Tug Hill Extended Additional Year to Close). Now EQT needs to extend the timeline for notes it issued as part of the purchase.
Read More “EQT Seeks to Extend Note Redemption Extra 6 Mos. for Tug Hill Deal”
Anti-Drilling/Fossil Fuel | CNX Resources | Energy Companies | Industrywide Issues

Proxy Firm, CNX Accuse Each Other of Lying re Paris Goals Proposal
May 4, 2023May 4, 2023

The proxy firm hired by California hotel owner Jon Handerly is accusing CNX Resources of lying about its attempt to silence CNX CEO Nick DeIuliis. Handerly, using Proxy Impact, is attempting to get CNX shareholders to pass a proposal requiring the company to file annual reports on how the company measures up to the cockamamie “Paris goals” of reducing carbon dioxide emissions (see Calif. Hotel Liberal Pressures CNX to Report on Loony Paris Goals). When you dig into the proposal, it’s actually an attempt to silence DeIuliis–to stop him from openly criticizing leftists and environmental wackos.
Read More “Proxy Firm, CNX Accuse Each Other of Lying re Paris Goals Proposal”
Alternative Energy | Anti-Drilling/Fossil Fuel | Industrywide Issues | New York | Regulation | Statewide NY

Communist NY Forcing Schools, Hospitals to 100% Renewables by 2035
May 4, 2023May 4, 2023

Two days ago, we brought you the very sad news that New York State has fallen and is now under a Communist dictatorship (see NY State has Fallen – Gas Stoves & Peaker Plants Banned in Budget). Our freedom to choose which energy source we want to use is gone. Little did we know of another measure passed as part of the state budget that requires municipally-owned properties, including many hospitals and schools, as well as public housing and public transit, forcing them to switch to unreliable renewable energy by 2035.
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Anti-Drilling/Fossil Fuel | Industrywide Issues | Statewide WV | West Virginia

Mainstream Media Attacks WV Gov Justice Over Senate Run
May 4, 2023May 4, 2023

WV Gov. Jim Justice

Last week West Virginia’s larger-than-life (literally) Governor, Jim Justice, announced he is running to replace traitor Joe Manchin in the U.S. Senate in 2024 (see WV Gov. Jim Justice to Announce Senate Run Against Joe Manchin). We immediately began to see stories in the mainstream media attacking Justice and trying to prop up Manchin. It’s hard for lefties in the mainstream media to prop up Manchin because, lately, Manchin has criticized their boss, Joe Biden.
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MUI

MDN Upstream Index (MUI) – May 4, 2023
May 4, 2023May 4, 2023

The most recent day of active trading was Wed., May 3, 2023. The numbers below reflect yesterday’s closing numbers.

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Best of the Rest

Other Stories of Interest: Thu, May 4, 2023
May 4, 2023May 4, 2023

OTHER U.S. REGIONS: Haynesville natural gas production reached a record high in March 2023; Tellurian to stop Haynesville drilling until US gas prices recover; NATIONAL: Oil falls below $69 as recession fears grow; Forcing consumers to purchase electric vehicles a new low for Biden; Pipeline incidents affecting environment down 16% in 2018-22.
Read More “Other Stories of Interest: Thu, May 4, 2023”