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U.S. Rig Count Down 9th Week in a Row, M-U Holds, Haynesville -6
The weekly rig count for the U.S. has continued to be anemic for over two months now. With its venerable rig count, Baker Hughes reported last Friday that overall, the U.S. rig count continued to bleed rigs–down another eight rigs to 674 in the week ending June 30. That’s the lowest count since April 2022, and the ninth week in a row the U.S. has lost active rigs. The good news for the Marcellus/Utica is that both the Marcellus and the Utica maintained the same rig levels last week. It’s good news they didn’t bleed any more rigs. Note: We’ve added a couple of new weekly rig charts below to provide further context to the count and what it means for the M-U.
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TransCanada Corporation, which renamed itself TC Energy in 2019, made a play for and bought out/merged in U.S.-based Columbia Pipeline Group in 2016 (see 
Pennsylvania’s Democrat Party is hellbent on driving the Marcellus Shale industry out of the state. They have been for years. That’s just a truthful observation and beyond dispute. The latest evidence is the party’s insistence on adding a severance tax on top of the existing impact fee, PA’s version of a severance tax. The Dems in the PA House passed a resolution on Friday by a single vote that directs the Legislative Budget and Finance Committee to “study” Pennsylvania’s revenue from the oil and gas industry, comparing it with the top five states in natural gas production in the U.S.
Superior Pipeline, headquartered in Oklahoma, operates in the following geographic areas: the Texas/Oklahoma panhandle, Central/Western Oklahoma, Southeastern Oklahoma, Southeast Texas, Kansas, and Appalachia, including Pennsylvania and West Virginia. Superior owns and operates natural gas gathering and processing facilities, natural gas treating plants, and over 3,700 miles of pipeline. Unit Corporation, which had owned 50% of Superior, recently finished selling its 50% share to OPTrust and Partners Group. With the sale, the new 100% owners have changed the name of the company from Superior Pipeline to Superior Midstream.
When the Bidenistas act outside of their predictable, normal behavior, it raises a red flag, making us wonder what they are up to. Last week a leftist who works in the Biden Department of Interior told a group of rabid leftists (her philosophical kin) the Biden administration will not, as the group demands, “phase down oil and gas production on federal lands and waters.” Which sent the crazies into orbit. The Interior Bidentista told them the administration has “limited resources” and “competing priorities” that prevent it from, at this time, pursuing a phase-down of all oil and gas drilling on federal lands.
Here’s a scientific FACT: Humans (indeed all animals) are carbon-based life forms. Carbon dioxide is an essential molecule for life on Planet Earth. Without carbon and CO2, life would not exist. Therefore, to call CO2 “pollution” is “outrageous,” according to Liberty Energy CEO Chris Wright. Calling CO2 “pollution” is like calling water and oxygen “pollution.” It’s nonsensical. And yet that is what the left does every day, in a historic act of massive, planet-wide brainwashing.
OTHER U.S. REGIONS: US Dept of Energy grants export license to Gulfstream LNG; NATIONAL: IEA’s net zero dream was just debunked as a nightmare; INTERNATIONAL: Shell renewables head to leave amid fossil fuel shift; Europe gas ends june with 30% rise; Italy and Germany endorse natural gas and hydrogen pipeline project; China is buying gas like there’s still an energy crisis.