Antero 3Q – Production Up, Profits Way Up, No Mergers
Antero Resources, which is 100% focused on the Marcellus/Utica with over 500,000 net acres under lease (and the largest M-U driller in West Virginia), issued its third quarter 2023 update last week. The company reports net production averaged 3.5 billion cubic feet equivalent per day (Bcfe/d) during 3Q23, an increase of 9% year-over-year. Of that production, liquids (NGLs) averaged 202 thousand barrels per day (MBbl/d), an increase of 18% from the year-ago period. Natural gas production averaged 2.3 Bcf/d, up 4% from the same period last year. The company made $560 million in 3Q23 versus a profit of $18 million in 3Q22 — a huge lift from last year.
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TransCanada Corporation, which renamed itself TC Energy in 2019, bought out and merged in U.S.-based Columbia Pipeline Group (now Columbia Gas Transmission) in 2016 (see 
The U.S. rig count rose last week for the third week in a row, albeit by just a single rig. The national rig count added one for 625 active rigs. We remain near the lowest point of active rigs running since February 2022. As we said last week when two rig were added, it feels like a dead cat bounce to us. We’ve reached the bottom, and the count may go up a tiny bit here and there, but overall, we’re at the bottom. The count in the Marcellus/Utica, after gaining one rig three weeks ago (in Pennsylvania), remained steady at 39 active rigs last week. However, the mix changed. PA picked up another rig last week, but WV lost one, so net-net, it stayed even at 39 rigs.
The mental gymnastics leftists go through to justify their anti-freedom, anti-capitalist views is truly a marvel to behold. Take the so-called Regional Greenhouse Gas Initiative (RGGI), a carbon tax scheme aimed at shutting down coal- and natural gas-fired power plants. Pennsylvania Gov. Tom Wolf could not get the Republican legislature to agree to enroll the state in RGGI, so he seized dictatorial powers and tried to do it himself. Which hasn’t worked out (Republicans sued to block it, still tied up in court). Joseph Otis Minott, President of the Clean Air Action Fund (far-left Big Green group in Philadelphia), is trying to justify RGGI with a new argument: It reduces racism (otherwise called “environmental justice”).
Freeport LNG’s export terminal with three liquefaction “trains” shut down in June 2022 after an explosion and fire (see 
According to RBN Energy, the “responsibly sourced gas” (RSG) space is going through a transformation. It’s no longer OK to claim you have responsibly sourced gas; you now have to prove it is responsible via a certification. According to RBN, the two primary certifiers of natural gas are (so far) Project Canary and MiQ. We have covered both of these initiatives extensively over the past few years.
OTHER U.S. REGIONS: Georgia Power asks for state OK to tap more fossil fuels; NATIONAL: Michael Bloomberg’s $1 billion assault on the electric grid; Biden energy policies reducing America’s global influence.