18 New Shale Well Permits Issued for PA-OH-WV Jan 1-7
There were 18 new permits issued to drill in the Marcellus/Utica during the first full week of 2024 (Jan. 1-7), versus 24 permits issued for the final two weeks of last year (Dec. 18-31). Pennsylvania issued 9 new permits last week. Ohio issued just 1 — which was to drill a Marcellus (not a Utica) well! West Virginia issued 8 permits. Antero Resources took the top spot last week with 7 new permits, all of them issued for drilling in Wetzel County, WV.
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Even though separately (and together) Chesapeake Energy and Southwestern Energy own MORE assets in the Marcellus/Utica than in the Haynesville shale play, the main driver to do a merger between the two companies is the Haynesville and that play’s close proximity to LNG export facilities along the Gulf Coast. That is the conclusion of most analysts based on comments made yesterday by Chesapeake and Southwestern in announcing a $7.4 billion deal to combine the companies (see 
Hyperion Midstream LLC, a subsidiary of Olympus Energy, is seeking a special exception to a Penn Township (Westmoreland County) zoning ordinance so it can build a six-generator compressor station along Wilderness Road over the next four years. Last night, Hyperion representatives and witnesses testified at a township zoning hearing in favor of the plan. Those who spoke said the proposed compressor site would not create a problem for the air and water quality of that area.
On Wednesday, PJM Interconnection, the largest U.S. power grid operator, asked (more like begged) Talen Energy to delay retiring several fossil fuel-powered plants in Maryland by three years. Why? PJM is afraid of blackouts due to unreliable “renewables” like wind and solar. Talen notified PJM last October that it intends to retire three oil-burning units and one natural gas-burning power unit at its Herbert A. Wagner Generating Station outside of Baltimore by June 2025.
The U.S. Energy Information Administration (EIA) published a post yesterday on the agency’s newly revamped Today in Energy website to announce it expects the Henry Hub natural gas spot price to average under $3.00/MMBtu in 2024 and 2025. What joyous news (not). The post explains the reasoning and thinking of EIA analysts and why they believe the price of natural gas will be, sadly, lower for longer.
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