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U.S. Rig Count Gained 4th Week in a Row, Up 7 @ 549; M-U Up 1 @ 38
For the fourth week in a row, the Baker Hughes U.S. national rig count gained, instead of losing, rigs. Last week, the count increased by seven, to 549. The last time the count was higher was June 20. The even more exciting news is that the Ohio Utica picked up another rig, boosting the total in Ohio to 13, the highest it’s been in well over a year. Pennsylvania maintained its count of 18 active rigs, which it has maintained since July 25 (two months). West Virginia kept its seven active rigs, the same number since May 30 (four months). The combined M-U count was 38 rigs, with 24 rigs targeting the Marcellus layer and 14 targeting the Utica. Read More “U.S. Rig Count Gained 4th Week in a Row, Up 7 @ 549; M-U Up 1 @ 38”
The Youngstown Vindicator is reporting that one of the first new horizontal gas and oil wells to be drilled in Mahoning County, OH, in recent years has begun producing gas and oil at its well pad. The Wehr Spring Valley Farm well is producing oil and natural gas. However, the Ohio Department of Natural Resources (ODNR) has not yet released any production numbers for the well. The big news here is that drilling is migrating well north of the traditional locations for Utica drilling—to the “northern part” of the Utica. Is this a foretaste of good things to come in the northern Utica? 
Last week, we brought you several posts about a “summit” (a blaming and bullying session) convened by one of the biggest bullies on the political scene today, Pennsylvania Governor Josh Shapiro, to complain about high electricity prices in the PJM Interconnection grid (see 
As we’ve explained multiple times, the policies of governors like Josh Shapiro (Pennsylvania), Maura Healey (Massachusetts), and Ned Lamont (Connecticut) are the DIRECT cause of higher electricity prices. And now that prices are soaring, those governors are running away from their culpability as fast as they can, attempting to shift blame (see 
A new report from big energy data analytics firm Enverus finds that the average breakeven price for new shale wells in the United States currently sits at $70 per barrel. That’s a problem, because the sale price for a barrel of West Texas Intermediate (WTI) crude has been firmly in the $60s for months. U.S. shale drillers can’t drill new wells if they lose money. Consequently, they’re beginning to lay down the rigs and stop new drilling. But here’s the even more troubling part of the report: Enverus predicts the breakeven price will rise to around $95 per barrel within ten years. 
The mighty BP (formerly British Petroleum) is an oil and natural gas company attempting to transition into a renewable energy company. They’re failing. BP is having an identity crisis. It’s a European company and has bought into the false narrative that fossil energy is on the way out (“transitioning” to so-called renewables) due to concerns over mythical global warming. BP’s recently published Annual Energy Outlook for 2025 report (full copy below) takes a different approach from previous versions of the report. It offers two scenarios: What will happen between now and 2050 if we don’t change anything, called “Current Trajectory,” which means humans will turn Earth into a burning hell; and what will happen if the world finally gets serious about mythical global warming and commits to ensuring temperatures don’t rise more than 2 degrees Celsius, called “Below 2°.” 
OTHER U.S. REGIONS: Data center developers drawn to Virginia by fiber-optic network, low power prices; NATIONAL: U.S. natural gas futures mixed as October expires; Shale execs complain of ‘broken’ prospects in new survey; America’s oil patch is cooling as costs rise and uncertainty mounts; INTERNATIONAL: Oil posts biggest weekly gain since July; India told to drop Russian oil for US trade deal; Strike blocks LNG cargo arrivals at French import terminals; Orban stands ground vs Trump over Russian energy; Russia receives 1 billion euros from Europe for oil and gas every month.