Gulfport Energy 3Q: Full Steam Ahead Drilling in the Ohio Marcellus
Gulfport Energy is the third-largest driller in the Ohio Utica Shale (by the number of wells drilled). Gulfport released its third quarter update yesterday. The company is going full steam ahead in its natgas drilling in the Ohio Marcellus. Gulfport is aggressively expanding its future drilling potential. The company nearly tripled its Marcellus inventory, adding roughly 125 gross locations. Concurrently, Gulfport successfully finished two Utica U-development test wells, a move that proves drilling feasibility and unlocks an additional 20 gross Utica dry gas locations. Read More “Gulfport Energy 3Q: Full Steam Ahead Drilling in the Ohio Marcellus”
In January 2023, Ohio House Bill (HB) 507 became law with the signature of Gov. Mike DeWine (see 
Following some intense conversations between President Trump and New York Governor Kathy Hochul earlier this year, she caved (according to the White House) and agreed to allow two long-stalled pipeline projects—the Constitution and NESE—to get built in NY in return for Trump allowing her to continue to sink $5 billion into an offshore wind project (see 
Yesterday, the Pennsylvania House Environmental and Natural Resource Protection Committee (the House has a one-Democrat majority) held a hearing on a proposal by Penn America to locate a 1 Bcf/d (billion cubic feet a day) LNG natural gas export facility in the City of Chester, Delaware County. The hearing was hosted by Rep. Carol Kazeeme (D-Delaware) and was exclusively attended by Democrats who were there to bash the project. There was no “How can we make this better?” There was only, “No way, no how, go to hell.” That’s the new Democrat Party and its political “leaders.” 
The Regional Greenhouse Gas Initiative (RGGI) is a carbon tax scheme. The RGGI tax is supposed to reduce the amount of carbon dioxide (CO2) produced by gas- and coal-fired power generators. The intent is to force fossil fuel power generators out of business. That’s what RGGI is designed to do, all in the name of reducing CO2. However, the only thing it accomplishes is to drive electricity prices higher. A new study from the Lawrence Berkeley National Laboratory (full copy below) finds that every state that belongs to RGGI has higher electricity prices than Pennsylvania. And each of those RGGI states saw their prices jump more over the past five years than the national average. 
The U.S. oil and natural gas sector operates on a drilling treadmill. As production from existing wells rapidly declines—a trend exacerbated by the faster decline rates of prolific horizontal (shale) wells—operators are forced to drill new wells to maintain current output. Since 2010, however, new hydrocarbon production in the Lower 48 states has been robust enough to not only offset these significant losses but also increase overall production levels. The U.S. Energy Information Administration published a post yesterday explaining the shale drilling “treadmill” we find ourselves on. 
MARCELLUS/UTICA REGION: Tom Shepstone – champion of energy sanity and human flourishing; OTHER U.S. REGIONS: Let Andrew Cuomo’s latest farewell be his last one, too; NATIONAL: U.S. natural gas futures snap winning streak; The DC Circuit Court is blocking America’s energy dominance; INTERNATIONAL: Crude slides despite strong demand; Canadian gov signals plans to scrap oil, gas emissions cap; ADNOC leans on USA expertise for ‘promising’ shale pivot; European gas prices fall amid strong LNG imports; Natural gas freight rates surge by 50% as Europe races to refill inventories.