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22 New Shale Well Permits Issued for PA-OH-WV Jan 27 – Feb 2

For the week of Jan 27 – Feb 2, the number of permits issued in the Marcellus/Utica to drill new shale wells recovered from the previous week. Two weeks ago, only 7 new permits were issued. Last week, the number increased to 22 new permits issued. Whereas the Keystone State (PA) issued no new permits two weeks ago, PA issued 13 new permits last week. Six of those permits went to Apex Energy in Westmoreland County. Five permits were issued to EQT (Rice Drilling) in Greene and Lycoming counties. And two permits went to Expand Energy (Chesapeake) in Bradford County. Read More “22 New Shale Well Permits Issued for PA-OH-WV Jan 27 – Feb 2”

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7 New Shale Well Permits Issued for PA-OH-WV Jan 20 – 26

For the week of Jan 20 – 26, permits issued in the Marcellus/Utica to drill new shale wells fell off a proverbial cliff. Two weeks ago, 41 new permits were issued. Last week, the number plummeted to just seven new permits issued. Perhaps the most interesting thing about last week’s numbers is that NO new permits were issued in the Keystone State (PA). We believe that’s the first time we’ve seen no new permits in PA. We wonder if there’s a problem with the reporting system (the state DEP’s reporting system is known to occasionally have issues). We’ll check again next week to see if PA’s numbers get updated. Meanwhile, there were four new permits for the Buckeye State (OH) and three for the Mountain State (WV). Read More “7 New Shale Well Permits Issued for PA-OH-WV Jan 20 – 26”

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China’s AI Announcement Tanks U.S. Stocks, Including M-U Drillers

Did you happen to catch the news lighting up all the cable news stations yesterday about Chinese startup DeepSeek? The company launched a free AI assistant that it claims uses less data at a fraction of the cost of other AI models. By Monday, the DeepSeek assistant had overtaken U.S. rival ChatGPT in downloads from Apple’s app store. The news sent traders into a tailspin of selling off tech company stocks like Nvidia (which makes the chips used in AI). The news also affected natural gas drillers negatively. Why? Read More “China’s AI Announcement Tanks U.S. Stocks, Including M-U Drillers”

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41 New Shale Well Permits Issued for PA-OH-WV Jan 13 – 19

Wow! Is this the Trump effect? For the week of Jan 13 – 19, permits issued in the Marcellus/Utica to drill new shale wells achieved levels we haven’t seen in, oh, about four years. There were 41 new permits issued last week, up significantly from 27 issued the week before and 30 issued two weeks before. The Keystone State (PA) issued a whopping 25 new permits, with 17 (!) going to EQT spread across Greene and Washington counties. Another six permits went to Chesapeake Energy (now Expand Energy) in Bradford County. One permit each went to Range Resources and Apex Energy in Beaver and Westmoreland counties, respectively. Read More “41 New Shale Well Permits Issued for PA-OH-WV Jan 13 – 19”

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Gas Drillers Had Best Shareholder Returns in 2024; Investor Love

The experts at RBN Energy recently analyzed the Q3 2024 financial results for the gas-focused producers the company tracks (mainly Marcellus/Utica producers). The gas-weighted E&Ps RBN follows had the best total shareholder return performance of the three peer groups they tracked through the first nine months of 2024, with a median gain of 14%. On the high side, CNX Resources’ share price was amazing, up more than 60% for the first nine months of last year. On the other end, Coterra Energy’s share price lost value. Read More “Gas Drillers Had Best Shareholder Returns in 2024; Investor Love”

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27 New Shale Well Permits Issued for PA-OH-WV Jan 6 – 12

For the week of Jan 6 – 12, permits issued in the Marcellus/Utica to drill new shale wells remained healthy. There were 27 new permits issued last week, down three from 30 issued the week before. The Keystone State (PA) issued 13 new permits, with four going to Snyder Brothers in Armstrong County, four going to Coterra Energy in Susquehanna County (must be Coterra has restarted drilling), three for Infinity Natural Resources (INR) in Indiana County, and two for Range Resources in Washington County. Read More “27 New Shale Well Permits Issued for PA-OH-WV Jan 6 – 12”

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30 New Shale Well Permits Issued for PA-OH-WV Dec 30 – Jan 5

For the week of Dec 30 – Jan 5, permits issued in the Marcellus/Utica rebounded from holiday lows. There were 30 new permits issued last week, up from just 12 issued the week before. The Keystone State (PA) issued nine new permits, with six going to Range Resources in Allegheny County and three to EQT, split between Lycoming and Washington counties. Read More “30 New Shale Well Permits Issued for PA-OH-WV Dec 30 – Jan 5”

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27 New Shale Well Permits Issued for PA-OH-WV Dec 16 – 22

For the week of Dec 16 – 22, permits issued in the Marcellus/Utica remained healthy. There were 27 new permits issued last week, up from 22 issued the week before. In something of an unusual twist, the Keystone State (PA) issued just four new permits, all of them to different drillers. PennEnergy Resources’ permit was in Beaver County; Seneca Resources’ permit was in Tioga County; and Range Resources and EQT (Rice) each had one permit in Washington County. Read More “27 New Shale Well Permits Issued for PA-OH-WV Dec 16 – 22”

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22 New Shale Well Permits Issued for PA-OH-WV Dec 9 – 15

For the week of Dec 9 – 15, permits issued in the Marcellus/Utica remained healthy. There were 22 new permits issued last week, down just a bit from the 28 issued the week before. The Keystone State (PA) issued 17 new permits, with the bulk of them, 11, going to a single driller, PennEnergy Resources, for a single pad in Beaver County. Seneca Resources scored three new permits in Tioga County. One permit each was issued to Pennsylvania General Energy (Lycoming County), Coterra Energy (Susquehanna County), and CNX Resources (Westmoreland County). Read More “22 New Shale Well Permits Issued for PA-OH-WV Dec 9 – 15”

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28 New Shale Well Permits Issued for PA-OH-WV Dec 2 – 8

For the week of Dec 2 – 8, permits issued in the Marcellus/Utica bounced back nicely. There were 28 new permits issued last week, more than doubling the 12 issued the week before (and matching the 28 issued three weeks ago). The Keystone State (PA) issued 18 new permits, with eight going to EQT spread across three counties: Jefferson, Lycoming, and Washington. Chesapeake Energy (now Expand Energy) received four permits, all of them in northeastern PA’s Wyoming County. CNX Resource scooped up two permits, both in Westmoreland County. The final four permits were singles issued to Blackhill Energy (Bradford County), XPR Resources (Centre County), Inflection Energy (Lycoming County), and Olympus Energy (Allegheny County). Read More “28 New Shale Well Permits Issued for PA-OH-WV Dec 2 – 8”

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12 New Shale Well Permits Issued for PA-OH-WV Nov 25 – Dec 1

For the week of Nov 25 – Dec 1, permits issued in the Marcellus/Utica dropped dramatically. Only 12 new permits were issued last week, less than half the 28 issued the week before. The Keystone State (PA) issued just two new permits, one to EQT in Greene County and the other to Range Resources in Washington County. The Buckeye State (OH) issued six new permits last week. All six went to Encino Energy (EAP), with four in Carroll County and two in Columbiana County. The Mountain State (WV) issued four new permits, three of which went to Southwestern Energy (now Expand Energy) in Ohio County and one to Antero Resources in Tyler County. Read More “12 New Shale Well Permits Issued for PA-OH-WV Nov 25 – Dec 1”

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Where M-U Drilling is Now, Where Might It Be Headed Next

According to an extensive report appearing on the World Oil website (and in the November issue of the magazine), multiple possible futures lie ahead for the Marcellus and Utica shales. So, which future will come to pass? Today, both industry and government see the Marcellus and Utica formations as tremendous opportunities for companies and state governments, with domestically produced energy, jobs, and a huge economic impact. Read More “Where M-U Drilling is Now, Where Might It Be Headed Next”

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WV Supreme Court Rules Antero CAN’T Deduct Royalty Expenses

There is an important development for landowners AND drillers in a class action case that began some seven years ago. A civil suit was brought by Harrison County oil and gas owners against Antero Resources Corp., claiming the company had deducted post-production costs from royalties not allowed under the leases they had signed. In 2022, the U.S. District Court for the Northern District of West Virginia ruled mostly in favor of the landowners. The District Court sent two certified questions to the state Supreme Court. The Supremes ruled on both issues in November. The court ruled that energy companies cannot deduct post-production costs without explicit lease language, favoring royalty owners over drillers. Read More “WV Supreme Court Rules Antero CAN’T Deduct Royalty Expenses”

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28 New Shale Well Permits Issued for PA-OH-WV Nov 18 – 24

For the week of Nov 18 – 24, permits issued in the Marcellus/Utica continued to be strong, with 28 new permits issued, down just two from the 30 issued the prior week. The Keystone State (PA) issued 11 new permits, with five going to CNX Resources, all in Allegheny County. Two permits were issued to Southwestern Energy (now Expand Energy) in Lycoming County. The remaining four were single permits issued to EQT Corporation (Greene County), Infinity Natural Resources (Indiana County), Range Resources (Washington County), and Apex Energy (Westmoreland County). Read More “28 New Shale Well Permits Issued for PA-OH-WV Nov 18 – 24”

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13 New Shale Well Permits Issued for PA-OH-WV Oct 28 – Nov 3

For the week of Oct 27 – Nov 3, there were 13 permits issued to drill Marcellus/Utica wells, down from 17 permits issued the prior week. The Keystone State (PA) had just three new permits, one each for EQT, Range Resources, and Snyder Brothers (three different counties). The Buckeye State (OH) issued no new permits last week. The Mountain State (WV) did most of the heavy lifting by issuing 10 new permits, with most of those (seven) going to Antero Resources in Tyler County. One permit each was issued to Southwestern Energy (now Expand Energy), HG Energy, and Marion Natural Energy. Read More “13 New Shale Well Permits Issued for PA-OH-WV Oct 28 – Nov 3”

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Antero Resources Production Down 2%, Lost $20 Million in 3Q

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 2024 update yesterday. The company reports net production averaged 3.4 billion cubic feet equivalent per day (Bcfe/d) during 3Q24, a decrease of 2% year-over-year. Of the company’s 2024 production, liquids (NGLs) averaged 206 thousand barrels per day (MBbl/d), an increase of 2% from 3Q23. Natural gas production averaged 2.2 Bcf/d, down 4% from 3Q23. The company lost $20 million in 3Q24 versus making $17.8 million in profit in 3Q23. Read More “Antero Resources Production Down 2%, Lost $20 Million in 3Q”