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34 New Shale Well Permits Issued for PA-OH-WV Jul 28 – Aug 3
For the week of July 28 – August 3, the number of permits issued to drill new wells in the Marcellus/Utica more than doubled from the previous week. There were 34 new permits issued across the three M-U states last week, 20 more than the 14 issued two weeks ago. The Keystone State (PA) issued 15 new permits. Both EQT and Range Resources received six permits each for single well pads in Westmoreland and Washington counties, respectively. Expand Energy received three permits for a pad in Bradford County. Read More “34 New Shale Well Permits Issued for PA-OH-WV Jul 28 – Aug 3”
Most, but not all, of the publicly traded shale drillers operating in the Marcellus/Utica region have now issued their second quarter 2025 updates. There’s a common thread (that we previously missed) running through all of them: Production is increasing in the M-U. Of all the announced additions so far, if you add them all up, it’s around 1 Bcf/d (billion cubic feet per day) of extra production. But wait! Our region is pipeline-constrained (we’re maxing out what we can flow already). So, how can drillers produce even more? 
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 second quarter 2025 update yesterday. The company reports net production in 2Q25 averaged 3.43 Bcfe/d, up ever-so-slightly from 3.42 Bcfe/d in 2Q24. Natural gas production averaged 2.23 Bcf/d, a 4% increase from the same period in 2023. Liquids (NGLs & oil) production averaged 200 MBbl/d, a 6% decrease from the year-ago period. A little less liquids, a little more gas. Antero achieved a net income of $157 million and adjusted net income of $110 million. Free Cash Flow was $262 million. For the full year, Antero increased production guidance to 3.4 to 3.45 Bcfe/d, driven by strong well performance. 
In April, MDN told you that the West Virginia Supreme Court was scheduled to hear oral arguments in two important oil and gas royalty cases (see 
The data center high tide is lifting all gas drilling boats. That’s according to a new study from S&P Global Commodity Insights that finds the expectations of a coming boom in demand for electricity for data centers, which will create a boom in demand for natural gas to produce the electricity, is causing gas drilling companies to increase in value. It’s hard to accurately quantify the value for private companies, but for public companies (those with stock that trade on the open market), we can confirm that over the past year, the value for drillers with significant operations in the Marcellus/Utica has, on average, risen dramatically. 
The West Virginia Supreme Court was scheduled to hear two significant oil and gas royalty disputes during a morning session today. Both cases center on whether natural gas companies can deduct post-production costs from royalty payments and, if so, under what circumstances. The stakes are incredibly high for both landowners and drillers. The first case, Kaess v. BB Land LLC, we had not previously heard about. The second case, Romeo v. Antero Resources Corporation, we have heard about. We first reported on that case back in 2017 (see 
An important decision was recently issued in a federal court case (in Ohio) that potentially affects landowners and drillers with shale leases throughout the Marcellus/Utica. At least, we believe it has broader implications. The case, The Grissoms, LLC v. Antero Resources Corporation, was decided by the United States Court of Appeals for the Sixth Circuit (6th Circuit) on April 2, 2025. The case involves a dispute between a certified class of 370 Ohio landowners and Antero. The landowners alleged that Antero underpaid them $10 million in natural gas royalties by improperly deducting certain processing and fractionation costs from their royalty payments, violating their lease agreements. In 2023, the landowners won against Antero in the U.S. District Court for the Southern District of Ohio, Eastern Division (see 
The experts at RBN Energy track 38 exploration and production (E&P) companies to monitor financial and operational performance. In a recent blog post, RBN found the 10 gas-weighted E&Ps (all but one with significant operations in the Marcellus/Utica) experienced a rebound in earnings during Q4 2024 after a rough first three quarters of the year. Earnings for the 10 gas-weighted E&Ps averaged $3.02/boe (barrels of oil equivalent) in Q4 2024 after losses in Q2 and Q3 2024. Cash flow averaged $10.18/boe, 52% higher than the $6.71/boe generated in Q3 2024. Realized prices averaged nearly $18/boe in Q4 2024, 24% higher than the $14.52/boe recorded in Q3 2024. Things are looking up for M-U drillers. 
For the week of Mar 10 – 16, the number of permits issued in the Marcellus/Utica to drill new shale wells increased by nine from the previous week. Last week, 31 new permits were issued, with 16 going to the Keystone State (PA). EQT (and its subsidiary Rice Drilling) scored nine permits across Fayette, Greene, and Washington counties in southwestern PA. Range Resources took five permits, all of them in Washington County. And Rev Resources received two permits in Tioga County.