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31 New Shale Well Permits Issued for PA-OH-WV Mar 10 – 16
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. Read More “31 New Shale Well Permits Issued for PA-OH-WV Mar 10 – 16”
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 fourth quarter 2024 update last week. The company reports net production in 4Q24 averaged 3.43 Bcfe/d, up ever-so-slightly from 3.42 Bcfe/d in 4Q23. Natural gas production averaged 2.1 Bcf/d, a 7% decrease from the same period in 2023. Liquids (NGL) production averaged 217 MBbl/d, a 14% increase from the year-ago period. A little less gas, a little more liquids. Antero achieved a net income of $150 million and adjusted net income of $181 million. Additionally, the company realized a 27% reduction in drilling and completion capital expenditures compared to the prior year. 
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? 
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.