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18 New Shale Well Permits Issued for PA-OH-WV May 20 – 26
Two weeks ago, 16 new permits were issued to drill in the Marcellus/Utica region. Last week, May 20-26, the number increased by two to 18. Two drillers tied for the top prize for most new permits. Chesapeake Energy received five new permits, all of them for drilling in Sullivan County, PA. Ascent Resources also received five new permits, with four of them to drill in Jefferson County, OH, and one in Guernsey County, OH. Antero received three permits for drilling in Wetzel County, WV. EQT Corporation got two permits to drill in Washington County, PA. Range Resources, Olympus Energy, and INR each got a single new permit (see below for where).
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The Ohio Oil and Gas Land Management Commission (OGLMC) approved two bids to drill for oil and gas under (not on) state-owned lands yesterday. Antero Resources was the sole bidder to drill under a Dept. of Transportation (DOT) property in Noble County. Southwestern Energy won its bid to drill under DOT land in Monroe County along the Ohio River. The OGLMC also advanced five other nominations to drill under state-owned properties to the bidding process. One nomination advancing is a request to drill under the 84-acre Keen Wildlife Area in Harrison County (see 
Antero Resources Corporation announced yesterday that it received an investment-grade BBB credit rating from S&P Global Ratings. S&P upgraded Antero’s corporate and issuer credit ratings to BBB—from BB+ with a stable outlook. Antero has maintained an investment-grade credit rating from Fitch Ratings since September 2022. This credit upgrade means the company will not need as many letters of credit and will lower the interest rates it pays on borrowed money.
Antero Midstream, a separate company from Antero Resources (at least on paper, although it is managed by the same people), issued a press release yesterday to announce it had purchased a bolt-on acquisition of gathering and compression assets in the Marcellus Shale for $70 million from Summit Midstream Partners. The assets acquired include two compressor stations and 48 miles of high-pressure gas-gathering pipelines located in West Virginia.
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 first quarter 2024 update last week. The company reports net production averaged 3.4 billion cubic feet equivalent per day (Bcfe/d) during 1Q24, an increase of 5% year-over-year. Of the company’s 2024 production, liquids (NGLs) averaged 202 thousand barrels per day (MBbl/d), an increase of 8% from 1Q23. Natural gas production averaged 2.2 Bcf/d, up 4% from 1Q23. The company made $36 million in 1Q24 versus a profit of $213 million in 1Q23 — down a big 83% year over year.
Earlier this week, MDN told you that EQT, the country’s largest natural gas producer, had implemented an immediate cutback on natural gas production of 1 billion cubic feet per day (see 
Last week, 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 and full-year 2023 update, which we covered (see 
Shippers, including drillers, utility companies, and others that buy and sell natural gas, are now free to buy and sell producer-certified gas (PCG) or responsibly sourced gas (RSG) at all pooling points across the Tennessee Gas Pipeline (TGP) system following a decision by the U.S. Court of Appeals for the District of Columbia (DC Circuit). The judges of the DC Circuit dismissed a case brought by Antero Resources and EQT Corporation attempting to block TGP’s plan. We will explain.