Ascent Swings to $23M Loss on Pipeline Exit, Slows Utica Drilling
Ascent Resources, the largest natural gas producer in Ohio’s Utica Shale and one of the largest privately held drillers in the U.S., issued its third-quarter 2026 update yesterday. For the first time since early 2025, Ascent posted a loss: $22.8 million. Don’t panic. The red ink comes from one item: a $185.2 million charge to exit pipeline space it didn’t need. Under the hood, production held steady at 2,190 MMcfe/d (2.19 Bcfe/d), free cash flow more than doubled from 2Q, and Ascent raised its production guidance. The bigger stories for MDN readers: Ascent cut its rig count in half, slowed down its leasing, and its accountants dropped the odds of an IPO or sale to just 15%. Read More “Ascent Swings to $23M Loss on Pipeline Exit, Slows Utica Drilling”
The Marcellus/Utica region received 12 new shale well permits last week, October 12-18, up 3 from 9 the week before. Pennsylvania issued 9 of the new permits. Ohio issued 2. And West Virginia issued a single new permit. The drillers who received new-well permits last week were: Antero Resources, Ascent Resources, Expand Energy, Range Resources, and Seneca Resources. Before we go further, a quick housekeeping note: Starting this week, MDN counts only permits for brand-new wells in the headline number. State agencies also issue renewals (more time to drill a well that was already permitted), modifications (changes to a well that was already permitted, like a new wellbore path), and in Ohio, “deepen” permits. Those wells were already counted the first time around, so counting them again would double-count. We now list them separately, in their own section below. 
Here’s a story you won’t read anywhere else. Strata Petroleum, LLC buys oil and gas mineral rights, and it has quietly sold its mineral interests in 116 producing Ohio Utica wells to Dallas-based Rising Phoenix Royalties. The deal closed effective October 5. Strata managing partner Justin Wainwright reached out to MDN with the news. He won’t disclose the exact price, but he told us it was “well into 7 figures.” The wells are operated by two of the biggest names in the Ohio Utica, EOG Resources and Ascent Resources, and they’re spread across six of the play’s core counties. Strata says it isn’t leaving the region. It plans to keep buying minerals across Ohio, West Virginia, and Pennsylvania. 
Appalachian drillers just got a hard lesson in how fast the money can vanish. New analysis from RBN Energy shows pre-tax profits at gas-weighted producers cratered 75% in the second quarter — and nine of the ten companies in RBN’s gas-weighted peer group are Marcellus/Utica operators. This is an M-U report card, whether RBN calls it one or not. The piece, written by Nicholas Cacchione and published August 26, covers second quarter results for 37 publicly traded exploration and production companies (E&Ps). RBN sorts them into three buckets: Oil-Weighted, Diversified, and Gas-Weighted. Every company in that last bucket except Comstock Resources — a Haynesville player — has major operations in the Marcellus or Utica. 
Despite rising Northeast gas demand from retiring coal plants and new data centers, plus added Appalachian pipeline capacity, production growth isn’t guaranteed—operators prioritize capital discipline, debt reduction, and shareholder returns over volume. Appalachia has held flat at roughly 33-36 Bcf/d since 2020. Can anything tempt Marcellus/Utica drillers to drill and produce more than they are now? According to RBN Energy, sustained Henry Hub prices above $4/MMBtu (versus the current $3.50-$3.60 long-dated curve) and better takeaway infrastructure could be enough of a temptation. 
Yesterday, the Ohio Oil and Gas Land Management Commission (OGLMC) voted to open another 14,953 acres of publicly owned state land in eastern Ohio to safe fracking. At the same meeting, the OGLMC rejected applications to open about 8,000 acres of land in the same area for development, given the overlap between those parcels and some that were bid out. Anti-fossil fuel nutters showed up at the meeting and made asses of themselves, as they so often do. One anti (who should have been arrested and removed) shouted that the Commissioners should “jump off a bridge.” Sounds like a threat to us. Is anyone investigating?