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20 New Shale Well Permits Issued for PA-OH-WV Jun 5-11
New shale permits issued for Jun 5-11 in the Marcellus/Utica last week dipped a bit from the previous week. There were 20 new permits issued, down from 25 issued the previous week. Last week’s permit tally included 6 new permits for Pennsylvania, 8 new permits for Ohio, and 6 new permits in West Virginia. Ascent Resources scored the most new permits with 8 issued in the Ohio Utica, spread across three counties. Chesapeake Energy had the second most new permits with 6 permits issued in the PA Marcellus across two counties.
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The Ohio Dept. of Natural Resources (ODNR) recently released production numbers for the first quarter of 2023, and wow! What a surprise! Oil production in the northern Utica Shale skyrocketed, led by wells drilled by Encino Energy. According to an analysis by the Youngstown Business Journal, four shale wells drilled by Encino in Columbiana County have “shattered previous production figures in the county.” Adding up all oil production by all drillers, Encino had the most oil production in the state, with 53.7% of the total oil produced in the Utica/Point Pleasant during the first quarter. It certainly looks like Encino has cracked the oil code in the Buckeye State!
Ascent Resources, originally founded as American Energy Partners by gas legend Aubrey McClendon, is a privately-held company that focuses 100% on the Ohio Utica Shale. Ascent, headquartered in Oklahoma City, OK, is Ohio’s largest natural gas producer (352,000 leased acres) and the 8th largest natural gas producer in the U.S. The company issued its first quarter 2023 update yesterday. Ascent net production averaged 2.2 Bcfe/d (billion cubic feet equivalent per day) during 1Q23, up 12% over 1Q22. The company made $1.1 billion in profit during 1Q23, a massive +$2.7 billion swing from losing $1.6 billion in 1Q22.