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Weekly Shale Drilling Permits for PA, OH, WV: May 24-30
All three M-U states received permits to drill new shale wells last week, but not a lot. In fact, it was one of the lowest overall number of permits issued in recent memory. Pennsylvania received just five new permits, and some of those were reissued permits. Ohio received four permits. And West Virginia just a single new permit.
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Back in March MDN told you about supposed violations by Chesapeake Energy of the federal Clean Water Act and the Pennsylvania Clean Streams Law and Dam Safety and Encroachments Act by failing to identify and protect swamps (i.e. wetlands) at a number of oil and gas well sites in Pennsylvania (see 
Chesapeake Energy issued its first quarterly update since exiting bankruptcy in February. It wasn’t the typical update most public companies issue. It’s a challenge to reconcile numbers before bankruptcy and after exiting bankruptcy. A few highlights: When combining numbers from before and after bankruptcy, we found (in digging through the SEC Form 8-K filing) that Chessy produced 2 billion cubic feet per day (Bcf/d) on natural gas, most of which was produced in the northeast PA Marcellus (1.26 Bcf/d). The company also produced an average of 80,000 barrels of oil and 22,000 barrels of NGLs (in non-Marcellus plays) in 1Q21. We also discovered the company’s strategy on where it plans to expand its shale gas drilling program (the answer may not please you)…
MDN was the only news source to openly criticize Chesapeake Energy CEO Doug Lawler’s purchase of Eagle Ford oil assets in 2018 for $4 billion (see 
One of the criticisms often leveled against the shale industry is that shale drillers have destroyed shareholder value (the price of company stock) over the past decade or so (see 
In January EQT Corporation announced it would partner with a Denver, CO company calling itself “Project Canary” to run a test on two of its shale gas pads, to prove the natural gas produces is “certified responsibly sourced” (see 
Last week MDN told you that Epsilon Energy, which concentrates most of its effort on the Marcellus in Susquehanna County, PA, had sued its joint venture partner Chesapeake Energy over Chessy’s refusal to allow Epsilon to drill four shale wells on land Chessy doesn’t want to drill (see 
In February Chesapeake Energy finally emerged from Chapter 11 bankruptcy shedding $7.8 billion worth of debt (see 
Epsilon Energy concentrates most of its effort on the Marcellus in Susquehanna County, PA. Epsilon doesn’t typically do its own drilling. The company joint venture partners with (gives money to) other companies, like Chesapeake Energy, and the other company typically does the drilling. Epsilon, according to its website, owns ~4,000 net acres in the PA Marcellus. Epsilon sued Chesapeake Energy earlier this month over lack of access to drill wells on acreage Chesapeake says it doesn’t want to drill. A Texas bankruptcy court judge has tossed Epsilon’s lawsuit. Looks like bankruptcy is a “get out of your contracts for free” card for Chesapeake.