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Where M-U Drilling is Now, Where Might It Be Headed Next
According to an extensive report appearing on the World Oil website (and in the November issue of the magazine), multiple possible futures lie ahead for the Marcellus and Utica shales. So, which future will come to pass? Today, both industry and government see the Marcellus and Utica formations as tremendous opportunities for companies and state governments, with domestically produced energy, jobs, and a huge economic impact. Read More “Where M-U Drilling is Now, Where Might It Be Headed Next”
For the week of Nov 18 – 24, permits issued in the Marcellus/Utica continued to be strong, with 28 new permits issued, down just two from the 30 issued the prior week. The Keystone State (PA) issued 11 new permits, with five going to CNX Resources, all in Allegheny County. Two permits were issued to Southwestern Energy (now Expand Energy) in Lycoming County. The remaining four were single permits issued to EQT Corporation (Greene County), Infinity Natural Resources (Indiana County), Range Resources (Washington County), and Apex Energy (Westmoreland County). 
CNX Resources filed a request with the Pennsylvania Dept. of Environmental Protection (DEP) in April 2023 to build two pipelines—two for natural gas—along a 13.9-mile route in Bell, Loyalhanna, and Salem Townships in Westmoreland County. An additional 4-mile pipeline would be built for water. Called the Slickville Trunkline Project, the DEP originally told CNX its application was “incomplete.” The DEP later told CNX (in March of this year) the agency considered the application “withdrawn” because it hadn’t received any more information (see 
Last week, CNX Resources issued its third quarter 2024 update. The company made $65.5 million in profit for the quarter, compared with a profit of $21.3 million in 3Q23 (more than doubling net income). Production was 134.5 Bcfe (billion cubic feet equivalent) in 3Q24 — which works out to 1.46 Bcfe/d — down from 143.4 Bcfe last year (a drop of 6%). Drilling all but stopped during 3Q. The company drilled just three new wells, all of them in the Utica in central PA. 
MDN is not a stock-picking service. However, from time to time, we mention the performance of a given company’s stock price if it is unusual or relevant to our audience. We spotted an article by Bloomberg about CNX Resources’ stock price. Last Friday, CNX’s stock hit what Bloomberg calls “a 10-year high,” closing at $36.29. Interestingly, one or more investors bought over 34,000 call options, betting the price would hit $40 by mid-April. 
The SHALE INSIGHT® 2024 event was held from September 24 to 26 at the Bayfront Convention Center in Erie, PA. Attendees got an insider’s view from the nation’s foremost energy leaders and experts on shale development, environmental protection, pipeline investment, energy-driven manufacturing, and in-demand jobs. We brought you a few news items we noticed in mainstream media from the event, one about antis protesting outside the event (see 
CNX Resources released its first Radical Transparency™ assessment report in August (see 
The Ohio Department of Natural Resources (ODNR) released production numbers for the second quarter of 2024 yesterday. The story the numbers tell continues to be about Utica oil, which continues to rise each quarter. Ohio’s total oil production during 2Q24 was 8.01 million barrels, up 23% from 2Q23’s 6.5 million barrels and up 11% from 1Q24’s 7.2 million barrels. The story of oil in the Buckeye State can’t be told apart from Encino Energy (EAP), which produced nearly half of all the state’s oil during 2Q24. As for natural gas production, it’s no surprise it went down slightly in 2Q24, given the current low price for gas. The state produced 526.6 Bcf in 2Q24, down 3.7% from 2Q23’s 547.0 Bcf, and down 1.4% from this year’s first quarter number of 534.0 Bcf. MDN pulled the numbers from the ODNR quarterly report and produced top 25 lists for both gas and oil wells.
There’s just no way to sugarcoat the fact that the low low price for natural gas is having an impact on shale drillers in the Marcellus/Utica. According to an analyst with RBN Energy, a price plunge to near the $2/MMBtu level in early 2023 “crippled” financial results for the companies RBN monitors that are gas-focused (namely M-U companies). However, most producers on the RBN list have remained in the black through spending less and cutting back on production. Down but far from out. How did the major M-U companies that are publicly traded perform in 2Q24? We have the numbers below. 
CNX Resources released its first Radical Transparency™ assessment report yesterday. The initial results of nine months of continuous air emissions monitoring at natural gas well sites and compressor stations in southwestern Pennsylvania indicate that CNX natural gas development poses no public health risk. Period. The data is collected and disseminated to the public by an independent third-party contractor. This is objective, you-can’t-argue-with-it data shows CNX is not causing any kind of public health hazard. Big Green isn’t happy that their lying narratives are now countered by objective (truthful) data.