24 New Shale Well Permits Issued for PA-OH-WV May 16-22
Just last week MDN told you we will, from now on, bring you new permit data for the previous week on Fridays. Yet here it is Thursday and we’re sharing the permit data for last week. What gives? MDN and its author, Jim Willis, are taking a break Friday (tomorrow) and next Monday for the Memorial Day holiday. Well, we’re taking Monday off for the holiday. We’re taking Friday off because there’s a wedding in Jim’s family this weekend. There are preparations to make, and celebrations to partake in. So we’re bringing you the permit data today, on Thursday. Speaking of which, there were 24 new permits issued last week, with 14 of them going to Pennsylvania, seven to Ohio, and three to West Virginia. We break it down below.
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In early 2013 the Pittsburgh International Airport and Allegheny County, PA signed a deal with CONSOL Energy (now CNX Resources) to lease 9,000 acres surrounding the airport for natural gas drilling (see 
An article in the Pittsburgh Post-Gazette highlights and focuses on the financial performance for four of the Marcellus/Utica’s largest publicly-traded companies, including EQT Corp., Antero Resources, Range Resources, and CNX Resources, during first quarter 2022. Even though the price natural gas is fetching is higher than it’s been in 14 years, M-U drillers are losing money. Why? Hedges and derivatives–bad bets on where the price of gas would go and locking in prices much lower than what the market currently supports.
CNX Resources issued its first quarter 2022 update yesterday, and boy what an update! CEO Nick DeIuliis took direct aim at leftist anti-fossil fuel policies that are harming the human race. He spared no words! Policies including PA Gov. Tom Wolf’s RGGI carbon tax and the so-called Paris Climate Accord came in for a round of attacks by Nick. Love it! But what about the company’s performance in 1Q22? How did CNX fare financially and operationally?
In 2018, CNX Resources announced it had signed a long-term contract with Evolution Well Services to use Evolution’s 100% natural gas-fueled electric pressure pumping equipment (see 
One of the hottest of the hot sectors in which to invest (right now) is shale energy. That’s according to multiple sources, including a veteran finance writer, investor, engineer, and researcher. In an article appearing on the OilPrice.com website, Alex Kimani talks up mid-cap energy stocks as outperforming the supermajors. Among two of Kimani’s top three picks are two Marcellus/Utica drillers, who are having a stellar year in stock performance. We went looking for the stock performance of other M-U drillers too. We have a list to share showing just how much each driller’s share price has increased this year.
According to RBN Energy, 2021 was the most profitable year in at least the last two decades for oil and gas producers (i.e. drillers). Oil and gas producers reported income two-thirds higher than the previous peak in 2014, when commodity prices were significantly higher. There’s every indication that 2022 will be even better for the bottom line of O&G companies. What about Marcellus/Utica drillers? Yep, they’re on the list of phenomenal results too.
In October 2020 Nick DeIuliis, President and CEO of CNX Resources Corporation, announced the forthcoming publication of a new book he authored (see 
In April 2021, CNX Resources Corp. announced instead of just blowing smoke about ESG (environmental, social, governance) with pretty slide shows and hoopla, they would donate $30 million to local, underserved communities and populations in the tri-state region (see 
According to S&P Global, shale gas producers behaved themselves during the fourth quarter of 2021 and didn’t, even as the price of gas went sky high, do anything more than maintain current production. Gas drillers kept spending in check, didn’t do any more drilling than was necessary to maintain production, and plowed free cash flow back into dividends and stock buybacks. The result? Investors loved it and share prices soared.
Using investment capital from Preferred Capital Securities, WhiteHawk Energy is buying mineral and royalty rights in southwestern Pennsylvania, primarily in Washington and Green counties, for $52.5 million. The assets include production and cash flow from over 950 horizontal Marcellus Shale wells. The wells are operated by EQT, CNX Resources, and Range Resources.