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30 New Shale Well Permits Issued for PA-OH-WV Dec 6-12
There was a decent number of new permits issued across all three actively drilling Marcellus/Utica states cumulatively last week. In Pennsylvania, 19 new shale well permits were issued across the state. In Ohio, three new shale permits were issued. West Virginia issued 8 new shale permits last week, with five going to a company we had not previously heard of.
Read More “30 New Shale Well Permits Issued for PA-OH-WV Dec 6-12”
It’s a wrap on Hart Energy’s DUG East (Developing Unconventional Gas) conference, held in Pittsburgh last week. Overall the sentiment, from the reports we’ve read, was a positive “up” kind of attitude among those attending. However, some words of caution were shared as well. One analyst, with rig counting giant Enverus, said he thinks more natural gas production is returning to the Marcellus/Utica, but not as much as growth (percentage-wise) as the M-U’s chief competitor, the Haynesville Shale.
The DUG East (Developing Unconventional Gas) was held this week in Pittsburgh, PA. A number of big names–CEOs of major Marcellus/Utica companies–gave talks to those who attended. Two of the biggest names on the platform were Toby Rice, CEO of EQT Corporation (the largest natural gas producer in the United States), and Nick DeIuliis, CEO of CNX Resources, the separated arm of what used to be CONSOL Energy, a coal company. Both men are evangelists for natural gas, but both have a distinctly different style and way of going about their advocacy. It’s like apples and oranges.
The third quarter was not kind to Marcellus/Utica drillers with respect to the official income statements. Why? In a word, hedging. Take EQT for example. During 3Q, EQT lost nearly $2 billion because of bad hedges–locking in prices to sell production far below current market prices (see 
The EQT Foundation was established in 2003 as a dedicated resource for financial, in-kind, and volunteer support to communities where EQT works and has a presence. Since its inception, the EQT Foundation has awarded more than $60 million to nonprofits throughout the operational footprint of EQT. That is an amazing number! In honor of Giving Tuesday, yesterday EQT announced the launch of two new giving programs to support the communities of Greene County, PA, and Wetzel County, WV.
Contrary to the false narrative spun by leftist media that “everyone,” especially large institutional investors, are divesting from and refusing to buy new investments in stocks of companies that drill for oil and natural gas, some of the largest institutional investors came off the sidelines and some (for the first time ever!) got into the game by investing in individual shale gas stocks in the Marcellus/Utica during the third quarter of 2021. Which big investors did the investing and how much did they invest/purchase in the way of stock? We have all the deets below…
Last week MDN told you the news that EQT Corporation has sold part of its reserve capacity along the Mountain Valley Pipeline (MVP) to “an undisclosed investment-grade entity for six years” (see 
EQT, the country’s largest natural gas producer, issued its third quarter update yesterday. There was a LOT of news in the update. Where to start? Three important things to note from yesterday’s update: (1) EQT blew it on hedges, losing $2 billion during 3Q21 compared with losing $600 million in 3Q20. (2) CEO Toby Rice says the company is done, for now, with expanding by buying other companies. No more mergers and acquisitions. (3) EQT produced a whopping 495 Bcfe (billion cubic feet equivalent) during 3Q21, up 35% from the same period last year. That works out to be 5.5 Bcfe per day.
Although three major Marcellus/Utica drillers provided third quarter updates yesterday, we only cover EQT’s update in today’s lineup of stories. Come back Monday for details from both Antero Resources and CNX Resources. S&P Global Platts reviewed all three updates from yesterday and noticed a difference in how each of the three companies is approaching hedging, or preselling production for a specific price up to a year or more in advance. According to S&P, regaining investment-grade ratings for company stock was a stated goal by executives at all three companies during their 3Q earnings calls. They all aim to maximize free cash flows and paying down debt. Hedging programs were touted as the pathway to accomplish these balance-sheet goals.
It’s splitsville for EQT and Equitrans Midstream, the midstream company that was once part of EQT. In releasing details about third quarter performance, EQT announced yesterday it has sold nearly half of its contracted capacity with Equitrans for the Mountain Valley Pipeline (MVP). MVP, when it goes online next year, will ship gas south. It seems EQT is looking West. In the same announcement yesterday, EQT said it has signed a new contract with the Rockies Express (REX) pipeline to ship even more of its gas to markets in the Midwest.