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Weekly Shale Drilling Permits for PA, OH, WV: Jan 25-29
All three M-U states received permits to drill new shale wells last week. Pennsylvania received 22 new permits. Ohio received 2 new permits. And West Virginia received 8 new permits.
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On Friday MDN told you that EQT has partnered with a company called Project Canary (used to be Independent Energy Standards Corporation) to use the TrustWell™ Responsible Gas Program to monitor two EQT gas wells to prove to the world (in particular the global warming lunatics) that EQT’s gas is good and green (see 
Yesterday EQT, the largest natural gas producer in the U.S., announced it is partnering with a Denver, CO company calling itself “Project Canary” to run a test on two of its shale gas pads, to prove the gas produced is “certified responsibly sourced” natural gas. The test will purportedly prove that EQT is doing a good job of producing its natgas with “high environmental and social standards.” Personally, we don’t think they have anything to prove, nor should they. But hey, it’s not our company to run.
EQT Corporation, the largest natural gas producer in the United States, is asking West Virginia officials to remove two judges from hearing cases brought by landowners against the EQT relating to royalty disputes for alleged improper deductions. EQT wants Judges Timothy Sweeney and David W. Hummel Jr. to be disqualified from at least three cases (that we know of).
In a pair of announcements earlier this week, U.S. Well Services announced it has signed new long-term deals with both Range Resources and EQT to supply “electric fracking” services. We told you in February 2020 that Range had signed on with U.S. Well Services to continue using its electric fracking service (see 
The Marcellus/Utica is the #1 natural gas producing play in the country. Last month the M-U region produced 33.6 billion cubic feet per day (Bcf/d), according to the U.S. Energy Information Administration’s December Drilling Productivity Report (see 
As we entered 2020, the stock price for most Marcellus/Utica drillers was near or even at the lowest it had ever been (see 
Capital expense (capex) investments made by drillers in the Marcellus/Utica during the third quarter of 2020 were the lowest in at least six years according to a new report (full copy below) from the Institute for Energy Economics and Financial Analysis (IEEFA). The report looks at nine of the top drillers in the M-U and finds collectively they cut capex investment by more than one-third in 3Q20 over 3Q19. And yet those same nine collectively spent a half-billion dollars more during 3Q on drilling and building projects than they earned in revenue from selling oil and gas. That’s troubling.
In June 2019 the Cambridge (Massachusetts) Retirement System sued EQT claiming EQT’s executives had made false and misleading statements about their 2017 purchase of Rice Energy–claims about cost efficiencies that never materialized, and claims about the location of Rice leases that were not as close to EQT’s acreage as claimed (see