2Q Report Card: M-U Gas Drillers Earned Just 69 Cents per Mcfe
Appalachian drillers just got a hard lesson in how fast the money can vanish. New analysis from RBN Energy shows pre-tax profits at gas-weighted producers cratered 75% in the second quarter — and nine of the ten companies in RBN’s gas-weighted peer group are Marcellus/Utica operators. This is an M-U report card, whether RBN calls it one or not. The piece, written by Nicholas Cacchione and published August 26, covers second quarter results for 37 publicly traded exploration and production companies (E&Ps). RBN sorts them into three buckets: Oil-Weighted, Diversified, and Gas-Weighted. Every company in that last bucket except Comstock Resources — a Haynesville player — has major operations in the Marcellus or Utica. Read More “2Q Report Card: M-U Gas Drillers Earned Just 69 Cents per Mcfe”
Gulfport Energy dropped its second quarter 2026 numbers on Monday (Aug. 3), followed by an analyst call Tuesday morning — the first for new President and CEO Nick Dell’Osso, who took the chair May 28 after running Chesapeake/Expand Energy for five years. The profit line went the wrong direction. But strip away the accountants’ noise, and there’s a genuinely good story here for Ohio landowners, for the service companies that turn dirt, and for anyone holding the stock. 
Despite rising Northeast gas demand from retiring coal plants and new data centers, plus added Appalachian pipeline capacity, production growth isn’t guaranteed—operators prioritize capital discipline, debt reduction, and shareholder returns over volume. Appalachia has held flat at roughly 33-36 Bcf/d since 2020. Can anything tempt Marcellus/Utica drillers to drill and produce more than they are now? According to RBN Energy, sustained Henry Hub prices above $4/MMBtu (versus the current $3.50-$3.60 long-dated curve) and better takeaway infrastructure could be enough of a temptation. 
The Marcellus/Utica region received a piddly 7 new drilling permits last week, July 6 – 12, down 21 from two weeks ago. Last week, Pennsylvania issued just 1 new permit. Ohio issued 5 new permits. And, West Virginia issued 1 new permit. The drillers who received new permits included: Antero Resources (1), Expand Energy (3), and Gulfport Energy (3). 
Yesterday, the Ohio Oil and Gas Land Management Commission (OGLMC) voted to open another 14,953 acres of publicly owned state land in eastern Ohio to safe fracking. At the same meeting, the OGLMC rejected applications to open about 8,000 acres of land in the same area for development, given the overlap between those parcels and some that were bid out. Anti-fossil fuel nutters showed up at the meeting and made asses of themselves, as they so often do. One anti (who should have been arrested and removed) shouted that the Commissioners should “jump off a bridge.” Sounds like a threat to us. Is anyone investigating? 
Top leadership at Gulfport Energy recently executed significant insider stock sales totaling millions of dollars. EVP and CFO Michael Hodges led the divestment, selling 16,769 shares for approximately $3.53 million. Director Timothy J. Cutt followed by disposing of 5,000 shares for over $1.04 million, while SVP of Reservoir Engineering Michael Sluiter sold 9,933 shares, generating roughly $2.09 million. These substantial transactions by high-ranking executives represent a major shift in insider holdings, with the company’s leadership team collectively cashing out over $6.6 million in stock during this period of notable trading activity. What does it mean? 
Gulfport Energy is the third-largest driller in the Ohio Utica Shale (by the number of wells drilled). Gulfport released its fourth quarter and full-year 2025 update yesterday. The company reports delivering a strong performance during the period, with total net production reaching 1.10 Bcfe per day and net liquids production rising 12% over the fourth quarter of 2024 to 18.2 MBbl per day. Financial highlights included $132.4 million in net income and $234.8 million in adjusted EBITDA, supported by $185.4 million in net cash from operating activities and $120.2 million in adjusted free cash flow. Gulfport spent $25 million on drilling and completions (D&C) and $11.4 million on maintenance, land, and leasehold spending. The company spent an additional $55.7 million on discretionary appraisal and development. Furthermore, the company expanded its footprint through the acquisition of $47.2 million in opportunistic acreage.