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Will Higher NatGas Demand and New Pipes Spur More M-U Production?
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. Read More “Will Higher NatGas Demand and New Pipes Spur More M-U Production?”
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. 
In Q3 2025, U.S. E&Ps (drillers) successfully leveraged rigorous cost-cutting and capital discipline to maintain stable earnings despite commodity price volatility. With lifting costs down 16% since mid-2022, producers offset revenue pressures through efficiency and consolidation. RBN Energy reports that performance diverged by sector in 3Q: oil-weighted producers saw earnings rise 19% on stabilized crude prices and reduced impairments, while gas-weighted peers suffered a 27% earnings slump due to lower realizations. Total production increased 4.7%, mainly driven by oil majors. Looking ahead to Q4, the outlook shifts; oil producers face headwinds as prices dip toward $60/bbl, while natural gas producers anticipate a strong finish fueled by winter demand and rising Henry Hub prices.