| | | | | |

4 Cos. Shopping M-U Assets – Represents 11.5% of M-U Production

We recently received a couple of recent issues of a monthly news/analysis newsletter from The Capitol Forum (TCF). The author shared with us (and is allowing us to share with you) the March and April monthly editions of TCF Upstream Monthly, a publication that focuses on drilling in the Appalachian Basin. The April issue tackles the rumored Gulfport Energy/Ascent Resources merger we recently reported on (see Rumor: Gulfport Energy in Talks to Merge with Ascent Resources). Analysis of that potential merger is fascinating. However, it was tangential information part of the analysis that caught our eye. If you add up all of the assets currently rumored or known to be in play (for sale or merger), it amounts to 11.5% of all M-U production.
Read More “4 Cos. Shopping M-U Assets – Represents 11.5% of M-U Production”

| | | | | | | | | | | | | | | | | | | | | | | | | | | | |

37 New Shale Well Permits Issued for PA-OH-WV Feb 28-Mar 13

The Pennsylvania Dept. of Environmental Protection (DEP) finally got their reporting system back online after it had gone down for a second time in three weeks. We have collected the permits issued over a two-week period in this report, to catch things up (and because PA didn’t issue any permits for one of the two weeks). This current report shows permits issued from Monday, Feb. 28 through Sunday, Mar. 13. PA issued 15 new permits over the two-week period. The top permitees in PA were EQT and CNX, both with five permits each. In Ohio, 11 new permits were issued, with Encino Energy receiving four and Gulfport three permits. West Virginia also issued 11 new permits for the two-week period. Antero received six of WV’s permits, and both Southwestern Energy and Arsenal Resources scored two each.
Read More “37 New Shale Well Permits Issued for PA-OH-WV Feb 28-Mar 13”

|

HG Energy Rumored to be Shopping Itself for Sale – Asking Price $3B

Bloomberg News (not the most reliable source) is reporting that HG Energy, a Marcellus/Utica driller headquartered in Parkersburg, West Virginia, is considering selling itself for $3+ billion. HG is a privately held company established on January 1, 2011 with backing from private equity firm Quantum Energy Partners. Where are the company’s assets located?
Read More “HG Energy Rumored to be Shopping Itself for Sale – Asking Price $3B”

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

61 New Shale Well Permits Issued for PA-OH-WV Jan 17-23

Holy smokes! What just happened? For months (and months and months) the cumulative number of weekly permits issued to drill new shale wells in the Marcellus/Utica has fluctuated from the low teens to perhaps 30 total on the upper end. Last week, from Jan. 17-23, an amazing 61 permits were issued to drill new shale wells. Double the usual. Wow! Pennsylvania issued 24 new permits, Ohio issued 9, and blow-the-doors-off-we’ve-never-seen-so-many-permits-issued-in-one-week for West Virginia, the Mountain State issued 28 new shale permits.
Read More “61 New Shale Well Permits Issued for PA-OH-WV Jan 17-23”

| | | | | | | | | | | |

More M&A Coming to M-U in 2022? List of the Hunters & the Hunted

In May 2021 S&P Global Market Intelligence ran an article on which Marcellus/Utica drillers are likely targets to be acquired, and which drillers are doing the targeting (see Which M-U Drillers are Likely Next Targets for Acquisition?). They were right, at least partially. Market Intelligence has just updated its list of M-U for “the hunters” and “the hunted.” Let’s have a look…
Read More “More M&A Coming to M-U in 2022? List of the Hunters & the Hunted”

| | | | | | | | | | | | | | | | | | | | | | | |

18 New Shale Well Permits Issued for PA-OH-WV Jan 10-16

Last week 18 permits were issued to drill new shale wells in the Marcellus/Utica, down from 24 the week before. Pennsylvania had the most new permits with 12, mostly in the northeastern part of the state in Lycoming and Susquehanna counties. Ohio had four permits evenly divided between Columbiana and Harrison counties. West Virginia had just two lonely permits, one in Lewis and one in Wetzel counties.
Read More “18 New Shale Well Permits Issued for PA-OH-WV Jan 10-16”

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

29 New Shale Well Permits Issued for PA-OH-WV Nov 29-Dec 5

There was a healthy number of new permits issued in all three actively drilling Marcellus/Utica states last week. In Pennsylvania, 14 new shale well permits were issued across the state. In Ohio, five new shale permits were issued, four of them to a single driller (Ascent Resources) in a single county (Jefferson). West Virginia came roaring back after getting skunked with no permits two weeks ago. WV issued 10 new shale permits last week with five going to a single well pad in Monongalia County.
Read More “29 New Shale Well Permits Issued for PA-OH-WV Nov 29-Dec 5”

| | | | | | | | | | |

9 New Shale Well Permits Issued for PA-OH-WV Oct 25-31

It was a pretty paltry week for new shale drilling permits in the Marcellus/Utica. Two weeks ago Pennsylvania issued 21 permits to drill new shale wells. They must have shot their wad because last week PA issued just two new permits–the lowest number in PA we’ve seen in…we can’t remember how long. Ohio issued no new permits for Utica drilling last week…zero…goose egg. Only West Virginia held out some promise, issuing seven new permits for shale drilling last week.
Read More “9 New Shale Well Permits Issued for PA-OH-WV Oct 25-31”

| | | | | | | | | | | |

Top 10 Natural Gas & Top 10 Oil Producers in West Virginia for 2020

The Gas and Oil Association of West Virginia (GO-WV) released a new report yesterday called “Gas Facts” (full copy below). The report chronicles the impact oil and gas has had on the Mountain State over the past five years. According to Charlie Burd, GO-WV executive director, “Natural gas is the state’s top-paying sector, supporting more than 82,000 jobs and contributing roughly $5.2 billion in wages each year. Clean, abundant natural gas will continue to drive economic growth and opportunities for generations of West Virginians.” It’s an interesting report. One thing in the report caught our eye immediately: Two “top 10” lists for gas and oil production. We’re suckers for a good top 10 list…
Read More “Top 10 Natural Gas & Top 10 Oil Producers in West Virginia for 2020”

| | | | | | | | | | | | | | | | | |

Weekly Shale Drilling Permits for PA, OH, WV: Sep 13-19

A nice bump up (finally) in the number of permits to drill new shale wells in the M-U, although it’s a lot of wells for a relatively few well pads. Pennsylvania issued 19 new permits across five pads in both the northeast and southwest portion of the play, including 8 permits for a single Cabot Oil & Gas pad in Susquehanna County. Ohio issued just 3 new permits, all to Encino Energy for a single pad in Carroll County. And West Virginia issued a surprisingly high 18 permits to two drillers on three pads in two counties: Marshall and Monongalia.
Read More “Weekly Shale Drilling Permits for PA, OH, WV: Sep 13-19”

| | | | | | | | | | | | | | | | | | | | | | |

Weekly Shale Drilling Permits for PA, OH, WV: Aug 23-29

Last week both Pennsylvania and West Virginia issued permits to drill new shale wells. Ohio remained skunked for a sixth week in a row. What’s going on in Ohio? Or rather, what isn’t going on there? PA issued 15 new shale permits. Not to be outdone, WV also issued 15 new shale permits.
Read More “Weekly Shale Drilling Permits for PA, OH, WV: Aug 23-29”

| | | | | | | | | | | | | | | | | |

Weekly Shale Drilling Permits for PA, OH, WV: Jun 28-Jul 4

All three Marcellus/Utica states received permits to drill new shale wells last week. Pennsylvania issued 12 new permits, 7 of them in the northeast PA dry gas region and 5 in the southwest wet gas region. Ohio issued 3 new permits, all of them for the same driller in Carroll County. (The Ohio driller is brand new!) And West Virginia issued 6 new permits with 5 of the 6 going to Antero Resources.
Read More “Weekly Shale Drilling Permits for PA, OH, WV: Jun 28-Jul 4”

| | | | | | | | | | | | | | |

Weekly Shale Drilling Permits for PA, OH, WV: May 17-23

All three M-U states received permits to drill new shale wells last week, but the numbers were all down. Pennsylvania issued just 8 permits with 6 in the northeastern part of the state and 2 in the southwestern region. Ohio issued four permits, all for the same driller on the same well pad in the same county. And West Virginia issued just one new permit for last week.
Read More “Weekly Shale Drilling Permits for PA, OH, WV: May 17-23”

| | | | | | | | | | |

Which M-U Drillers are Likely Next Targets for Acquisition?

M&A, or mergers & acquisitions, is on everyone’s mind in the oil and gas industry. Particularly in the Marcellus/Utica region. EQT, under the leadership of Toby Rice, already the largest natural gas producer in the country, has been on the prowl. In the past eight months EQT has picked up all of Chevron’s M-U assets (see EQT Buys Chevron M-U Assets for $735M, Floats $350M in New Stock) and most recently, EQT picked up all of Alta Resources’ M-U assets (see EQT Buys Alta Res. PA Assets for $2.9B in “Transformative” Deal). EQT is still in the hunt (see Even After Chevron, EQT Still in Hunt to Buy CNX, Other Producers). Who’s next on the list to get acquired? We have some possibilities.
Read More “Which M-U Drillers are Likely Next Targets for Acquisition?”

| | | | | | | | | | | | | | | | | | | | | | | | | | | | |

Weekly Shale Drilling Permits for PA, OH, WV: May 3-9

All three M-U states received permits to drill new shale wells last week. Pennsylvania received a big 18 new permits (after receiving no new permits the previous week). More than half of those 18 permits were for wells on two pads in southwestern PA. Ohio received 7 new permits last week all in one county (Jefferson), split between Encino Energy and Ascent Resources. And West Virginia received 10 new permits with 7 of them for a single pad in Lewis County.
Read More “Weekly Shale Drilling Permits for PA, OH, WV: May 3-9”

| | | | | | | | | | | | | | | | | | | |

Weekly Shale Drilling Permits for PA, OH, WV: Mar 22-26

All three M-U states received permits to drill new shale wells last week. Pennsylvania received a big 21 new permits. Ohio received 7 new permits last week, all of them for Encino Energy (two different well pads). West Virginia received just 2 new permits, both for HG Energy on the same pad in the same county.
Read More “Weekly Shale Drilling Permits for PA, OH, WV: Mar 22-26”