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30 New Shale Well Permits Issued for PA-OH-WV Apr 18-24
Last week Pennsylvania issued 22 new shale well permits, up ten from the prior week. EQT led the way with five permits, all in Greene County. Both LOLA Energy and Snyder Brothers had four permits each, LOLA in Butler County and Snyder in Armstrong. For the second week in a row, Ohio had no new shale permits issued last week. Bummer. West Virginia had eight permits, up from two in the prior week. Arsenal Resources had the most with four permits in Taylor County, while Southwestern Energy had three permits–one in Ohio County and two in Brooke County.
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Bloom Energy, a provider of fuel cells that convert natural gas (or biogas, or hydrogen) into electricity without combustion, meaning no carbon dioxide emissions, has signed a two-year deal to buy all of its natural gas to power fuel cells at some 700 locations from EQT. But it’s not just any natural gas Bloom is buying–it’s EQT’s certified responsible natural gas. The financial terms of the deal were not disclosed.
In a court case that stretches back to 2019, Antero Resources, the biggest driller in West Virginia, challenged how its wells had been valued for tax purposes in Doddridge and Richie counties for 2016 and 2017. Antero said the combined value of its wells for those years should have been $1.488 billion. The state tax commissioner reckoned the value to be $1.513 billion. The controversy of well valuations not only for Antero but other drillers led to a reworking of how the state law values shale wells (see 
In the end, we didn’t think they would actually do it–but they did. The province of Quebec, Canada, with a huge supply of Utica Shale gas sitting beneath it, has just passed a new law outlawing all oil and natural gas production throughout the province. It is a breathtaking grab of totalitarian power. It’s also energy suicide. Quebec says it will pay a piddly $79.5 million (US) to expropriate the oil and gas drilling rights of companies owning those rights in the province. We’ve seen estimates that those rights are worth more than $5 billion. Questerre Energy, which owns more than 1 million acres of leases and an estimated 6 Tcf of Utica Shale reserves in the province, is considering its next legal move.
Last September MDN broke the news that Rockdale Marcellus had filed for Chapter 11 bankruptcy protection in U.S. Bankruptcy Court for the Western District of Pennsylvania (see 
One of the hottest of the hot sectors in which to invest (right now) is shale energy. That’s according to multiple sources, including a veteran finance writer, investor, engineer, and researcher. In an article appearing on the OilPrice.com website, Alex Kimani talks up mid-cap energy stocks as outperforming the supermajors. Among two of Kimani’s top three picks are two Marcellus/Utica drillers, who are having a stellar year in stock performance. We went looking for the stock performance of other M-U drillers too. We have a list to share showing just how much each driller’s share price has increased this year.
Ace reporter Paul Gough at the Pittsburgh Business Times has scored another exclusive. At least we can’t find any other mentions online about this latest, very big news. EQT Corporation has signed a memorandum of understanding to partner with ElementUS Rare Earths & Minerals, a Louisiana company, to potentially build a plant somewhere in the Marcellus/Utica region to process rare earth minerals that are “used in industry for everything from fuel cells to batteries, magnets for electric vehicles and insulator coatings.” The project is called ASCEND. Why is EQT interested in rare earths?
According to RBN Energy, 2021 was the most profitable year in at least the last two decades for oil and gas producers (i.e. drillers). Oil and gas producers reported income two-thirds higher than the previous peak in 2014, when commodity prices were significantly higher. There’s every indication that 2022 will be even better for the bottom line of O&G companies. What about Marcellus/Utica drillers? Yep, they’re on the list of phenomenal results too.
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