Devon and Coterra Shareholders Approve Merger; Happening May 7
Devon Energy and Coterra Energy shareholders have approved all proposals needed to complete the companies’ previously announced all-stock merger, which is expected to consummate on May 7, 2026. More than 98% of the votes cast by Devon shareholders and more than 99% by Coterra shareholders supported the deal. Executives said the merger will create a larger shale operator with complementary assets, improved scale, enhanced margins, free cash flow growth, and stronger shareholder returns. Read More “Devon and Coterra Shareholders Approve Merger; Happening May 7”
Last week, CNX Resources issued its first quarter 2026 update. During 1Q26, CNX drilled 14 Southwest PA Marcellus wells, frac’d 6 wells (3 SWPA Marcellus and 3 Central PA Utica wells), and turned-in-line (TIL’ed) 12 wells (6 SWPA Marcellus, 3 CPA Marcellus, and 3 CPA Utica wells). Included in that activity were three of the company’s longest Marcellus laterals to date, all of which exceeded 22,000 feet, including a company record lateral that reached 23,369 feet (4.4 miles!), and a company daily drilling record of 9,252 feet of lateral in 24 hours. Production in 1Q26 was 1,693.0 MMcfe/d, up from 1Q25 (1,642.3) and up from 4Q25 (1,654.8). 
The West Virginia Supreme Court of Appeals ruled in favor of Equinor USA Onshore Properties Inc. (formerly Statoil) in a multi-million dollar tax dispute last Friday. The case has major implications for how the state calculates severance taxes for natural gas liquids. The decision reversed an intermediate court’s procedural dismissal, entitling Equinor to over $19 million in tax refunds for the years 2014, 2015, 2016, 2018, and 2019. The dispute centered on the definition of “gross proceeds” and the timeliness of administrative appeals in a years-long battle with the West Virginia tax commissioner. 
Antero Resources, the largest Marcellus/Utica (M-U) driller in West Virginia, released its Q1 2026 update last week. Antero placed 20 Marcellus wells to sales during Q1 with an average lateral length of 11,652 feet. Thirteen of these wells have been online for approximately 60 days with an average rate per well of 25 MMcfe/d, including 1,457 Bbl/d of liquids per well. Antero’s drilling and completion capital expenditures during Q1 were $222 million. In addition to capital invested in drilling and completion activities, the company invested $25 million in land during the first quarter. Through its land investment, Antero added approximately 5,400 net acres, representing 24 incremental drilling locations at an average cost of approximately $900,000 per location. 
The Marcellus/Utica region received 12 new drilling permits last week, Apr. 20 – 26, down 10 from the 22 permits issued two weeks ago. Pennsylvania issued all 12 of last week’s permits. Neither Ohio nor West Virginia issued any new permits. What a disappointment! The drillers who received new permits in PA last week included: Expand Energy, PennEnergy Resources, and Snyder Brothers. 
Expand Energy turned in its first quarter 2026 update yesterday. Across all of its operations in the Marcellus/Utica and the Haynesville, Expand operated an average of 13 rigs during the first quarter, drilling 60 wells and turning 49 wells in line, resulting in net production of approximately 7.44 Bcfe/d (93% natural gas). In 2026, Expand Energy expects to run 11 to 12 rigs and invest approximately $2.85 billion, yielding an estimated daily production of approximately 7.5 Bcfe/d. We have a detailed breakdown below of how much of that activity is in the M-U. The Expand board fired its successful CEO, Nick Dell’Osso, in February (see 
Yesterday, Pennsylvania Gov. Josh Shapiro announced $267 million in state funding for energy projects, including $31.5 million for CNX Green Ventures to capture coal mine methane at the Enlow Fork mine in Greene County. Funded through EPA Climate Pollution Reduction Grants, the RISE PA program supports industrial decarbonization. CNX plans to drill boreholes, capture methane from mine ventilation, and pipe it for processing and sale as remediated mine gas. 
The Pennsylvania Department of Environmental Protection (DEP) has extended three temporary air permits for the Shell ethane cracker plant in Monaca, PA, which would have expired on April 28, 2026. The DEP did the same thing in May 2024 (see 
The highly functional and responsible Susquehanna River Basin Commission (SRBC), unlike its dysfunctional and irresponsible counterpart, the Delaware River Basin Commission (DRBC), continues to support the shale energy industry by approving water withdrawals and consumptive use requests for responsible, safe shale drilling. The SRBC published a notice in the April 25th Pennsylvania Bulletin that the Executive Director of the SRBC approved and/or renewed 46 general water use permits in March for individual shale gas well drilling pads in Bradford, Clinton, Elk, Lycoming, Sullivan, Susquehanna, Tioga, and Wyoming counties. 
EQT Corporation delivered its latest quarterly update yesterday for the first quarter of 2026. EQT sees the materialization of “in-basin demand growth” improving Appalachian market conditions through the end of the decade. The company says it is positioned as a preferred partner for large-scale power, midstream, and data center projects in the region. EQT plans to continue drilling and completing a significant number of wells throughout 2026, indicating ongoing development in the Marcellus and Utica regions. However, the company is curtailing (restricting) 10-15 Bcf (billion cubic feet) of production during the second quarter due to current low prices. 
Range Resources issued its first quarter 2026 update yesterday. Range’s production averaged 2.21 Bcfe/d in 1Q, approximately 32% liquids and 68% natural gas. Range used one rig and one completion crew to drill ~143,000 lateral feet across 9 wells, while turning to sales ~267,000 feet across 17 wells. 1Q26 drilling and completion expenditures were $130 million. In addition, Range spent approximately $5 million in acreage and $4 million in infrastructure, pneumatic upgrades, and other investments. The company maintains it will push production to 2.5 Bcfe/d by the end of this year, even though it’s only using a single rig and frac crew. 
The rumor mill is chattering once again. Bloomberg reports that Arsenal Resources, a private natural gas producer focused on the Marcellus Shale, is considering a potential sale of itself valued at approximately $1.5 billion. The company, owned by its creditors since emerging from bankruptcy in late 2019 (see