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EQT Signs Oil & Gas Decarbonization Charter at UN COP28
There’s been a lot of news coming from the UN COP28 climate event in Dubai. In some respects, we feel like it’s a firehose of news about leftists targeting fossil energy (even though the event is being hosted by the CEO of a fossil fuel company). COP28 runs from Nov. 30 to Dec. 12, so we will bring you important news from the event in due course. Today, we focus on one bit of news: Some 50 oil and gas companies from around the world, representing 40% of global oil production, launched a new initiative called the Oil and Gas Decarbonization Charter (OGDC). EQT Corporation is one of the 50 participants.
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The Ohio Dept. of Natural Resources (ODNR) released production numbers for the third quarter of 2023 late last week, and nobody noticed…except MDN (thanks to a tip from a good friend). ODNR no longer issues a press release to summarize the results as they once did. We’ve got the full spreadsheet with oil and gas production details for all 3,281 active shale wells in the Buckeye State. We’ve sliced and diced the numbers and have our usual Top 25 lists for natural gas and oil wells. We’ve included a couple of charts summarizing the data, showing the total production by driller (gas and oil) and the total production for the quarter by county. You’re gonna love it!
Chesapeake Energy is a stellar turnaround story. Years of mountainous debt pushed the company into bankruptcy in June 2020 (see 
Columbiana County, OH, located in the northern portion of the Utica Shale play in the Buckeye State, has recently come roaring back to life. In 2022, there were 41 permits issued to drill in the Utica in Columbiana County. So far, in 2023, there have been 35 permits issued to drill in Columbiana County. But here’s the thing: 16 of this year’s 35 permits (half!) were issued in November! It’s like Columbiana had been asleep for most of this year, and then it suddenly came alive.
In November 2021, Northeast Natural Energy (NNE), a West Virginia driller, announced all of its gas produced in West Virginia had achieved Equitable Origin’s EO100™ Standard for Responsible Energy Development (see 
In July 2022, MDN brought you news of a possible frac-out, or “inadvertent return” that happens when drilling mud pops out of places where it’s not supposed to — places outside the borehole being drilled (see 
New shale permits issued for Nov 20 – 26 in the Marcellus/Utica was anemic but better than the prior pathetic report of just a single new permit (see 
It’s been a financial roller coaster for oil and gas drillers over the past 15 years. Investors in shale oil and gas companies suffered for years with little or no returns for their invested money. Five of eight large Marcellus/Utica drillers saw their share prices decrease by an astonishing 85% or more from 2008 to 2019 (see 
In February 2021, Northern Oil and Gas, Inc. (NOG), a company that invests in non-operated oil and gas assets (they let others do the drilling), announced it had purchased 64,000 net acres producing ~120 MMcfe/d (million cubic feet equivalent per day) in the Marcellus/Utica from Reliance Industries Limited (see 
A month ago, MDN shared the rumor that Chesapeake Energy Corporation is sniffing around Southwestern Energy, looking to buy out and merge in its closest O&G peer (see 
A lawsuit of interest for all landowners is playing out in West Virginia between a class of landowners and EQT Corporation, the largest natural gas producer in the country. We searched our extensive archives high and low and found no mention of this lawsuit! Somehow, it has escaped our attention — until now. As these cases often are, this one is long and complicated. However, the nub of the case, the essence of the dispute, is whether or not EQT can pay royalties to landowners based on the “raw” gas that comes out of the borehole (methane plus NGLs) or whether, as the plaintiffs argue, EQT should pay royalties based on the post-processed gas and NGLs (presumably at a much higher rate).
Last week, the Municipal Authority of Westmoreland County (MAWC) issued a water conservation warning asking more than 56,000 MAWC customers to conserve water due to the lack of rainfall and the low level of the Beaver Run Reservoir. MAWC provides water to more than 122,000 customers in Westmoreland, Allegheny, Armstrong, Fayette, and Indiana counties. When full, Beaver Run Reservoir holds about 11.4 billion gallons. Over the last several years, dry conditions have steadily reduced the reservoir’s volume. As of last Friday, the reservoir only had about 5.5 billion gallons in it. Two of the customers who sometimes use water from the reservoir (for fracking and drilling) are Olympus Energy and CNX Resources. Both companies are currently (temporarily) suspended from using water from the reservoir.
In December, Murrysville (PA) Council members will make a decision about leasing land for shale drilling under Duff Park (234 acres) and Murrysville Community Park (305 acres). Murrysville is located in Westmoreland County in the southwestern part of the state. Olympus Energy is interested and has pitched proposals to lease under both parks, using their adjacent leased acreage (on private land) to set up rigs to drill under the parks. However, Murrysville recently sought proposals from other drillers to avoid any appearance of insider deals (see 
Grab the popcorn! It’s fun to sit back and watch the other side eat its own for a change. We’re talking about the civil war that has erupted on the Democrat Left over Pennsylvania Gov. Josh Shapiro’s “bold” agreement signed with CNX Resources to “move the ball forward” on “environmental progress” in PA (see