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37 New Shale Well Permits Issued for PA-OH-WV Oct 13 – 19
For the week of October 13 – 19, the number of permits issued to drill new wells in the Marcellus/Utica increased significantly from the previous week. There were 37 new permits issued across the three M-U states last week, up dramatically from the 7 issued two weeks ago. We can’t remember the last time we saw 37 (or more) permits issued. It’s been a looong time (months, at least). Pennsylvania issued 19 new permits. Ohio issued 13 permits. And West Virginia, which had been skunked with no new permits for three consecutive weeks, finally woke up last week (it’s woke!), issuing 5 new permits. Read More “37 New Shale Well Permits Issued for PA-OH-WV Oct 13 – 19”
Following three years of negotiations, Lycoming County Commissioners celebrated closing a deal with Range Resources to lease 1,350 acres in Jackson Township for shale drilling. The county is receiving a $5.4 million signing bonus, which works out to $4,000 per acre. Sweet. However, the county will receive just a 2% royalty for any oil/gas produced from the property. You read that right (not a typo)—just 2%, which has to be the lowest royalty rate we’ve ever seen negotiated, either with a private landowner or a municipality. 
Range Resources sunk the very first Marcellus well back in 2004. It was the beginning of the shale revolution in the northeast. Range CEO Dennis Degner spoke at the recent Hart Energy DUG Appalachia Conference in Pittsburgh (August 27th). He discussed driving sustainable growth in the Marcellus/Utica region. The number one way to do that? More pipelines. But what about the coming Constitution Pipeline that will flow another 660 MMcf/d of Marcellus molecules out of northeastern Pennsylvania into New York and beyond? 
EY, previously known as Ernst & Young, is a multinational professional services network (i.e., consulting firm) based in London. EY is also one of the “big four” largest accounting firms in the world. EY published a new study last week titled “US Oil and Gas Reserves, Production and ESG Benchmarking Study” (full copy below). The study found that due to mergers and acquisitions in 2024, the largest publicly traded oil and gas companies in the U.S. went from 50 down to 40, and that those 40 companies produced a staggering 41% of all O&G production in this country. It’s probably no surprise that many in the list produce natural gas (and oil) in the Marcellus/Utica. 
According to an article on the Fortune magazine website, “AI’s endless thirst for power is driving a natural gas boom in Appalachia—and industry stocks are booming along with it.” It looks like the roles are reversing. For all of oil and gas history, oil has been the belle of the ball, the more sought-after hydrocarbon. A change is happening, at least in places like the Marcellus/Utica, where natural gas is the more sought-after commodity. And because of that, the stock price for companies that focus on gas drilling is soaring. The market capitalization (stock value times the number of outstanding shares) for M-U companies has soared 25% to 75% over the past 12 months. Wow! 
Last November, three of five supervisors in Cecil Township (Washington County), PA, voted to ban all new fracking in the town via a new setback (distance from well to nearest structure) requirement of 2,500 feet (see