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Where M-U Drilling is Now, Where Might It Be Headed Next
According to an extensive report appearing on the World Oil website (and in the November issue of the magazine), multiple possible futures lie ahead for the Marcellus and Utica shales. So, which future will come to pass? Today, both industry and government see the Marcellus and Utica formations as tremendous opportunities for companies and state governments, with domestically produced energy, jobs, and a huge economic impact. Read More “Where M-U Drilling is Now, Where Might It Be Headed Next”
The highly functional and responsible Susquehanna River Basin Commission (SRBC), unlike its completely dysfunctional and irresponsible cousin, the Delaware River Basin Commission (DRBC), continues to support the shale energy industry by approving water withdrawals for responsible and safe shale drilling. The Pennsylvania Bulletin from this past Saturday (Nov. 23) carried an official notice from the SRBC that the agency’s Executive Director gave his approval to one new and 41 renewed general water use permits in October for individual shale gas wells in Bradford, Centre, Clearfield, Clinton, Lycoming, Susquehanna, Tioga and Wyoming counties. 
National Fuel Gas Company (NFG), headquartered in Buffalo, NY, is the parent company for Marcellus/Utica driller Seneca Resources and the parent of midstream company NFG Midstream (and subsidiary Empire Pipeline). Last week, NFG issued its latest quarterly update. During the quarter (considered the company’s fourth quarter), Seneca produced 91.9 Bcf (billion cubic feet) of natural gas, an increase of 1.8 Bcf (2%) from the prior year. Due to the sucky prices for natural gas in the Marcellus/Utica basin area, Seneca curtailed (shut-in) 1.5 Bcf during the quarter. 
Two different subsidiaries of National Fuel Gas Company (NFG), Seneca Resources (shale driller) and National Fuel Gas Midstream Company (gathering pipelines), were certified by two different certification authorities, MiQ and Equitable Origin, respectively. Yesterday, NFG announced both companies have been recertified by their respective authorities. Everyone is still responsible. 🙂 
For the week of Oct 14 – 20, there were 14 permits issued to drill Marcellus/Utica wells, up from 10 permits issued the prior week. The Keystone State (PA) had just four new permits (down from six the previous week), with three going to Southwestern Energy (now Expand Energy) in Susquehanna County and one for Seneca Resources in Lycoming County. The Buckeye State (OH) had seven new permits, with six going to Encino Energy (EAP) for two pads in Carroll County. The other OH permit was for Ascent Resources in Harrison County. The Mountain State (WV) issued three new permits, with all three going to Southwestern Energy (now Expand Energy) in Marshall County. 
The SHALE INSIGHT® 2024 event was held from September 24 to 26 at the Bayfront Convention Center in Erie, PA. Attendees got an insider’s view from the nation’s foremost energy leaders and experts on shale development, environmental protection, pipeline investment, energy-driven manufacturing, and in-demand jobs. We brought you a few news items we noticed in mainstream media from the event, one about antis protesting outside the event (see 
A couple of interesting developments with the Susquehanna River Basin Commission (SRBC), which, unlike its dysfunctional cousin, the Delaware River Basin Commission (DRBC), the SRBC continues to allow water withdrawals to supply water for shale fracking in northeastern Pennsylvania. The first development is that over the weekend (on Saturday), the SRBC Hydrologic Conditions Monitor showed low stream flows in some areas that triggered water withdrawal restrictions for water users, including seven shale gas water withdrawal locations (most of them for driller Repsol). The other development is that two days earlier, on Thursday, the SRBC approved new water withdrawal requests for 22 new projects, including eight from shale drillers! 
There’s just no way to sugarcoat the fact that the low low price for natural gas is having an impact on shale drillers in the Marcellus/Utica. According to an analyst with RBN Energy, a price plunge to near the $2/MMBtu level in early 2023 “crippled” financial results for the companies RBN monitors that are gas-focused (namely M-U companies). However, most producers on the RBN list have remained in the black through spending less and cutting back on production. Down but far from out. How did the major M-U companies that are publicly traded perform in 2Q24? We have the numbers below.