Weekly Shale Drilling Permits for PA, OH, WV: Feb 15-19

All three M-U states received permits to drill new shale wells last week. Pennsylvania received 10 new permits. Ohio received 6 new permits. And West Virginia received 3 new permits.
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Weekly Shale Drilling Permits for PA, OH, WV: Feb 8-12

All three M-U states received permits to drill new shale wells last week. Pennsylvania received 16 new permits. Ohio received 3 new permits. And West Virginia received 4 new permits.
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Weekly Shale Drilling Permits for PA, OH, WV: Feb 1-5

Two of three M-U states received permits to drill new shale wells last week. Pennsylvania received 22 new permits (second week in a row with 22 new permits). Ohio received zero new permits. And West Virginia received 6 new permits (down from 8 new permits the previous week).
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Weekly Shale Drilling Permits for PA, OH, WV: Jan 25-29

All three M-U states received permits to drill new shale wells last week. Pennsylvania received 22 new permits. Ohio received 2 new permits. And West Virginia received 8 new permits.
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Weekly Shale Drilling Permits for PA, OH, WV: Jan 18-22

For the second week in a row, two of three M-U drilling states received permits to drill new shale wells. Pennsylvania scored 10 permits to drill new shale wells last week. Ohio received no new permits for Utica wells (second dry week in row). West Virginia received 4 new permits to drill new shale wells last week.
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Most Important Lawsuit in PA Shale History – Review & Fallout

It was exactly one year ago that the Pennsylvania Supreme Court ruled in THE most consequential lawsuit for Marcellus Shale drilling we’ve seen, a case called Briggs v Southwestern Energy (see HUGE NEWS: PA Supreme Court Keeps ‘Rule of Capture’ for Fracking). Now that the dust has settled, it’s a good time to take a look at the case and the lingering fallout from the case on both landowners and drillers in the Keystone State.
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Weekly Shale Drilling Permits for PA, OH, WV: Jan 11-15

Two of three M-U drilling states received permits last week. Pennsylvania scored 14 permits to drill new shale wells. Ohio received no new permits for Utica wells. West Virginia received 5 new permits to drill new shale wells.
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M-U Drilling Co. Stocks Boomed in 2020, Positive Outlook 2021

As we entered 2020, the stock price for most Marcellus/Utica drillers was near or even at the lowest it had ever been (see Marcellus/Utica Drillers’ Stock Prices Near/At Historic Lows). Then the twin catastrophes of an oil price war (launched by Russia and Saudi Arabia) and a worldwide pandemic hit in March. As it turns out, the catastrophes ended up benefitting our shale drillers. Stock prices improved dramatically for a number of major gas drillers in the M-U after March.
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Southwestern, Equinor Win Post-Production Deduction Lawsuit in WV

Just coming to light (for us) is a decision issued by the U.S. Court of Appeals for the Fourth Circuit on Dec. 1, a ruling on post-production deductions by drillers when calculating gas royalties “at the wellhead” in West Virginia. The drillers, in this case, were Southwestern Energy and Equinor (formerly known as Statoil). The drillers won the right to claim certain post-production deductions.
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Weekly Shale Drilling Permits for PA, OH, WV: Dec 21-Jan 1

We’re catching up the permits issued over the past two weeks (prior to this week). Pennsylvania issued 11 permits during that time, and West Virginia issued 3 permits. Ohio issued no new shale drilling permits over the past two weeks.
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Weekly Shale Drilling Permits for PA, OH, WV: Dec 7-11

Last week Pennsylvania issued 21 new shale well drilling permits scattered across both northeast and southwest PA. Ohio issued 5 new shale well permits, all of them to the same company and the same well pad. West Virginia issued 3 new shale well permits, all in different counties.
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3Q Financial Health of Top Marcellus/Utica Drillers Troubling

Capital expense (capex) investments made by drillers in the Marcellus/Utica during the third quarter of 2020 were the lowest in at least six years according to a new report (full copy below) from the Institute for Energy Economics and Financial Analysis (IEEFA). The report looks at nine of the top drillers in the M-U and finds collectively they cut capex investment by more than one-third in 3Q20 over 3Q19. And yet those same nine collectively spent a half-billion dollars more during 3Q on drilling and building projects than they earned in revenue from selling oil and gas. That’s troubling.
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Weekly Shale Drilling Permits for PA, OH, WV: Nov 30-Dec 4

Last week Pennsylvania issued just 3 new shale well drilling permits–all for Cabot Oil & Gas in Susquehanna County. Ohio issued 5 new permits, with 4 of the 5 issued to Ascent Resources. And West Virginia issued 3 new shale well permits.
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Weekly Shale Drilling Permits for PA, OH, WV: Nov. 16-20

Last week Pennsylvania issued 11 new shale well drilling permits, all but one of them in the northeastern (dry gas) part of the state. Ohio issued one new permit, and West Virginia issued 2 new shale well permits.
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Weekly Shale Drilling Permits for PA, OH, WV: Nov. 9-13

An interesting week for permits. Last week Pennsylvania issued just 2 new shale well drilling permits after having issued 3 the week before (lowest numbers we’ve seen). Ohio, which has not issued many permits in recent months, was on fire last week with 17 new shale permits! West Virginia issued just 1 new shale well permit.
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Southwestern Completes Montage Merger, Now 3rd Largest M-U Co.

In August Southwestern Energy announced it is buying out and merging in Montage Resources in an all-stock deal (see Stop Press! Southwestern Energy Buying Montage Resources for $857M). As of Friday Montage, which was itself a merger of two companies (Blue Ridge Mountain Resources and Eclipse Resources) is no more. Montage is now a part of Southwestern.
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