4Q Earnings for M-U Drillers Bounced Back After Down First 3 Qtrs
The experts at RBN Energy track 38 exploration and production (E&P) companies to monitor financial and operational performance. In a recent blog post, RBN found the 10 gas-weighted E&Ps (all but one with significant operations in the Marcellus/Utica) experienced a rebound in earnings during Q4 2024 after a rough first three quarters of the year. Earnings for the 10 gas-weighted E&Ps averaged $3.02/boe (barrels of oil equivalent) in Q4 2024 after losses in Q2 and Q3 2024. Cash flow averaged $10.18/boe, 52% higher than the $6.71/boe generated in Q3 2024. Realized prices averaged nearly $18/boe in Q4 2024, 24% higher than the $14.52/boe recorded in Q3 2024. Things are looking up for M-U drillers. Read More “4Q Earnings for M-U Drillers Bounced Back After Down First 3 Qtrs”
The European Union’s idiotic methane regulations will be enforced beginning this year. Domestic (European) oil, gas, and coal companies must monitor, measure, and report their emissions. The same restrictions apply to energy imports from other countries, including the U.S. (see 
The Baker Hughes U.S. national rig count lost one rig last week (after gaining one the week before), now operating 592 active rigs. As for the Marcellus/Utica, the rig count was a combined 35 last week. However, there was a notable change in the totals. Rigs focused on the Marcellus were down by one to a combined 23 across the three M-U states of Pennsylvania, West Virginia, and Ohio. Rigs focused on the Utica picked up the lost Marcellus rig, now at a combined 12. PA had operated 15 rigs (or more) for 19 weeks straight. That streak was broken last week when PA lost a rig. OH had operated nine rigs for 16 weeks in a row but picked up one last week and now stands at ten active rigs. WV had operated 10 rigs for an astonishing 23 weeks in a row. Six weeks ago, WV added (and has kept) one additional rig and operates 11 active rigs. 
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 and consumptive use for responsible and safe shale drilling. The SRBC published a notice in the March 29 Pennsylvania Bulletin that the Executive Director of the SRBC gave his approval to or renewed 50 (!) general water use permits in February for individual shale gas well drilling pads in Bradford, Centre, Clearfield, Clinton, Lycoming, Potter, Susquehanna, and Tioga counties in Pennsylvania. 
Last week, Pennsylvania State Senator Gene Yaw (Lycoming County), chairman of the Senate Environmental Resources and Energy Committee, sounded the alarm for all Pennsylvanians. Yaw said, “We are going to have to suffer some hardships. Meaning, we probably are going to have some blackouts, brownouts.” Why would PA, an electricity exporter, experience blackouts? The plain, simple, and short answer is because of Governor Josh Shapiro’s idiotic energy policies. 
We think the headline of this post pretty much says it all with respect to why it costs five times more to plug orphaned wells in Pennsylvania than in other states (see 
The Appalachian Regional Clean Hydrogen Hub (ARCH2), led by West Virginia and Ohio, was one of seven projects to win the Bidenista Hunger Games competition to receive a chunk of $7 billion to build a regional hydrogen hub (see 
On March 27, the Susquehanna River Basin Commission (SRBC) online Hydrologic Conditions Monitor showed low stream flows have triggered restrictions on 18 shale gas water withdrawal points in Bradford, Potter, Susquehanna, Tioga, and Wyoming counties. Another 17 shale gas withdrawals are approaching restrictions. Of the water withdrawal points regulated by SRBC, only shale gas development water withdrawals currently have restrictions because they take water from smaller streams. 
Donald Trump has taken significant actions to eliminate “environmental justice” programs within the federal government during his second term, which began on January 20, 2025. What is so-called environmental justice (EJ)? EJ is the leftist theory that energy projects like pipelines and well pads target locations where there are black, brown, or poor people who can’t fight back legally. They don’t want the projects, but they have no way ($$) to fight them. And so their populations suffer the negative environmental consequences of living near polluting energy projects. Energy projects are presumed to be inherently racist. It is a disgusting, loathsome political theory peddled mainly by the far-left of the Democrat Party. Although Donald Trump has quashed EJ on the federal level, the Josh Shapiro Department of Environment Protection’s EJ program keeps chugging along, oblivious that nobody wants it, nobody respects it, and it’s a “dead man walking.” 
Toby Rice, CEO of EQT Corporation, took part in a presentation by natural gas industry leaders at the West Virginia Capitol on Wednesday. The group was briefly joined by Gov. Patrick Morrisey, who was there to promote an expansion of electric microgrids in the state to power data centers. Morrisey is pushing legislature, House Bill 2014, to do just that (see 
From time to time, we like to check in on what the price of natural gas is doing, both the “futures” NYMEX price (front month) and the spot price at various points around the Marcellus/Utica. We’re certainly well off our highs over the past month from when the NYMEX price hit $4.49 on Monday, March 10, 2025. We like it above $4. Yesterday, the NYMEX price closed up 2.3% to $3.95, close to $4.00. Where will the price head next? Up or down? Will we go above the psychological $4 barrier again soon? 
On March 24, 2025, the U.S. Supreme Court declined to hear an appeal from a group of kids pushing for federal action on climate change since filing their lawsuit, Juliana v. United States, in 2015. Represented by Our Children’s Trust, the 21 youths argued that the government’s energy policies violated their constitutional rights to life, liberty, and security by exacerbating climate change. The case faced repeated setbacks in federal courts, with the 9th U.S. Circuit Court of Appeals ruling that the plaintiffs lacked standing to sue, leading to a lower court’s dismissal of the case. The Supreme Court’s decision not to take up the appeal centered on this procedural issue of standing, effectively ending the long-running litigation. The nonprofit behind the suit had asked the Court to delay its decision pending another case on standing, but the justices proceeded, closing a significant chapter in youth-led climate activism. 
This story isn’t directly connected to the Marcellus/Utica. The “environmental” group in question, Just Stop Oil, has never (as far as we can tell) done any “direct actions” in the Marcellus/Utica. However, the groups’ unrealistic aim of blocking and stopping ALL new oil and gas projects, no matter where they are in the world, implicitly includes the M-U. We have written about this radicalized group many times before (
Today, we introduce you to a new advertiser on Marcellus Drilling News: 
On Monday, the U.S. District Court for the Western District of Virginia (Roanoke Division) ruled in two of five cases before it in which Mountain Valley Pipeline (MVP), which is now majority-owned by EQT Corporation, sued radical protesters who blocked the construction of the pipeline in Roanoke County, Virginia. The court dismissed one count in the two cases (count #4) against the protesters, which the media focused on. The media doesn’t want to talk about the fact that there are five other counts, far more serious than the dismissed count, that the court is allowing to advance. These protesters are in a world of legal hurt over their illegal blocking of MVP construction.