IFO Report – New PA Wells Drilled 4Q21 Highest in 2.5 Years
Yesterday the Pennsylvania Independent Fiscal Office (IFO) released their latest quarterly Natural Gas Production Report for October through December 2021 (full copy below). We have some great news to share! Natural gas production hit a new all-time high in 4Q21 in Pennsylvania. And the number of new shale wells spud (begun to be drilled) spiked up to its highest level in more than two and a half years (154 wells spud). Some 518 new wells were drilled for all of 2021, the highest number since 2017.
Read More “IFO Report – New PA Wells Drilled 4Q21 Highest in 2.5 Years”
Shell, which recently dropped “Royal Dutch” from its name after leaving The Netherlands due to high taxes and overregulation, is one of the world’s supermajors (oil and gas driller). Shell is also one of (perhaps THE) largest producers of LNG, or liquefied natural gas, in the world. The company has just released its sixth annual LNG Outlook 2022 (full copy below) which highlights key trends in 2021 and hauls out the crystal ball to predict where things are heading over the next 20 years. Shell says global demand for LNG is expected to nearly double (up 90%) to 700 million tonnes by 2040. Why? Because natgas emits less carbon dioxide into the atmosphere than other alternatives.
Founded in 1946, the Texas Independent Producers & Royalty Owners Association (TIPRO) represents nearly 3,000 individuals and companies from the Texas oil and gas industry. TIPRO is one of the country’s largest oil and gas trade associations and a strong advocacy group representing both independents and royalty owners in Texas. TIPRO generates some great research reports, including their latest annual “State of Energy Report” for 2022. The report, which looks at oil and gas across the country (not just Texas) finds that the O&G industry supported a total of 832,869 direct jobs in the U.S. last year. The U.S. O&G sector paid a national annual wage averaging $115,166 during 2021, 76% higher than average private sector wages!
Over the years MDN has brought you updated reports from energy law firm giant Haynes and Boone and their quarterly oil and gas bankruptcy filings reports. We are delighted to tell you that due to the decreasing number of bankruptcies in our industry, Haynes and Boone has just issued its final set of reports for 2021 bankruptcies: one report for upstream/drilling, one report for oilfield services, and one report for midstream/pipelines. All of the reports are embedded below. Yes, there are a few M-U companies listed in these final reports.
A new study published by the America Gas Association (AGA) details how America’s natural gas, natural gas utilities, and delivery infrastructure will be *essential* to meeting our nation’s greenhouse gas emissions reduction goals, including achieving net-zero emissions. Natural gas is used by some 187 million Americans each and every day. The AGA study (full copy below) outlines several scenarios and technology opportunities available to help the country reach mythical net-zero emissions by 2050. Natural gas plays a starring role!
A new study out of Harvard University purports to link fracking with early deaths of senior citizens. It is fake research. Here’s the main finding of the study: Senior citizens who lived closest to fracked shale wells (including seniors in the PA Marcellus) had an early death risk 2.5% higher than people who did not live close to the wells. If it were an opinion poll we would say it’s within the margin of statistical error. In other words, these “researchers” didn’t find a darned thing. And yet the headlines have already begun in fake news media…
Last week MDN told you about S&P data showing a decrease in production for Marcellus/Utica drillers in January (see 
Powerhouse data analytics firm GlobalData, based in London, recently published a report on the Marcellus/Utica region. Among the findings, GlobalData analysts project M-U natural gas production will increase at the average annual rate of 5.1% from this year through 2025. They forecast natgas production will hit 38.3 billion cubic feet per day (Bcf/d) by 2025. Are they right?
As part of its latest Short-Term Energy Outlook (STEO), the U.S. Energy Information Administration predicts U.S. fossil fuel production to continue rising in both 2022 and 2023, surpassing production in 2019, to reach a new record high in 2023. So much for the “big transition” to so-called renewables! The biggest share of fossil fuel production is, you guessed it, natural gas. EIA says natgas production will increase 3% this year, and 2% next year.
The 