Gulfport Energy CEO John Reinhart Suddenly Resigns and Exits Co.
Some earthshattering news to share: Gulfport Energy CEO John Reinhart just up and quit last Friday. He resigned his post as President and CEO of the company and his membership on the board of directors. Gone. Just like that. Gulfport issued a press release yesterday to say it’s no big deal, that Timothy J. Cutt, who is Chairman of the board and the former CEO before Reinhart, will fill in while a search is conducted. But, it is a big deal. The question is, why did Reinhart abruptly quit? Read More “Gulfport Energy CEO John Reinhart Suddenly Resigns and Exits Co.”
Here’s a lawsuit that had (until now) escaped our radar screen. It’s a lawsuit dealing with the issue of post-production deductions. The case is Kirkbride v. Antero Resources Corp. and is being litigated in the U.S. District Court for the Southern District of Ohio. On March 6, 2026, Magistrate Judge Elizabeth Preston Deavers denied a motion to certify the case as a class action. This is a significant development in the ongoing legal friction between Ohio landowners and energy companies over how royalties are calculated. 
Last week, the Marcellus/Utica saw a realignment in rig counts, at least in Ohio and West Virginia. Pennsylvania kept the 20 rigs it has had since early February. Ohio lost two rigs, from 13 to 11, the fewest active rigs in the Buckeye State since last September. And perhaps the biggest news was that West Virginia picked up one rig, from 7 to 8 rigs, for the first time since last May! Overall, the M-U region had a net loss of one rig last week, going from 40 to 39 active rigs. The M-U’s biggest competitor, the Haynesville, gained one rig, from 52 to 53 rigs, some 14 rigs more than the M-U. It wasn’t all that long ago that the M-U ran more rigs than the Haynesville. 
Ascent Resources, formerly American Energy Partners, was founded by Aubrey McClendon, a gas industry legend, and is a privately held company that focuses 100% on the Ohio Utica Shale. Ascent, headquartered in Oklahoma City, OK, is Ohio’s largest natural gas producer and one of the largest natural gas producers in the U.S. The company issued its fourth quarter and full-year 2025 update last week. The company plans to expand its 2026 drilling program, increasing land spending by 40% to nearly $225 million. The company aims to strengthen its long-term inventory and supply natural gas to power-hungry Appalachian data centers. 
Last week, EOG Resources reported strong full-year 2025 results, earning $5.0 billion in net income and returning $4.7 billion in free cash flow to shareholders. For 2026, EOG announced a $6.5 billion capital plan targeting 13% total production growth and increased operational efficiency. A central component of this strategy is EOG’s Ohio Utica play, which the company has identified as a top priority alongside the Delaware Basin and Eagle Ford. Following its transformational Encino Energy acquisition last August, the company expects significantly higher activity in the Utica throughout 2026. 
The Marcellus/Utica region received a combined 17 new drilling permits last week, Feb. 16 – 22, way down (by 26) from the 43 permits issued two weeks ago. To be fair, 43 permits was one of the highest in recent months, so a slide was expected. What wasn’t expected was that Pennsylvania issued just a single (1) new permit. Ohio issued 8 permits, and West Virginia issued 8 as well. The drillers receiving new permits last week included: Antero Resources, Arsenal Resources, Ascent Resources, Gulfport Energy, and Infinity Natural Resources. 
Ohio’s Utica/Point Pleasant shale production reached a record 48 million barrels of oil in 2025, a 39% increase from the previous year. While natural gas output remained stable at 2 trillion cubic feet, oil volumes have tripled since 2021. This surge was fueled by high-performing wells in the Northern Tier, specifically Columbiana and Mahoning counties, largely driven by EOG Resources and Encino Energy (which EOG bought in mid-2025 for $5.6 billion). Although southern hubs like Harrison and Carroll counties remain major producers, the expansion into northern regions highlights a significant shift in Ohio’s energy landscape and drilling success. Go North, young molecule! 
Ohio’s Revised Code Section 5303.34 (part of House Bill 96, recently passed and signed into law) significantly shifts mineral trespass law, favoring oil and gas operators over landowners. Replacing common-law precedent, the new statute limits default damages to net revenue minus production costs, ensuring industry expense credits. Crucially, it creates a high bar for “bad faith,” requiring plaintiffs (landowners and rights owners) to prove an operator’s specific intent to steal minerals or actual knowledge of illegality. Since a “reasonable belief” in a lease or permit now negates bad faith, landowners face a difficult path to full revenue recovery. 
In December, Antero Resources announced a deal to sell its Ohio Utica assets to a partnership of Northern Oil & Gas (NOG) and Infinity Natural Resources (INR) for $1.2 billion in cash (see 
This seems kind of….odd. We’ve been tracking and reporting on what will be the country’s (and possibly the world’s) largest gas-fired power plant, coming to Portsmouth (Scioto County), Ohio. Last week, President Trump unveiled the first projects under a $550 billion trade deal with Japan, including a $36 billion investment in U.S. energy and minerals (see 
Last Tuesday, President Trump unveiled the first projects under a $550 billion trade deal with Japan, including a $36 billion investment in U.S. energy and minerals (see 
The bidding war for Ascent Resources continues to bubble. Ascent, formerly American Energy Partners, is a privately held company focused 100% on the Ohio Utica Shale. Ascent, headquartered in Oklahoma City, is Ohio’s largest natural gas producer and the 8th largest natural gas producer in the U.S. The largest shareholder in the privately owned company is the private equity firm Energy & Minerals Group (EMG), with an “over 30% stake.” EMG wants to sell that stake in one of its portfolio companies to another EMG company. That action set off a firestorm with one major investor (the Abu Dhabi Investment Council) suing to block the transfer, and several other investors, including Mason Capital Management, making offers to buy the company lock, stock, and barrel. Mason issued a press release yesterday, “demanding” answers from Ascent, accusing the board of stonewalling.