Encino Energy, Vendors Donate $80,000 to Four Ohio Charities
Encino Energy and its vendors made major donations stemming from Encino Energy’s Vendor Charity Classic, a two-day event including a clay shoot, golf outing, and welcome reception. Last year, Encino created the event to thank its vendors and contractors who choose to work with the company, crediting its partners as being the reason for its success in the Buckeye State. With 33 sponsors, Encino and its vendors raised $80,000, which was split evenly between four charitable organizations.
Read More “Encino Energy, Vendors Donate $80,000 to Four Ohio Charities”
It’s getting even uglier out there. For the sixth week in a row and the 15th of the last 16 weeks, the U.S. active rig count lost rigs. A lot of rigs. Last week the number decreased by a whopping 12 rigs after falling by five rigs per week for the three weeks prior. The total is now down to 642 active rigs across both oil and gas. Sadly, the Marcellus/Utica dropped three rigs last week (after losing two the week before) for a combined M-U rig count of 40–the lowest this year. Last week Pennsylvania picked up two rigs after losing two the week before, but the additions in PA came at the expense of Ohio (lost 2 rigs) and West Virginia (lost 3 rigs).
Folks new to the Marcellus/Utica may not know this, but Chesapeake Energy’s then-CEO Aubrey McClendon first “discovered” the Ohio Utica about 15 years ago. Under McClendon, Chesapeake spent over $2 billion acquiring rights to drill 1.3 million acres in Ohio–or roughly 5% of the state’s land area. McClendon pegged the value of the Utica for Ohio at half a trillion dollars. He famously said the Ohio Utica is “the biggest thing economically to hit Ohio, since maybe the plow.” McClendon was tossed out of the company he founded by corporate raider Carl Icahn, so he started a new company (to target the Ohio Utica) that eventually became Ascent Resources. Tragically, McClendon died in March 2016, so he never got to see his dream turn into reality (see 
Ascent Resources, founded as American Energy Partners by gas legend Aubrey McClendon, is a privately held company focusing 100% on the Ohio Utica Shale. Ascent, headquartered in Oklahoma City, OK, is Ohio’s largest natural gas producer (356,700 leased acres) and the 8th largest natural gas producer in the U.S. The company issued its second quarter 2023 update on Wednesday. Ascent’s net production averaged 2.1 Bcfe/d (billion cubic feet equivalent per day) during 2Q23, up 6% over 2Q22 but down from 2.2 Bcfe/d in 1Q23. The company made $250 million in profit during 2Q23, down just a bit from the $285 million it made in 2Q22.
In 2020, EOG Resources, one of the largest oil and gas drillers in the U.S. (with international operations in Trinidad and China), sold *all* of its Marcellus assets, which were located in Bradford County, PA, to Tilden Resources for $130 million (see 
For the fourth week in a row and the 13th time in the last 14 weeks, the U.S. active rig count lost rigs. It’s grueling. Last week the number decreased by five rigs after falling five rigs the week before–now down to 659 active rigs across both oil and gas. The Marcellus dropped one rig (in Pennsylvania) for a combined M-U rig count of 45–the lowest this year. Some 14 weeks ago, the M-U lost four rigs (going from 53 down to 49). Seven weeks ago, we lost another rig, down to 48. Last week we lost two more down to 46, and this week another. The trend is not our friend.
DT Midstream (DTM), headquartered in Detroit, owns major assets in the Marcellus/Utica region and other regions. DTM issued its second quarter 2023 update yesterday. The company announced it had reached a final investment decision (FID) to build a new greenfield gathering system in the Ohio Utica Shale. The gathering system will transport associated gas from new wells being drilled in the rich window of the Utica.
For the third week in a row and the 12th time in the last 13 weeks, the U.S. active rig count lost rigs. Last week the number decreased by five rigs after falling six rigs the week before (see 
In January, Ohio House Bill (HB) 507 became law with the signature of Gov. Mike DeWine (see 
Researchers with the University of Pittsburgh (Pitt) recently published a study in the journal Ecological Indicators. The study’s intent was to measure whether or not frack waste dumped in local landfills has radiation that is leaking out in groundwater (leachate) from those facilities. Research like this, if legitimate (and accurate), is a good thing. We need to know if the waste we’re dumping is causing a problem. But a funny thing happened during the study. The researchers found a big problem with recordkeeping.
In early June, shale drillers could, for the first time, begin to apply for permits to drill under (not on top of) Ohio state lands and state parks under newly formulated rules established by the Ohio Oil & Gas Land Management (OGLM) Commission (see 
In the fall of 2021, President Biden signed into law the so-called Infrastructure bill, some $1.2 trillion in pork barrel spending, passed with the help of turncoat Republicans (see 
The weekly rig count for the U.S. finally, after nine straight weeks in a row, turned around–just a bit. With its venerable rig count, Baker Hughes reported last Friday that overall, the U.S. rig count added six rigs, reversing a downward trend. There were 680 active rigs for the week ending July 7. Both the Marcellus and the Utica maintained the same rig levels for the past four weeks in a row with a cumulative 48 rigs. That number is down from an average of 52 it had been running for the first five months this year. The good news is that we haven’t lost any more rigs.
Here’s the sad end of a sad chapter in Ohio’s history–the conclusion to the largest bribery scandal in the state’s history. We’re referring to Ohio House Bill (HB) 6, a law granting billions (plural) of dollars to FirstEnergy to prop up the company’s economically failing nuclear power plants. FirstEnergy bribed state legislators to pass, and keep passed, HB 6 by paying out $61 million to a small group of insiders, including former Speaker of the House Larry Householder (see