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Slowdown in Marcellus/Utica Drilling Hurts Western PA Economy
Anecdotally it seems as though there has been less drilling activity in the Marcellus/Utica over the past year. Some say it’s due to the coronavirus pandemic. Others say there’s more to it than that. If you’ve tracked public announcements by drilling companies, they claim to have pulled back on drilling and won’t increase current levels of drilling even when/if the price of natural gas increases. Why? They must turn a profit, or investors leaving for greener pastures (pun intended). But is there really less drilling happening in the M-U today than say one year ago?
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All three M-U states received permits to drill new shale wells last week. Pennsylvania received a whopping 17 new permits spread across various counties and drillers. Ohio received just 2 new permits last week, both for Ascent Resources on the same pad. And West Virginia received a big 12 new permits split between two drillers: Antero Resources and Tug Hill Operating.
Just yesterday MDN told you that Chesapeake Energy had enrolled in the same program EQT Corporation previously enrolled in to certify its natural gas as “responsibly sourced” (see 
This is a cautionary tale that highlights what we have preached over the years. From some of our earliest posts here on MDN, we have cautioned landowners (and rights owners) to treat the lease signing bonuses and royalties they receive in the Marcellus/Utica as an investment and not spend all the money as it comes in on the assumption it will always be there. We have an example of what happens if you spend it as soon as you get it: Greene County, PA.