Apex Energy | Arsenal Resources | Ascent Resources | Belmont County | Bradford County | CNX Resources | Coterra Energy (Cabot O&G) | Energy Companies | Guernsey County | Gulfport Energy | Indiana County | INR/Infinity Natural Resources | Lycoming County | Marshall County | McKean County | Ohio | Pennsylvania | Repsol | Seneca Resources | Susquehanna County | Taylor County | Tug Hill Operating | Weekly Permits | West Virginia | Westmoreland County
35 New Shale Well Permits Issued for PA-OH-WV May 9-15
We’re giving Fridays a shot as the day we will release weekly updates for permits issued for the prior one-week period. Today’s report is for the period of May 9-15 (last week, not this week). It seems as if the various state agencies have the data updated by the end of the week following, so that’s how we’ll release it (for now). Last week, Pennsylvania issued 22 new permits with Seneca Resources taking the lion’s share of 12 permits on two different pads (eight in Lycoming County and four in McKean County). Repsol scored four permits in Bradford County.
Read More “35 New Shale Well Permits Issued for PA-OH-WV May 9-15”
National Fuel Gas Company (NFG), headquartered in Buffalo, NY, is the only fully integrated energy company operating in the Marcellus/Utica, by which we mean NFG is a driller (Seneca Resources), a midstream/pipeline company (Empire Pipeline), and a downstream end-user via its local distribution company (LDC), otherwise known as the local gas utility company (National Fuel). Little known fact: NFG’s Seneca Resources subsidiary owns an oil drilling operation in California. But not for much longer…
Last week Pennsylvania issued 22 new shale well permits, up ten from the prior week. EQT led the way with five permits, all in Greene County. Both LOLA Energy and Snyder Brothers had four permits each, LOLA in Butler County and Snyder in Armstrong. For the second week in a row, Ohio had no new shale permits issued last week. Bummer. West Virginia had eight permits, up from two in the prior week. Arsenal Resources had the most with four permits in Taylor County, while Southwestern Energy had three permits–one in Ohio County and two in Brooke County.
As predicted last week by Reuters, Chesapeake Energy announced yesterday it is buying Marcellus driller Chief Oil & Gas plus associated non-operated assets from Tug Hill Operating for $2 billion in cash and approximately 9.44 million common shares. The total purchase price (given the current CHK stock price of $67/share) is roughly $2.6 billion. The combination makes Chesapeake a powerhouse driller in the northeast Pennsylvania Marcellus with 653,000 acres of leases.
Holy smokes! What just happened? For months (and months and months) the cumulative number of weekly permits issued to drill new shale wells in the Marcellus/Utica has fluctuated from the low teens to perhaps 30 total on the upper end. Last week, from Jan. 17-23, an amazing 61 permits were issued to drill new shale wells. Double the usual. Wow! Pennsylvania issued 24 new permits, Ohio issued 9, and blow-the-doors-off-we’ve-never-seen-so-many-permits-issued-in-one-week for West Virginia, the Mountain State issued 28 new shale permits.
In September MDN broke the news that Rockdale Marcellus had filed for Chapter 11 bankruptcy protection in U.S. Bankruptcy Court for the Western District of Pennsylvania (see 