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Weekly Shale Drilling Permits for PA, OH, WV: Aug 16-22
Last week both Pennsylvania and West Virginia issued permits to drill new shale wells. Ohio remained skunked for a fifth week in a row. PA issued 18 new shale permits, mainly in the western part of the state (a few in the northeast). WV issued 7 new shale permits, all of them for the same pad being drilled by EQT in Wetzel County. This is the second week in a row EQT scored all of WV’s new permits, and the second week in a row they were all in Wetzel County.
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Northeast Pennsylvania high schoolers are getting a look at what a career in the shale energy field looks like. The Susquehanna County Career and Technology Center in Dimock, in cooperation with Cabot Oil & Gas, is hosting its annual week-long Energy and Oilfield Career Experience summer camp. Susquehanna County, the only county where Cabot drills, is the #1 producer of natural gas in PA. Has been for years.
Cabot Oil & Gas announced on Friday as part of its second quarter 2021 update the company will *increase* production during the second half of this year. Cabot CEO Dan Dinges said because the Williams Leidy South Expansion Project will be fully online in 4Q and because the gas price outlook this winter is strong, the company plans to increase production by 4% in 3Q, and by a full 10% in 4Q. Finally! Somebody willing to drill more and produce more and make a profit doing it.
The judge in a lawsuit initiated by Cabot Oil & Gas against a Susquehanna County, PA landowner and his lawyers has had it up to here with the ongoing stonewalling and delay tactics by the landowner’s lawyers. “Four years we’ve been spinning our wheels on this nonsense,” the judge said. “The court is extremely frustrated, to put it politely.” The judge bordered on being impolite at a hearing last Thursday…
We’re devastated. We know you’re not supposed to have favorites, but we do. Our favorite Marcellus/Utica driller for years has been Cabot Oil & Gas. We know some great folks who work for Cabot. It has been a peerless operator in the northeast Marcellus–making money when nobody else could. Cabot treats its landowners well, cares about the environment, gives big money to local nonprofit causes, and in general is the best kind of corporate citizen anybody could wish for. We suppose it was only a matter of time before Cabot became a target in this merger mania we’re currently going through. This morning Cabot announced a “merger of equals” with Cimarex, a big driller in the Permian and Midcontinent. The truth is Cimarex is buying out Cabot.