Dead Cat Bounce? U.S. Rig Count Cut 11 @ 630, M-U Stays Even @ 39
Two weeks ago, the U.S. rotary rig count rose nine after rising by one the week before that (see Hit Bottom? U.S. Rig Count Up 9 at 641, M-U Stays Even at 39). We’re suggesting those two weeks of increases were, perhaps, the proverbial “dead cat bounce,” meaning even a dead cat will bounce a little when hitting the ground after falling from a great height. Why our pessimism and sarcasm? Last week, the U.S. rig count erased all of those gains, dropping 11 rigs from the total, sinking to 630 active rigs — the lowest count since February of 2022 (19 months). The active count in the Marcellus/Utica remained at 39 last week (for three weeks running), which is the lowest count in the M-U this year.
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New shale permits issued for Sep 11 – 17 in the Marcellus/Utica rebounded. There were 22 new permits issued last week, up from 14 issued two weeks ago. But the increase came from an unlikely source. Last week’s permit tally included 9 new permits in Pennsylvania, 1 new permit in Ohio, and 12 new permits in West Virginia. WV is typically on the low end of permits, not the high end. The top permittee for the week was Antero Resources, which received 6 permits in WV. EQT was a close second with 5 permits in WV.
The old Energy Harbor coal-fired power plant in Pleasants County, WV, which had been offline since June 1 and was scheduled to be demolished, recently roared back to life under new ownership (see 
Have we finally turned a corner? Hit rock bottom and have begun a rebound? We are referring to the Baker Hughes U.S. rig count. Last Monday, we reported the weekly rig count had finally gained a rig–the first time since June (see 
For the first time since June, the national active U.S. rig count added rigs–a single rig–last week. The new active U.S. rig count is 632, up from 631 the previous week. Unfortunately, the Marcellus/Utica lost yet another rig, sinking to 39 active rigs. Once again, West Virginia was the unlucky state that lost a rig, now running just 8 shale rigs. The rig counts for both Pennsylvania and Ohio stayed the same last week.
The old Energy Harbor coal-fired power plant in Pleasants County, WV, which had been offline since June 1 and was scheduled to be demolished, recently roared back to life under new ownership (see 
The swamp gets swampier. U.S. Senator Joe Manchin, from West Virginia, Chairman of the powerful Senate Energy and Natural Resources Committee, is rumored to be pushing a staff member to fill the open Federal Energy Regulatory Commission (FERC) Commissioner slot. There is an open seat for a Democrat after Manchin blocked Richard “Dick” Glick from continuing beyond the end of his second term (see 
In August, MDN told you about a new $2 billion hydrogen project coming to West Virginia (see 
Quick! Apply pressure to the wound before the patient (in this case, the Marcellus/Utica) bleeds out. Another week, another lost rig in the Marcellus. We can’t seem to stem the flow of rigs leaving. The national rig count also lost one rig overall. For the eighth week in a row and the 17th of the last 18 weeks, the U.S. active rig count lost rigs. The total is now down to 631 active rigs across both oil and gas (down from 632 last week). At least the loss is slowing. West Virginia dropped one rig after adding one last week. The rig counts for both Pennsylvania and Ohio stayed the same last week.
Antero Resources and Antero Midstream have donated a massive $4 million to West Virginia University’s Benjamin M. Statler College of Engineering and Mineral Resources to help train the next generation of petroleum and natural gas engineers. Antero’s gift is the largest philanthropic donation to the school to date. It will support undergraduate and graduate students in the petroleum and natural gas engineering program.
The old Energy Harbor coal-fired power plant in Pleasants County, WV, which had been offline since June 1 and was scheduled to be demolished, has roared back to life under new ownership. Omnis Fuel Technologies invested $800 million to restart operations at the plant, which is now back online and producing electricity. Omnis’ plan is to transition the plant, renamed to Quantum Pleasants, to use hydrogen instead of coal.
Last week, MDN brought you information about what happens next when (not if) the mighty 303-mile Mountain Valley Pipeline gets completed (see 
Last week, MDN told you about the great news coming from the Gas and Oil Association of West Virginia, Inc. (GO-WV) and its newest annual Gas Facts report covering the impact in WV from the shale energy industry in 2022 (see