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National Rig Count Gains 6 @ 582; M-U Count Steady @ 34
Prior to last week, the Baker Hughes national rig count had been in a freefall for weeks, dropping to a 3+ year low of 576 (see National Rig Count Falls Again, Lowest in 3+ Years; M-U Steady). Last week, the trend finally turned around. The national count gained six rigs to 582. The Marcellus/Utica rig count was a combined 34 last week—the same number for seven weeks in a row. PA has operated 15 rigs for the past 12 weeks, with the exception of one week, when the number briefly increased to 16 rigs. OH has operated nine rigs for the past nine weeks, and WV has operated 10 rigs for an astonishing 21 weeks in a row, going back to Sep. 13 of last year. Read More “National Rig Count Gains 6 @ 582; M-U Count Steady @ 34”
In December, Pennsylvania’s Independent Fiscal Office (IFO), the agency charged with providing revenue projections along with impartial and objective analysis of fiscal, economic, and budgetary issues for the citizens and legislature of Pennsylvania, provided its best guess as to how much revenue the PA impact fee (i.e., severance tax) will generate from shale wells drilled or flowing in 2024 (see 
A couple of encouraging signs for Infinity Natural Resources (INR) and its recent initial public offering (IPO). Two weeks ago, we told you that INR had pulled the trigger on its IPO and was offering new shares, targeting to receive somewhere between $18.00 and $21.00 per share (see 
It’s alarming! Common sense is breaking out all over. In January, we told you about a Maryland Democrat, General Assembly member C.T. Wilson from Charles County, who is attempting to get the rules changed in the Old Line State to redefine natural gas as “green” energy (see 
The libs and swamp dwellers are apoplectic. The Bidenistas larded up government agencies with thousands of new employees over the past four years. The federal government added approximately 200,000 new employees in the past four years, with the most significant increase occurring in 2023, when the workforce grew by around 85,000 individuals. Donald Trump and his chosen ax man, Elon Musk (via the Department of Government Efficiency, or DOGE), are trimming the fat. Quickly. Including at the Environmental Protection Agency where 1,100 employees added to the payroll at EPA in the past year were notified that they are in danger of losing their jobs. Trump and Musk are hunting for swamp dwellers. 
Reading between the lines, we’d say the politicians in both Canada and Mexico are puking their guts out after Donald Trump actually did what he said he would do: He slapped a 25% tariff (i.e., tax) on any imports coming to the U.S. from either of our neighbors north and south. The new tax includes a 10% tax (tariff) on incoming oil and gas and other “energy products” from Canada. The new tariffs go into effect tomorrow (Tuesday, Feb. 4). Canada and Mexico will need to firm up their borders to stop illegal aliens from invading our country and to stop the cartels that are flooding America with drugs that are killing our residents. If Canada and Mexico don’t shore up the border and the tariffs remain in place long-term, their respective economies will tank, and their political “leaders” will be voted out of office so fast it will make your head spin. This is how real change happens, folks. 
MARCELLUS/UTICA REGION: PA DEP releases 2 contracts for bidding in next round of conventional oil & gas well plugging; NATIONAL: WTI slips below $73 on mixed tariff signals; March natural gas contract tests $3.00 mark as weather warms; Bloomberg group keeps millions behind green wall; INTERNATIONAL: Hanwha and Baker Hughes developing ammonia gas turbines; LNG shipping rates hit record lows. 
For the week of Jan 20 – 26, permits issued in the Marcellus/Utica to drill new shale wells fell off a proverbial cliff. Two weeks ago, 41 new permits were issued. Last week, the number plummeted to just seven new permits issued. Perhaps the most interesting thing about last week’s numbers is that NO new permits were issued in the Keystone State (PA). We believe that’s the first time we’ve seen no new permits in PA. We wonder if there’s a problem with the reporting system (the state DEP’s reporting system is known to occasionally have issues). We’ll check again next week to see if PA’s numbers get updated. Meanwhile, there were four new permits for the Buckeye State (OH) and three for the Mountain State (WV). 
Yesterday, CNX Resources issued its fourth quarter and full-year 2024 update. The company lost $145 million for the quarter, compared with a profit of $514 million in 4Q23. Production was 141.9 Bcfe (billion cubic feet equivalent) in 4Q24 — which works out to 1.54 Bcfe/d — down from 146.9 Bcfe last year (a drop of 3.4%). Drilling all but stopped during 3Q, and that trend continued in 4Q. The company drilled just one new Utica well in central PA. However, CNX fracked nine wells and brought six wells online to sales in southwestern PA. 
National Fuel Gas Company (NFG), headquartered in Buffalo, NY, is the parent company for Marcellus/Utica driller Seneca Resources and the parent of midstream company NFG Midstream (and subsidiary Empire Pipeline). Yesterday, NFG issued its latest quarterly update. The company’s top brass is jazzed about the higher prices of natural gas and what it means for profitability. Production at Seneca increased by 6% over the previous quarter to 98 Bcfe as the company brought online some of its most productive pads to date. However, production was down a tad (3%) from the same period in the prior year. 
Pennsylvania’s do-nothing Governor, Josh Shapiro, traveled to Pittsburgh yesterday to put on another shuck-and-jive all-sizzle-no-steak show. He was there to unveil what he calls his “Lightning Plan” for energy in the state. His big plan? Reintroduce and try to bully Republicans into accepting a Marcellus-killing carbon tax and onerous regulations on emissions (called PACER, see 
In June 2019, the New York State legislature passed a horrific “energy” bill that was later signed into law by then-Gov. Andrew Cuomo (see 
Last fall, MDN told you about a newly formed drilling company that aims to target the Ohio Utica Shale, a company called Tiburon Oil & Gas Partners, LLC (see