M-U Rig Count Realigns @ 33; National Rig Count Drops 1 @ 587
Three weeks ago, MDN told you about a developing story of rig realignment in the Marcellus/Utica (see Rig Bloodbath Continues – Pennsylvania Loses 7 Rigs in 3 Weeks). As we reported, Pennsylvania was losing rigs, bleeding rigs, like crazy—four rigs gone in two weeks’ time. And West Virginia was gaining those lost rigs. Two weeks ago, the Baker Hughes rig count showed the M-U maintaining 33 active rigs, with no further shifts taking place between PA and WV (see M-U Rig Count Stabilizes @ 33; National Rig Count Drops 2 @ 588). Last week was the third week in a row there were no changes in the counts for the three M-U states, indicating to us that the count has realigned and that, for now, there is less drilling in PA (than before) and more drilling in WV (than before). Ohio is maintaining. Read More “M-U Rig Count Realigns @ 33; National Rig Count Drops 1 @ 587”
According to Pennsylvania regulation 25 Pa. Code § 78a.122(b)(6)(iv), a drilling company must provide a list of the chemicals intentionally added to the stimulation [fracking] fluid by name and chemical abstract service (CAS) number in a Completion Report. The PA Department of Environmental Protection (DEP) says three drillers, including EQT, Range Resources, and Greylock Energy, failed to file the proper paperwork for one or more wells.
For years, MDN has told you that the very first Marcellus well to be drilled and fracked was done by Range Resources Corporation in Washington County, PA. Beyond that, we didn’t know much. Thanks to an article appearing in the Washington Observer-Reporter, we now know the full story—or at least a lot more of the story—including the name of that very first Marcellus well. 
Venture Global’s Calcasieu Pass LNG export facility received Federal Energy Regulatory Commission (FERC) authorization to place the final three liquefaction blocks (7-9) into service in November 2023 (see 
As we often say, we’re suckers for a good railroad story. There’s something magical about the clickety-clack of trains heading cross country. Shortline railroads play an important role in the Marcellus/Utica by transporting machinery, materials for drilling, and sand. But today’s story is not about shortlines but long-haul railroads. Here’s a fascinating fact: U.S. rail freight transported nearly 1.8 million metric tons of materials in 2023, with energy products, including coal, oil, and natural gas, being the most common. The number two most common product hauled (not even close) is agricultural products. 
NATIONAL: Energy Aspects thought USA natural gas price rise was overdone; A broken energy permitting system hurts Hispanic families and small biz; Readers led to believe fictional portrayals are accurate in climate fiction; U.S. shale hits snooze; INTERNATIONAL: Europe can’t seem to kick its Russian energy habit. 
There were 32 permits issued to drill new shale wells in Marcellus/Utica for the week of Sept. 16 – 22, more than doubling the 15 issued the prior week. The Keystone State (PA) had nine new permits, with five of them going to EQT in Greene County. The Buckeye State (OH) had 20 new permits. The floodgates opened up! The top recipient in OH was Encino Energy, which received eight permits divided between Guernsey and Carroll counties. EOG Resources received five permits in Harrison County. The Mountain State (WV) had three new permits after getting skunked the prior week. All three were issued to Northeast Natural Energy (NNE) in Monongalia County. 
Toby Rice, the Chief Executive Officer of EQT Corporation, currently the largest natural gas producer in the U.S. (but about to become second-largest next week, after Chesapeake Energy & Southwestern Energy merge to become the largest, see today’s companion story), addressed the 800 attendees at the Shale Insight event yesterday. He was in Erie, PA, yesterday, just one day after he spoke at an event in New York City at that city’s so-called Climate Week. Rice had some rather blunt words about the capability of renewable energy and the inability of renewables to meet a dramatic increase in demand for energy that will come from AI data centers and a massive expansion in the use of electric vehicles. He said renewables will “not be enough” to meet that demand, especially at the prices needed. Natural gas, on the other hand, IS enough. 
Voters in Pennsylvania have the opportunity to elect a U.S. Senator in November who is a 100% supporter of the state’s Marcellus shale industry: Dave McCormick. Will they? Or will PA voters re-elect Bob Casey for a third term—someone who voted with Joe Biden and his Big Green (anti-shale) agenda 98.5% of the time? A quote often attributed to Woody Allen is this: “Ninety percent of success in life is just showing up.” Dave McCormick showed up, IN PERSON, to deliver a talk at this week’s Shale Insight event in Erie, PA, showing his unreserved support for PA shale. Bob Casey was a no-show. Instead, Casey “mailed it in” by sending a prerecorded message to attendees, mouthing insincere words of support for the industry. Which one do you believe REALLY supports shale? It’s a no-brainer. 
In 2024, natural gas prices have spent almost the entire year under $3.00 per Mcf (thousand cubic feet), including a few months under $2.00/Mcf. You would think such low prices would have a negative effect on the stock prices of publicly traded Marcellus/Utica gas producers. Not so! Stock prices for our drillers have remained “remarkably stable.” In fact, Antero Resources’ price is actually UP this year. Range Resources is flat for the year so far. Others, like EQT and Coterra Energy, are down just a smidge. Given the disadvantages of the M-U basin—primarily the lack of pipeline takeaway capacity and the long distance our molecules must travel to Gulf Coast LNG export facilities—it’s surprising that stock valuations for our drillers have not been negatively impacted. 
In August, MDN told you about a tiny new gas-fired power plant coming to Kentucky (see 
For those of a certain age (or who like to watch reruns), do you remember that iconic song and TV series, The Love Boat? Sing along with us: “The love boat soon will be making another run. The love boat promises something for everyone. Set a course for adventure, your mind on a new romance…” Princess Cruises is the operator of the ships featured on the Love Boat TV show. The company announced yesterday that finishing work has begun in Italy on its second LNG-powered cruise ship. The Star Princess is due to be based in Ft. Lauderdale, Florida, and will set sail in the fall of 2025. 
Last week, MDN told you the time was finally right for BKV Corporation (Banpu Kalnin Ventures), the American arm of Banpu, Thailand’s largest coal mining company, to launch an initial public offering (see