Gulfport 1Q – Focusing On Liquids in 2024, Still Loves Marcellus
Gulfport Energy, the third-largest driller in the Ohio Utica Shale (by the number of wells drilled), reported its first quarter 2024 numbers earlier this week. The company drills Utica *and* Marcellus wells in Ohio. It also has an active drilling program in the Oklahoma SCOOP shale play. Gulfport’s net daily production for 1Q24 averaged 1,053.7 MMcfe/d, down just a shade from 1Q23’s average of 1,057.4 MMcfe/d. Production in 1Q consisted of 831.3 MMcfe/d in the Utica/Marcellus (79%) and 222.4 MMcfe/d in the SCOOP (21%). The production mix was comprised of approximately 92% natural gas, 6% natural gas liquids (NGLs), and 2% oil and condensate.
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Antero Midstream, a separate company from Antero Resources (at least on paper, although it is managed by the same people), issued a press release yesterday to announce it had purchased a bolt-on acquisition of gathering and compression assets in the Marcellus Shale for $70 million from Summit Midstream Partners. The assets acquired include two compressor stations and 48 miles of high-pressure gas-gathering pipelines located in West Virginia.
Dominion Energy wants to build a liquified natural gas (LNG) storage facility in Person County, North Carolina, to enhance natural gas service reliability for residential and business customers in the growing region (see 
The Tennessee Valley Authority (TVA) is the sixth-largest power supplier and the largest public utility in the country. In 2021, MDN told you that TVA is spending over $1 billion to replace six coal-fired plants with natgas-fired turbines (see 
EPA Administrator Michael Regan used a considerable amount of fossil energy and emitted tons of carbon dioxide to jet over to Dubai last December to participate in the COP28 confab, where he released a final rule that was “two years in the making” to force the U.S. oil and gas industry to cut methane emissions by using budget-busting new technologies and onerous (frequent) inspections (see 
OTHER U.S. REGIONS: Tanker traffic resumes at beleaguered Freeport LNG terminal; NATIONAL: FTC accuses ex-Pioneer CEO of colluding with OPEC; Rockefellers have a bad day at the Senate Budget Committee; INTERNATIONAL: Oil shows minimal change after swinging in narrow range.
In September 2022, Competitive Power Ventures (CPV) announced that it had selected West Virginia for a 1,800-megawatt (later upgraded to 2,060 MW), combined-cycle natural gas power station that also uses carbon capture and storage (see 
Chesapeake Energy issued its first quarter 2024 update yesterday. The ongoing low price of natural gas and Chesapeake’s previously announced curtailment of ~25% of its production caused the company to miss Wall Street estimates (of $87 million) for first-quarter profit. Chessy made $26 million in net income during 1Q24 versus making $1.4 billion in 1Q23. Ouch. Chesapeake’s net production in the first quarter was approximately 3.20 Bcfe/d (100% natural gas), utilizing an average of nine rigs to drill 28 wells and place 29 wells on production while building an inventory of 24 drilled but uncompleted (DUCs) wells and 22 deferred turn in lines (TILs).
The great state of Pennsylvania has an Independent Fiscal Office (IFO), created by Act 120 of 2010 and Act 100 of 2016. The IFO analyzes fiscal proposals made by state agencies and is nonpartisan in its analyses. PA State Senator Gene Yaw, from Lycoming County (and Chairman of the Senate Environmental Resources & Energy Committee), introduced a bill last June to create an Independent Energy Office (IEO) modeled along the same lines as the IFO (see 
UGI, a diversified energy company with midstream (pipeline) operations in the Marcellus and one of PA’s largest utility companies, hinted last summer that it was looking to sell or spin off its propane subsidiary into a new company (see 
Equitrans Midstream, builder of the mighty Mountain Valley Pipeline (MVP), issued its first quarter 2024 update yesterday. The update came without the typical conference call for analysts, given the impending merger with (takeover by) EQT Corporation. Picking through the prepared updates and filings with the SEC, we discovered some useful bits of news. First and foremost, Equitrans expects to begin operations on MVP on May 31st, provided all necessary directives are issued by the Federal Energy Regulatory Commission (FERC). MVP’s cost went up yet again, from $7.6 billion, estimated earlier this year, to now approximately $7.85 billion. However, MVP wasn’t the only big news coming from the update.
In late 2015, MPLX (i.e., Marathon Petroleum) bought out and merged in the Utica Shale’s premier midstream company, MarkWest Energy, for $15 billion (see