ECA Marcellus Trust I Gives Investors Half a Penny Dividend 3Q
ECA Marcellus Trust I, the royalty interest holder in some of the wells drilled and maintained by Greylock Energy in Greene County, PA, announced it would issue six-tenths of a penny ($0.006) dividend to unitholders for 3Q23. The company paid out 4.3 cents per unit in 1Q23 and nothing in 2Q23 (see ECA Marcellus Trust I Gives Investors No Dividends in 2Q23). The company continues to hold back some profits ($90,000 in 3Q23) to build a cash reserve for “future known, anticipated or contingent expenses or liabilities.”
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The U.S. rig count fell again last week, dropping another two rigs to 616 active rigs — the lowest rig total this year and the lowest count since February 2022. The count in the Marcellus/Utica stayed the same at a collective 40 active rigs. However, the M-U mix changed once again. Pennsylvania lost another rig, going from 20 to 19 last week, after dropping two rigs the week before (see 
Score one for the good guys! We (collectively in the Conservative movement) have defeated Joe Manchin (Democrat) and his potential run for another term as Senator from West Virginia. Manchin, in our opinion, lost the moral authority to run again when he sold out the country and his fellow West Virginians by voting to approve Joe Biden’s Green New Deal disaster, otherwise known as the Inflation Reduction Act (see 
Venture Global’s Calcasieu Pass LNG export facility recently received Federal Energy Regulatory Committee (FERC) authorization to place the final three liquefaction blocks (7-9) into service (see 
Looking for a great job in the oil and gas industry? From apprentices and graduate opportunities to highly skilled professionals in IT and technology, sales and marketing, finance, upstream, and trading, bioenergy, EV charging, hydrogen… even so-called renewables and power — six oil and gas supermajors are hiring. They include BP, Shell, TotalEnergies, Chevron, ExxonMobil, and (yes, even our enemy) Saudi Aramco. They all want new employees. Find out more below.
OTHER U.S. REGIONS: Effort to ban new natgas pipelines in Maine; INTERNATIONAL: O&G industry jittery as EU nears deal on methane leakage; Global natgas needs $7 trillion investment to meet demand; Senior Ukrainian official coordinated Nord Stream pipeline attack; Soaring fees at Panama Canal have LNG shippers taking long route.
In 2020, EOG Resources, one of the largest oil and gas drillers in the U.S. (with international operations in Trinidad and China), sold all of its Marcellus assets, which were located in Bradford County, PA, to Tilden Resources for $130 million (see 
Ascent Resources, founded as American Energy Partners by gas legend Aubrey McClendon, is a privately held company focusing 100% on the Ohio Utica Shale. Ascent, headquartered in Oklahoma City, OK, is Ohio’s largest natural gas producer and the 8th largest natural gas producer in the U.S. The company issued its third quarter 2023 update yesterday. Ascent’s net production averaged 2.165 Bcfe/d (billion cubic feet equivalent per day) during 3Q23, down 7% from 3Q22 (2.339 Bcf/d). The company made $16.7 million in profit during 3Q23, down from $46.5 million in 3Q22.
Last Friday, MDN brought you the news that CNX Resources CEO Nick DeIuliis had signed a voluntary deal with Pennsylvania Gov. Josh Shapiro to expand drilling setbacks and several other regulatory steps not mandated for shale drillers under PA law (see 
The ignominious end of an era. For a full ten years, MDN has covered the story of Canadian company Pieridae Energy and its quest to build the Goldboro LNG export project in Nova Scotia, using Marcellus/Utica molecules to feed it (
In May, the Bidenistas at the Environmental Protection Agency (EPA) released a hellscape of new regulations called the Clean Power Plan 2.0, aimed at forcing coal- and natural gas-fired power plants to close (see 
CME Group, which operates the Chicago Mercantile Exchange and New York Mercantile Exchange (NYMEX), announced in September that it would launch Micro Henry Hub futures and options beginning November 6 (see 
New shale permits issued for Oct 30 – Nov 5 in the Marcellus/Utica saw a significant increase. It almost felt like old times again! There were 37 new permits issued last week, versus 26 the week before. Last week’s permit tally included 24 new permits in Pennsylvania, 11 new permits in Ohio, and 2 new permits in West Virginia. Coterra Energy was the top permittee for the week, drawing 9 permits in Susquehanna County, PA. This will really rub the antis raw: Coterra received several permits to restart drilling in Dimock Township. 🙂
MDN will not publish on Friday, Nov. 10, in observance of Veteran’s Day. We thank our veterans for their service and sacrifice. They pay the price for the rest of us to live in a free society. Without Veterans, the U.S.A. would not exist. We salute you!