Breakeven for Shale Oil is $70/Barrel Now; Report Says Going to $95
A new report from big energy data analytics firm Enverus finds that the average breakeven price for new shale wells in the United States currently sits at $70 per barrel. That’s a problem, because the sale price for a barrel of West Texas Intermediate (WTI) crude has been firmly in the $60s for months. U.S. shale drillers can’t drill new wells if they lose money. Consequently, they’re beginning to lay down the rigs and stop new drilling. But here’s the even more troubling part of the report: Enverus predicts the breakeven price will rise to around $95 per barrel within ten years. Read More “Breakeven for Shale Oil is $70/Barrel Now; Report Says Going to $95”
The mighty BP (formerly British Petroleum) is an oil and natural gas company attempting to transition into a renewable energy company. They’re failing. BP is having an identity crisis. It’s a European company and has bought into the false narrative that fossil energy is on the way out (“transitioning” to so-called renewables) due to concerns over mythical global warming. BP’s recently published Annual Energy Outlook for 2025 report (full copy below) takes a different approach from previous versions of the report. It offers two scenarios: What will happen between now and 2050 if we don’t change anything, called “Current Trajectory,” which means humans will turn Earth into a burning hell; and what will happen if the world finally gets serious about mythical global warming and commits to ensuring temperatures don’t rise more than 2 degrees Celsius, called “Below 2°.” 
OTHER U.S. REGIONS: Data center developers drawn to Virginia by fiber-optic network, low power prices; NATIONAL: U.S. natural gas futures mixed as October expires; Shale execs complain of ‘broken’ prospects in new survey; America’s oil patch is cooling as costs rise and uncertainty mounts; INTERNATIONAL: Oil posts biggest weekly gain since July; India told to drop Russian oil for US trade deal; Strike blocks LNG cargo arrivals at French import terminals; Orban stands ground vs Trump over Russian energy; Russia receives 1 billion euros from Europe for oil and gas every month. 
For the week of September 15 – 21, the number of permits issued to drill new wells in the Marcellus/Utica decreased from the previous week, but not by much. There were 24 new permits issued across the three M-U states last week, down from 26 issued two weeks ago. Pennsylvania finally improved a bit, but only because of one driller. PA issued 11 new permits last week, with 10 of the 11 going to Range Resources. Range’s permits were spread across three counties, with one permit in Allegheny, five in Beaver, and four in Washington. The other PA permit went to Beech Resources for a well in Lycoming County. 
In yet another sign that Williams’ Northeast Supply Enhancement (NESE) pipeline project is a done deal and moving forward, the National Oceanic and Atmospheric Administration (NOAA) granted the project permission to “disturb” (harass) 15 varieties of whales, seals, porpoises, and dolphins, as it builds a 24-mile pipeline on the floor of the bay. “Uh, excuse me, Mr. Whale? Could you please swim about a mile over in that direction for the next few days?” Environmentalist wackos are having a cow, or maybe it’s a whale, at the news. 
Homer City Redevelopment is transforming the former Homer City Generating Station in Indiana County, Pennsylvania, into the $24 billion Homer City Energy Campus, one of the largest redevelopment projects in state history (see 
Last Thursday, MDN informed you about a public hearing scheduled for that day by the West Virginia Department of Environmental Protection (WV-DEP) for the Adams Fork Energy Project in Mingo County (see 
We chalk this story up to the category, “We’re winning, and here’s more proof.” When, in your wildest dreams, would you ever think the lefty libs at the University of Pittsburgh (who HATE shale energy and fossil fuels) would launch a degree program for undergraduates that combines natural gas, oil, and unreliable renewables? We thought, NEVER! But that’s just what has happened. The school is launching an “all of the above” engineering degree, allowing students to “move seamlessly between industries.” Get them trained in both fossil fuels and so-called green energy for when the day arrives that fossil fuels are finally dead and green energy rules the land. (Which is when hell freezes over.) 
Countless times, we have addressed the issue of the ban on fracking in New York State and how that ban is harming state residents economically. The number one natural gas-producing county in Pennsylvania is Susquehanna County. It shares a border with Broome County in New York, where MDN is located. The gas that sits under Broome and neighboring counties is no doubt just as prolific as that under Susquehanna. Yet we are prevented from accessing it. We spotted a new op-ed comparing PA fracking with the lack of fracking in NY. It’s a great column that makes excellent points. And it’s worth addressing this issue one more time. We also offer our standard reply to the question: Will NY ever see fracking? 
In October 2024, Chesapeake Energy completed its $8.2 billion merger with Southwestern Energy (renaming the combined company Expand Energy), and in the process became the country’s #1 highest producing natural gas company, taking that title away from EQT Corporation (see 
On September 24, the U.S. Environmental Protection Agency (EPA) granted Sandstone Development, LLC a permit for an oil and gas wastewater injection well in Lafayette Township, in McKean County. The permit authorizes Sandstone to inject up to 10,500 gallons per day of produced fluids from the McKay 7A conventional well to enhance oil and gas recovery in the McKay Lease area. Injection will occur into the Upper Devonian Kane Sandstone Formation at depths between 2,295 and 2,315 feet. A public hearing on the permit application was conducted in May. 
Yesterday, we told you about comments made by several governors from states covered by the PJM electric grid delivered to a bash PJM summit organized by Pennsylvania Governor Josh Shapiro (see 
Finally, some movement on approving a new gas-fired power plant project in Chesterfield County, VA. Dominion Energy plans to build four small “peaker” electric generating plants in Chesterfield County near Richmond (see 
MDN chronicled the rise and fall of Tellurian, founded by Charif Souki (who also founded Cheniere Energy), and Tellurian’s LNG export project, Driftwood. Tellurian’s primary focus was to build Driftwood LNG, a 27.6 million tonnes per annum (MTPA) facility that would cost $14.5 billion. Construction began on the project in March 2022, even without a final investment decision (see