Shale Gas News – March 18, 2023

shale gas news
Shale Gas NewsBill desRosiers
External Affairs Coordinator, Coterra Energy
Host, Shale Gas News

The Shale Gas News, heard every Saturday at 10 AM on 94.3 FM, 1510 AM, 1600 AM, 104.1 FM and Sundays on YesFM, talked about BlackRock, Utica wells, Shell and much more last week.

The Shale Gas News has grown again to the Williamsport area on stations WEJS 1600 AM & 104.1 FM. The Shale Gas News is now broadcasting in Bradford, Lackawanna, Lancaster, Lebanon, Luzerne, Lycoming, Pike, Sullivan, Susquehanna, Tioga and Wayne Counties, as well as in greater central PA and now the Williamsport area. The Shale Gas News is aired on Saturday or Sunday depending on the station.

Every Saturday Rusty Fender, Matt Henderson and I host a morning radio show to discuss all things shale gas.

Shale Gas News

The Shale Gas News, typically, is broadcast live. On the March 18th show (click above), we covered the following new natural gas territory (see news excerpts below):

  • PA Shale Production & Drilling Tumble in Latest IFO Qtly Report. Yesterday the Pennsylvania Independent Fiscal Office (IFO) released its latest quarterly Natural Gas Production Report for October through December 2022. There were 136 new horizontal wells spud (drilled) in 4Q22, a decrease of 18 wells (-12%) compared to 4Q21. Natural gas production volume was 1,856 billion cubic feet (Bcf) in 4Q22, down a big 100 Bcf (-5.1%) from 4Q21. It is the fourth quarterly decrease in production in a row (comparing the same quarters year-over-year). Sadly, 4Q22 production was also down from 3Q22–by 1.2%.
  • BlackRock CEO Larry Fink Tries to Bribe Republicans – Will It Work? We’ve criticized BlackRock, the world’s largest investment firm with $10 trillion under assets, due to CEO Larry Fink’s insistence that public companies adopt ESG (environment, social, governance) policies that include reducing CO2 emissions. Fink’s demands are tantamount to divesting (or refusing to invest in) any company that produces or heavily uses oil and natural gas. A number of Republican-controlled states, including Texas, West Virginia, and Florida, have begun the process of dumping all BlackRock investment funds. Fink is worried–as he should be. He’s losing business. So he’s now doing what sleazy, corrupt leftists always do–resort to bribery.
  • Range Resources Addresses Pioneer M&A Rumor on 4Q Conference Call. Range Resources Corporation, the very first driller to sink a Marcellus shale well back in 2004 in western Pennsylvania, issued its fourth quarter and full-year 2022 update yesterday. During 2022, Range generated record cash flow from operations of $1.9 billion and produced an average of 2.1 billion cubic feet equivalent per day (Bcf/d) of natural gas. The company spent $492 million on drilling in 2022. Of keen interest to us was a response by Range’s CEO about the rumors that Pioneer Natural Resources is interested in buying or merging with Range.
  • EOG Drilling Handful of New Wells in Ohio Utica in 2023. n 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. EOG left the M-U building. But the company couldn’t stay away. Last November, we told you that EOG admitted to stealthily amassing 395,000 net acres in the Ohio Utica for very little money. EOG calls its new position the “Ohio Utica combo play.” How much drilling does EOG plan to do in its Ohio assets in 2023?
  • Shell’s New CEO Changes Course, Says Cutting O&G Bad for Everyone. Shell’s previous CEO, Ben van Beurden, went soft and in 2021, said he believes in the not-too-distant future Shell will not be in the oil and gas business but instead in the so-called renewables business, including hydrogen. Fortunately, van Beurden retired at the end of last year. Since Jan. 1, Shell’s new CEO has been Wael Sawan, who said last week that cutting oil and natural gas production is “not healthy” for consumers. What a breath of fresh air!

The Shale Gas News sponsored by Linde Corporation

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