Coterra Energy, formed in 2021 by the merger of Permian oil driller Cimarex Energy and Marcellus gas driller Cabot Oil & Gas, issued its second quarter 2023 update yesterday. The company made far less profit in 2Q23 than it did one year ago, in line with other big Marcellus/Utica drillers. Coterra made $209 million in…
Read More...Greylock Energy is headquartered in Charleston, WV, with offices in West Virginia, Pennsylvania, Utah, and Wyoming and operations scattered throughout Appalachia and the Rockies. The company’s assets comprise more than 1.19 million acres, about 6,700 wells, including the operation of 4,000 wells throughout Appalachia (shale and conventional) and 2,600 miles of pipeline. Grelock has contracted…
Read More...Southwestern Energy, with major assets in the Marcellus/Utica and Louisiana Haynesville, issued its second quarter 2023 update late last week. The company generated $231 million in net income for the quarter versus profiting $1.2 billion in 2Q22. Like other gas drillers, the price of natural gas dropping into the basement over the past eight months…
Read More...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 EOG Resources Sells Marcellus Assets for $130M, Exits Basin). EOG left the M-U…
Read More...National Fuel Gas Company (NFG), headquartered in Buffalo, NY, is the parent company for Marcellus/Utica driller Seneca Resources and the parent of midstream company Empire Pipeline. Yesterday, NFG issued its latest quarterly update. NFG operates on a weird fiscal year system. This latest update is for the company’s third quarter, which would be everybody else’s…
Read More...Last November, Upper Burrell (Westmoreland County, PA) town supervisors held a hearing, and following that hearing, voted unanimously to approve a new well pad proposed by Olympus Energy (see Olympus Energy’s 4th Upper Burrell Well Pad Wins Unanimous Approval). It was the fourth such well pad approved by the town. Olympus is back and has…
Read More...New shale permits issued for Jul 24-30 in the Marcellus/Utica were down just a couple, but still a nice number. There were 29 new permits issued last week, down from the 31 issued the previous week. Last week’s permit tally included 22 new permits in Pennsylvania, 7 new permits in Ohio, and no new permits…
Read More...Chesapeake Energy Corporation, the country’s third largest publicly-traded natural gas producer, issued its second quarter 2023 update yesterday. The company reports a profit of $391 million in net income during 2Q23, down from $1.2 billion in 2Q22. The drop was due to lower gas prices and less production. Second quarter net production was 3,653 MMcfe…
Read More...Gulfport Energy, the third-largest driller in the Ohio Utica Shale (by the number of wells drilled), emerged from bankruptcy in May 2021 with a new board and top management. In January of this year, the company appointed a new CEO, John Reinhart, the former President and CEO of M-U driller Montage Resources Corporation before that…
Read More...Newly-elected Gov. Josh Shapiro, who appears to be completely ineffective since taking office (which is not necessarily a bad thing), appointed a working group in April to help guide him on what he should do concerning the Regional Greenhouse Gas Initiative (RGGI) carbon tax and the broader issue of global warming (see PA Gov Appoints…
Read More...DT Midstream (DTM), headquartered in Detroit, owns major assets in the Marcellus/Utica region and other regions. DTM issued its second quarter 2023 update yesterday. The company announced it had reached a final investment decision (FID) to build a new greenfield gathering system in the Ohio Utica Shale. The gathering system will transport associated gas from…
Read More...In July, the Pennsylvania Dept. of Environmental Protection (DEP) announced that it had appointed a 17-member committee to figure out how to dole out $5 million to fund local community projects located near the Shell cracker plant in Beaver County, PA, following a $10 million fine against the plant for violating air emissions standards (see…
Read More...Last week CNX Resources issued its second quarter 2023 update. In stark contrast to other big Marcellus/Utica drillers, which lost money in 2Q, CNX generated $475 million of net income (nearly half a billion dollars!)–versus generating $33 million in profit for the same quarter last year. Derivatives seemed to make the difference. In 2Q22, CNX…
Read More...This is a cautionary tale of choosing your joint venture partner carefully. The Pennsylvania Superior Court threw out a $2.4 million arbitration award against Marcellus driller PennEnergy in a business dispute in a precedential ruling last week. The Superior Court judges overruled an award by an arbitrator. PennEnergy maintained the case should never have been…
Read More...EQT Corporation, the largest natural gas producer in the U.S., recently donated $500,000 to the Wisecarver Reservoir Recreation Project near Waynesburg in Greene County, PA. The project will develop the 360 acres around the reservoir into a destination for families and outdoor enthusiasts. EQT has major drilling operations in Greene County, and according to EQT…
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