Range Resources Corporation, the very first company to drill a shale well targeting the Marcellus Shale layer in Pennsylvania (in 2004), issued its third quarter update yesterday. In prior guidance from earlier this year, Range said it would drill between 60-65 wells in 2023. However, with this latest update, that number was revised down to…
Read More...On Friday, Range Resources Corporation, the very first driller to sink a Marcellus Shale well (in Pennsylvania) back in 2004, announced it had appointed a new member to its Board of Directors — Charles G. Griffie. Mr. Griffie has an extensive background in the oil and gas industry with expertise in managing midstream assets. Among…
Read More...According to an analysis by S&P Global Commodity Insights, large U.S. shale gas drillers (namely Marcellus/Utica drillers) have hedged (pre-sold at a specific price) an average of 50% of anticipated shale gas production for the second half of 2023. The average price of the hedges is $3.35/Mcf, far above the average NYMEX Henry Hub price…
Read More...In August, the Executive Director of the Susquehanna River Basin Commission (SRBC) approved 34 water-use permits for individual shale gas well drilling pads in Bradford, Lycoming, Sullivan, Susquehanna, and Tioga counties. We’re just learning of the action via an official notice published in the Sept. 23 edition of the Pennsylvania Bulletin. The approvals, which are…
Read More...Investors in shale oil and gas companies suffered for years with little or no returns for the money they invested. Five of eight large Marcellus/Utica drillers saw their share prices decrease by an astonishing 85% or more from 2008 to 2019 (see Former EQT CEO: Shale Revolution a “Disaster” for Investors). Just before the COVID…
Read More...New shale permits issued for Sep 11 – 17 in the Marcellus/Utica rebounded. There were 22 new permits issued last week, up from 14 issued two weeks ago. But the increase came from an unlikely source. Last week’s permit tally included 9 new permits in Pennsylvania, 1 new permit in Ohio, and 12 new permits…
Read More...New shale permits issued for Sep 4 – 10 in the Marcellus/Utica continued to be in the crapper. There were 14 new permits issued last week, up 1 from 13 issued two weeks ago, and down from the 16 issued three weeks ago. Not so long ago we routinely saw 30+ issued each week. Last…
Read More...Last week, MDN told you about Gulfport Energy drilling three Utica Shale wells in Ohio (with a fourth underway) that are massive 4-mile wells (see Gulfport’s 4-Mile Utica Wells Producing 2.5+ Bcfe per 1,000 Ft). Gulfport is not the only company working on these super-long wells. According to the Wall Street Journal, Range Resources has…
Read More...Quick history lesson. In 2004, Range Resources was the first company to drill and frack the first Marcellus Shale gas well, which happened in Mt. Pleasant Township (Washington County), PA. It was love at first sight. Over the past almost 20 years, Range has added a few other counties to the list of place where…
Read More...Funny how a couple of miles can make all the difference. In West Deer, a township in Allegheny County, PA (near Pittsburgh), Olympus Energy faces organized opposition to every project it proposes. Some Olympus well pads get approved, and some don’t. Every Olympus pad is vigorously opposed by anti-fossil fuelers. Yet in the township immediately…
Read More...New shale permits issued for Aug 14 – 20 in the Marcellus/Utica finally turned around. There were 27 new permits issued last week, way up from the 10 issued the prior week. Last week’s permit tally included 21 new permits in Pennsylvania, 2 new permits in Ohio, and 4 new permits in West Virginia (after…
Read More...New shale permits issued for Jul 17-23 in the Marcellus/Utica saw a nice increase. There were 31 new permits issued last week, up from the 23 issued the previous week. Last week’s permit tally included 13 new permits in Pennsylvania, 8 new permits in Ohio, and 10 new permits in West Virginia. The top permittee…
Read More...Range Resources’ new CEO, Dennis Degner, told analysts yesterday during a quarterly update that he doesn’t think the commodity price of natural gas and the overall demand for natgas will increase for the rest of this year and most of next year. So Degner will keep the company’s drilling program active enough to keep production…
Read More...New shale permits issued for Jun 26 – Jul 2 in the Marcellus/Utica saw a dramatic increase, thanks to a bump in Pennsylvania’s numbers. There were 39 new permits issued last week, way up from 11 issued the previous week. Last week’s permit tally included 30 new permits in Pennsylvania, 8 new permits in Ohio,…
Read More...For individuals, discretionary income is what’s left after you pay your taxes and fixed costs like housing, food, and clothing. For shale drillers, the equivalent to discretionary income is cash flow from operating activities (CFOA), which is the net income a company generates adjusted for non-cash expenses like depreciation and stock-based compensation, and for changes
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