Marcellus Shale News Pulse October 2021

Posted: November 24, 2021

The Marcellus Shale | October 2021

Field Overview

The Marcellus Shale is the largest gas play onshore in the US. Located in the Northeast, it supplies the high-demand markets along the East Coast. Most of the basin’s gas is produced through unconventional methods, while the little oil produced is mostly by conventional means. Some of the top formations include the Onondaga and the Huntersville.

State Drilling Statistics

Active Drilling Rigs in Basin- 28 (+2)
Total Rigs in Pennsylvania- 18 (-)
Total Rigs in United States- 550 (+22)
Total U.S. Rigs 83% YTD

State Permitting Data
Permits Approved (PA) – 93

Marcellus Top Producers
Top Producer By BOE – EQT

Basin Highlights

New York Denies Permits for Proposed Natural Gas-fired Power Plants

Environmental regulators in New York refused permits to build two natural gas-fired power plants on Oct. 27 as the state shifted its focus to renewable energy and energy efficiency in order to reach its greenhouse gas reduction objectives. NRG Energy Inc’s proposed Astoria gas turbine project in Queens and Danskammer Energy LLC’s proposed Danskammer repowering project near Newburgh on the Hudson River were both refused air emissions licenses by the New York State Department of Environmental Conservation (DEC). DEC stated: “Our review determined the proposed project does not demonstrate compliance with the requirements of the Climate Leadership and Community Protection Act.”

Chief Oil & Gas explores sale for more than $3 bln

According to persons familiar with the situation, Chief Oil & Gas LLC, the Appalachian exploration and production business created and controlled by Texas wildcatter Trevor Rees-Jones, is considering a deal that might value it at more than $3 billion, including debt. Chief Oil & Gas, founded by Rees-Jones in 1994, is currently one of the largest privately held natural gas producers in the United States. His decision to sell now comes as energy prices have risen to multi-year highs, bolstering the industry’s corporate valuations. According to the sources, Chief Oil & Gas has recruited an investment bank to start the sale process for the company, who asked to remain anonymous because the topic is private.

EQT CEO Says Marcellus and Utica Could Alleviate Europe’s Gas Situation

The Marcellus and Utica, according to EQT CEO Toby Rice, might help alleviate Europe’s enormous energy shortage. Rice expressed his desire to see new LNG export facilities built along the East Coast, possibly including one at the Marcus Hook refinery outside Philadelphia, which he described as a “great potential” for Pennsylvania.

Operators with Most Permits in PA

3National Fuel Gas12
4Penn Energy7
5Antero Resources5
Hyperlinks to available Q3 2021 Reports

Top Producers By Gas

ChangeRankCompanyGas Production (mmscf) (7/21)
4Southwestern Energy577.5
5Antero Resources504.9
Hyperlinks to available Q3 2021 Reports

Rig Count

PA Oil Production

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PA Natural Gas Production

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