Natural gas production from major Lower 48 plays will hold mostly steady from March to April as oil-focused regions boost output to offset declines in the Haynesville Shale and Appalachian Basin, according to the U.S. Energy Information Administration (EIA). EIA in its latest monthly Drilling Productivity Report (DPR) modeled combined natural gas production from seven…
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Articles from Marcellus
Deferring Lower 48 Natural Gas Activity Possible, but Not Now, Gulfport CEO Says
Oklahoma City-based Gulfport Energy Corp., 92% weighted to natural gas, plans to remain nimble this year to ensure it may “defer or accelerate” activity depending on the direction of prices. Speaking to analysts during the recent fourth quarter conference call, CEO John Reinhart said the “volatile natural gas environment reinforces the importance of developing our…
Marcellus-Focused Range Resources Eyeing Flat Natural Gas Output Amid ‘Incredibly Challenging’ Prices
Appalachian Basin pure play Range Resources Corp. is targeting flat production growth in 2024 with a focus on natural gas liquids (NGL) to offset weak natural gas pricing, management said Thursday. “Near-term prices are obviously incredibly challenging for the industry, and we expect these historically low price levels should help keep a lid on natural…
Chesapeake Announces Major Natural Gas Production Cuts in Response to ‘Oversupplied Market’
Chesapeake Energy Corp. said Wednesday it would significantly slash spending and natural gas production this year in one of the biggest activity cuts announced yet for U.S. onshore operations in response to tanking prices. The company, one of the largest natural gas producers in the Lower 48, plans to reduce capital expenditures (capex) in 2024…
Natural Gas Rigs Flat in U.S. at 121, Oil Count Falls to 497, BKR Data Show
The U.S. natural gas rig count held steady at 121 for the week ended Friday (Feb. 16), while a decline in oil activity lowered the combined domestic drilling tally two units to 621, according to updated figures from Baker Hughes Co. (BKR). Land drilling went unchanged week/week in the United States, while the Gulf of…
EQT Not Ready to Curb Production Further as it Positions for Natural Gas Rebound
Despite crashing prices, executives at EQT Corp. said the U.S. natural gas market is not as oversupplied as most think, suggesting the stage is being set for a rebound. Henry Hub has traded below $2/MMBtu for seven straight sessions. The contract hasn’t been this low since June 2020 during the Covid-19 pandemic. NGI’s Weekly Spot…
MVP Gauges Support for Southgate Natural Gas Extension as Mainline Shows Heartbeat
Mountain Valley Pipeline LLC (MVP) is conducting an open season for natural gas deliveries along its revamped Southgate extension planned for 550,000 Dth/d capacity. The non-binding open season runs through Friday (Feb. 16) and is for firm transportation service in Rockingham County, NC. MVP said it is targeting an in-service date of mid-2028. After years…
Natural Gas Drilling Rises in U.S. as Haynesville, Marcellus Add Rigs, BKR Data Show
Led by gains in both the Haynesville and Marcellus shales, the U.S. natural gas rig count advanced to 121 for the week ended Friday (Feb. 9), up four rigs for the period, according to the latest tally from Baker Hughes Co. (BKR). Total U.S. oil-directed rigs were unchanged week/week at 499, and the combined domestic…
MPLX Exploring Organic Growth Opportunities in Permian, Marcellus and Utica
MPLX LP management said its 2024 growth outlook is anchored in the Permian Basin and Marcellus Shale, which provide steady sources of opportunities, particularly around natural gas and natural gas liquids (NGL) assets. It also sees potential in the Utica Shale. “We plan to continue growing these operations through organic projects, investment in our Permian…
Drilling Permits on the Uptick in Lower 48 Natural Gas Plays
Drilling permits in the natural gas-rich Marcellus, Utica and Haynesville shale plays showed strong month/month growth in December 2023 but remained 16% below the December 2022 total, according to the latest tally by Evercore ISI. The three formations, which together supply about 53% of Lower 48 gas output, had a combined issued permit count of…