Utica Shale

Six months after filing for Chapter 11 protection, Utica producer Gulfport Energy Corp. has emerged from bankruptcy with $1.20 billion wiped off its balance sheet through deleveraging and a shakeup of its management team. The exploration and production company said Tuesday it has successfully completed its restructuring process with a new board and CEO in…

Seneca Resources Co. LLC’s acquisition of the Royal Dutch Shell plc Pennsylvania assets last year helped drive a significant gain in fiscal second quarter production volumes.  Seneca last July closed on a deal to acquire 450,000 net acres across the state including 350 producing Marcellus and Utica shale wells in Tioga County. Seneca, a subsidiary…

CNX Resources Corp. got a lift from stronger first quarter commodity prices as it continued executing on a broader seven-year plan it laid out in 2020. The company said free cash flow (FCF), up for the fifth consecutive quarter, came in at $101 million. It has also increased its full-year FCF guidance to $450 million…

Appalachian Basin giant EQT Corp., the nation’s largest natural gas producer, is pushing to ensure most of its supply is responsibly sourced and marketed as the globe transitions from fossil fuels. The pilot program, set to be launched this month, is designed to certify around 4 Bcf/d gross from 200-plus well pads in Pennsylvania’s Greene…

Another round of healthy gains in the oil patch pushed the U.S. rig count six units higher to 417 for the week ended Friday (March 26), according to data from oilfield services provider Baker Hughes Co. (BKR). After adding nine rigs in the previous week, the domestic oil patch picked up an additional six rigs…

A federal judge has halted oil and gas development in Ohio’s Wayne National Forest (WNF) after a ruling last year found the Bureau of Land Management (BLM) and the U.S. Forest Service (USFS) failed to adequately consider the impact of unconventional development when they opened the land for drilling. The U.S. District Court for the…

U.S. annual natural gas production in 2020 declined 1% year/year and averaged 111.2 billion Bcf/d, a reflection in part of the pullback in drilling activity following the demand destruction and downward pressure on prices caused by the coronavirus pandemic. In releasing its latest 2020 estimate, measured by gross withdrawals, the U.S. Energy Administration (EIA) also…

Appalachian pure-play Antero Resources Corp. has entered a drilling partnership worth up to $550 million with an affiliate of Quantum Energy Partners to fund a portion of its Marcellus and Utica shale development through 2024.  Under the deal, QL Capital Partners would fund 20% of Antero’s development capital spending in 2021 and 15-20% from 2022…

A two-year trend of rising proved reserves of natural gas and oil in the United States ground to a halt amid a decline in prices in 2019, according to the Energy Information Administration (EIA). Natural gas proved reserves decreased 1.9% year/year in 2019 to 494.9 Tcf from 504.5 Tcf. This is the first annual decrease…