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Expo/Industry events for the next few months

Marcellus Utica Midstream
January 26-28
David L. Lawrence Convention Center
Pittsburgh, PA

Latest facts and a rumor from the Marcellus and Utica Shale

  • Marathon Does the MarkWest Deal.  MarkWest unitholders voted today to approve the acquisition by Marathon's MPLX midstream partnership, giving the Marathon subsidiary access to the largest network of pipelines and gas processing facilities in the Marcellus shale.

    Marathon twice raised its offer for the Denver-based partnership after some unitholders complained the terms of the original deal were unfavorable to MarkWest investors. Marathon's MPLX will pay $6.20 per unit for MarkWest, or roughly $1.28bn in total.

    MarkWest's merger with MPLX will give Marathon access to MarkWest's liquids pipelines and gas processing facilities throughout the Marcellus and Utica regions, providing potential NGL blendstocks to its midcontinent refineries and access to the LPG export terminal in Marcus Hook, Pennsylvania, via MarkWest's Mariner East pipeline.

    The merger comes as MarkWest and other midstream operators face lower commodity prices that make investment in major capital projects more difficult. So far this year, US propane prices fell roughly 13pc amid record inventory levels as production outpaces both demand and exports.

    MarkWest chief executive Frank Semple rebuffed the idea of a broader transaction at a February dinner in Denver set up by Marathon Petroleum chief executive Gary Heminger. Heminger brought it up again a month later amid ongoing discussions on potential joint ventures, and by the end of March, the two executives were discussing the rough outline of a deal with the blessing of MarkWest's board.

    The board decided by the end of April that it made more sense to go it alone, and talk on a purchase faded away. But an unidentified natural gas company approached MarkWest at the end of May, rekindling talks. By the end of June, facing weak commodity prices, the MarkWest board was deciding that it would be "increasingly difficult" to increase distributions and finance projects.
  • Marathon’s CAPEX 2016 Budget.  Marathon Petroleum said its 2016 capital investment plan totals $4.2 billion, including $1.5 billion for refining and marketing, and $2.2 billion for MPC`s pipeline transportation unit, which includes $1.7 billion for MPLX.

    "We continue to focus on investing in our more stable cash-flow generating midstream and Speedway [retail] businesses, as well as pursuing margin-enhancing projects in our core refining and marketing business," said Gary R. Heminger, MPC’s chief executive, Kallanish Energy reports.

    The refining and marketing segment`s capital plan of $1.5 billion includes roughly $350 million for midstream investments, approximately $475 million for margin-enhancing projects and another $675 million for refinery sustaining capital.

    The largest component of the MPLX investment, over $1.2 billion, is for just-acquired MarkWest Energy Partners ongoing development of natural gas and gas liquids infrastructure to support producer customers throughout the Southwest and Northeast.
  • Seneca Gets a Partner for Drilling in North-Central PA.  National Fuel Gas Company  announced  this week that Seneca Resources Corporation (“Seneca”), its wholly owned exploration and production subsidiary, has entered into an asset-level joint development agreement with IOG CRV - Marcellus, LLC ("IOG"), an affiliate of IOG Capital, LP ("IOG Capital"), and funds managed by affiliates of Fortress Investment Group, LLC ("Fortress"), to jointly develop Marcellus Shale natural gas assets located in Elk, McKean and Cameron counties in north-central Pennsylvania.

    “IOG is delighted to be partnering with a high quality operator such as Seneca Resources by providing flexible and targeted capital solution to meet Seneca and National Fuel’s corporate goals. We look forward to a long-lasting and productive partnership with Seneca for years to come.”

    Under the terms of the Seneca operated joint development agreement, Seneca and IOG will jointly participate in a program that will develop up to 80 Marcellus wells located on approximately 10,500 acres in the Clermont/Rich Valley area in Pennsylvania. IOG will hold an 80 percent working interest and is obligated to participate in the first 42 wells, and has a one-time option to participate in the remaining 38 wells that can be exercised on or before July 1, 2016. At current well costs, IOG's obligation on the first 42 wells is expected to reduce Seneca's net capital expenditures by approximately $200 million in fiscal 2016, with a further $180 million reduction spread across fiscal 2016 and fiscal 2017 if IOG elects to participate in the remaining 38 wells.
  • Another Sale in the West Texas.  Resolute Energy said Monday they are selling its Gardendale assets in West Texas’ Midland Basin to an undisclosed buyer for $177.5 million, Kallanish Energy finds.

    Sale proceeds will be used by Resolute to reduce debt and longer term will be used to fund development activity in West Texas and the Aneth Field in southeast Utah.

    "This transaction represents a continuation of our previously announced strategy to reduce debt and improve our liquidity and will allow us to focus on the development of our Permian Basin assets as well as our other properties,” said Nicholas J. Sutton, Resolute’s CEO.

    Resolute’s Texas properties were acquired in 2011 and are located in Reeves, Howard and Martin counties, in the Permian Basin of West Texas, according to its website.

    Pre-deal, in Reeves County in the Delaware Basin, Resolute controlled roughly 22,100, prospective primarily for Wolfbone production. In the Midland Basin, Resolute owns leasehold covering approximately 4,700 acres.

    Sutton added with Monday’s deal, Resolute will have completed roughly $275 million of asset sales in 2015. “We continue to work on a number of other strategic initiatives, including the potential monetization of our Reeves County midstream infrastructure assets,” Sutton said.
  • $2 Billion Nexus Pipeline Getting Closer to Construction.  The company behind the proposed Nexus Pipeline across northern Ohio has filed paperwork to begin the official federal review of the $2 billion project.

    Texas-based Nexus Gas Transmission LLC on Friday asked the Federal Energy Regulatory Commission (FERC) to begin an environmental review of the 255-mile natural gas pipeline.

    The company earlier had filed preliminary paperwork.

    The company is seeking what’s called a certificate of public convenience and necessity from the federal agency that oversees interstate pipelines.

    FERC must now evaluate all potential environmental impacts, as well as the company’s plans to address and minimize them.

    The federal agency is expected to issue its final ruling in late 2016.

    The company called the filing “a significant milestone” in its announcement late Friday.

    Its filing with the federal agency includes responses to comments filed by pipeline opponents as well as a full evaluation of alternative routes and potential impacts of the pipeline, which will be 36 inches in diameter.

    The pipeline would run through northern Stark, southern Summit, and the northeast corner of Wayne and across Medina County.

    It would run from eastern Ohio to Defiance in northwest Ohio and into Michigan. Connections could then carry the natural gas into Ontario.

    The city of Green and a grass-roots group, the Coalition to Reroute Nexus, have urged that the pipeline be routed south of the Akron-Canton-Medina area in more rural southern Stark and Wayne counties. That proposal, which affect 103 miles of pipeline, drew a chilly reception from the company.

    Nexus Gas Transmission is planning to begin construction in January 2017 and to have the pipeline in operation by November 2017.

    The company says the pipeline is “critically needed” to get natural gas from the Utica and Marcellus shales in Ohio, West Virginia and western Pennsylvania to Midwest markets and connecting pipelines.

    The company says it has signed agreements to provide pipeline connections with industrial parks, natural gas utilities and electric-generating plants across northern Ohio and in southern Michigan.

    That includes two connections in Medina County with Columbia Gas of Ohio Inc. and with a Wadsworth Industrial Development, Brickyard Industrial Park. There is also a Wayne County connection with Dominion East Ohio.

    The pipeline would transport up to 1.5 billion cubic feet per day, enough to heat 6 million homes.

    It is being developed with Detroit-based DTE Energy Co. and Texas-based Spectra Energy Partners.

    An Ohio-Michigan group, the Coalition for the Expansion of Pipeline Infrastructure, is supporting the Nexus Pipeline.

    Anti-pipeline landowners in Summit and Medina counties have prevented the company from conducting surveys along the pipeline route. That issue is tied up in continuing court fights. Access in other Ohio counties has largely been resolved in court.
  • 36 Bankruptcy Filings so far in 2016.  Between Jan. 1 and Nov. 8, thirty-six E&P Companies has filed for chapter 11bankruptcy totaling roughly $13 billion in secured and unsecured debt, according to law firm Haynes and Boone.

    In the firm’s initial “Oil Patch Bankruptcy Monitor,” Texas was the biggest winner (loser), with 16 cases filed in the “Lone Star State.” The other states/countries where Chapter 11 filings have been made include Canada (six), Colorado and Delaware (four each), Louisiana (three), and New York, Alaska, and Massachusetts (one each).

    "So far this year, our firm has been engaged in more than three dozen energy industry out-of-court workouts or Chapter 11 bankruptcy cases," said Ian Peck, chairman of Haynes and Boone’s Bankruptcy and Business Restructuring Section. "We expect our involvement will continue to expand as we advise clients in connection with additional energy restructuring matters that arise throughout the end of the year and into 2016."

    Delaware is the location where the highest amount of secured and unsecured debt associated with the 36 E&P Chapter 11 filings was made, Kallanish Energy finds. A total of $7.96 billion in debt associated with companies filing Chapter 11 is found in Delaware.

    Massachusetts was second ($3.58 billion in secured and unsecured debt), followed by New York ($2.86 billion), Texas ($1.15 billion), Canada ($351.70 million), Colorado ($248.14 million), Louisiana ($229.72 million), and Alaska ($215.55 million in unsecured and secured debt held by companies filing for Chapter 11 within the state).
  • More deals coming in 2016.  More than two-thirds of global O&G executives expect to pursue an acquisition in the next 12 months, according to EY's Oil & Gas Capital Confidence Barometer.

    The 67% represents a 10 percentage point increase from deal expectations reported in April, Kallanish Energy understands.

    Deal volume in the oil and gas sector in the first three quarters of 2015 was “dismal,” according to EY, with activity falling nearly 40% from the same period in 2014.

    However, nearly 90% of oil and gas executives expect the M&A market to improve in the next 12 months — a sharp increase from 50% of respondents a year ago.

    "Declining M&A activity in the oil and gas sector in the first part of the year resulted from, in part, a lack of quality assets on the market,” said Andy Brogan, EY Global Oil & Gas Transactions Leader.

    “That's changing and now we're seeing companies looking at multiple acquisitions. Fifty-eight percent of executives already have three or more deals in the pipeline compared to just 12% six months ago."

    EY believes the majority of deal volume is expected to come from middle market deals valued under $250 million. The upper-middle-market is also gaining traction, with 33% of companies planning deals between $250 million and $1 billion.

    While the appetite for deals is on the rise, challenges persist: 83% of companies either failed to complete or canceled a planned acquisition in the last year.

    "Competition from other buyers tops the list of challenges facing companies pursuing acquisitions,” Brogan said. “Concerns about regulatory or antitrust reviews and a widening valuation gap are also influencing executives' willingness to withdraw from acquisitions."

    Continued oil price volatility has widened the valuation gap between buyers and sellers in recent months, according to EY. The majority of executives believe the gap is larger than six months ago, but 66% expect it to remain the same as companies adjust to a “lower for longer” price outlook.
  • NatGas Going to Mexico Will Triple by 2020.  In the wake on new border-crossing gas pipelines from the United States to Mexico, cheap U.S. shale gas is flowing into Mexico at an average of 3.26 billion cubic feet per day.

    According to Citigroup and Genscape, during the next five years these pipeline flows are expected to more than double. That will help support U.S. gas prices, which have slid to a three-year low because of a domestic glut and sluggish consumption.

    “That’s the sleeper story,” Richard Ennis, head of natural resources at ING Capital LLC, said in an Oct. 31 interview in New York. “In Mexico, if you look at how much natural gas they use, it’s tiny. All these new pipelines are going to triple their daily use. It’s pretty dramatic.”
  • Is the turnaround really this close?  If Michael LaMotte is right, this O&G downturn will not be the repeat of the 1980s that so many folks in the oilfield fear right now. LaMotte, a Senior Managing Director at Guggenheim Securities where he leads the firm's energy team, made waves with a big call on Monday. He upgraded 23 oilfield service stocks to a Buy rating Monday morning.

    For the first time in two years, LaMotte has turned positive on the outlook for oil services. He thinks the return of $100 oil is in sight, and he upgraded the entire oil services sector to a buy. He supported his call in the following interview with CNBC.

    Having covered oil services for about 20 years, LaMotte is known as one of the most thoughtful research analysts covering the sector. While Wall Street analysts as a whole have a reputation for playing fast and loose with their ratings, LaMotte is the exception. He rarely makes wholesale ratings changes like this. And this call is non-consensus - few of his peers share his optimism and visibility on the recovery inflection point. His call lifted the oil service index nearly 3% in trading on Monday.

    In a note to clients, Guggenheim provided three reasons why oil is likely to hit $100 / barrel again inside of three years.

    1. Delays in Production Turnaround

    Guggenheim believes that restimulating production outside of the US, Russia, and OPEC will be much more difficult than most people expect. Two years of falling capex will be self-correcting the firm says. LaMotte wrote: “Specifically, we expect the net, managed decline rate for this 27.7 mmbd of production to decline -2.5 percent pa beginning next year."

    2. War in Syria & Iraq

    The ongoing conflicts in Syria and Iraq may not be directly threatening oil infrastructure, but they have second order effect many are missing, LaMotte said. He thinks the conflicts are detracting investment in the Middle East away from oil development and towards military and social services spending. He thinks Iranian production will only raise 1mmbpd over the next few years, a slower ramp than many expect. And he believes that production over 3.8mmbpd will require multiple years of investment / buildout.

    3. US Tight Oil Production Growth Moderation

    The US unconventional production boom is over in LaMotte's mind. A combination of slower drillbit response in 2016 and falling well productivity in 2017 means only modest growth in the coming years for US oil.

    So what to do with the stocks? LaMotte advised his clients to buy them now before the recovery he anticipates gets underway. He sees 10% upside across the board for oil services next year given the group's exposure to oil prices. Here's an excerpt from his note on the stocks:

    We have become bullish on the oil services sector for the first time in nearly two years, for three reasons: 1) we believe that the global oil market will begin to tighten in 2Q16 and that oil prices will rise further and faster than the “lower for longer” consensus expects, reaching $100/bbl by 2018; 2) energy’s low S&P weighting and high short interest suggest that supply and demand for oil services equities is out of balance and that the stocks have a lot of upside from sentiment simply getting less negative; and 3) as earnings bottom in 1H16, we expect investors will begin to look through the trough and focus more on the full-cycle upside evidenced by low price to tangible book value (TBV) and mid-cycle earnings multiples…

    Offshore Drillers.  We believe these stocks will benefit more from the rising tide of fund flows into the energy sector than from any improvement in industry fundamentals. In fact, because of the magnitude of over-supply in the offshore rig market, and the significant reduction in the cost of stacking (vs. scrapping), we do not expect this segment of the market to show any improvement in utilization or day rates until the 2018-2019 time frame or return to mid-cycle earnings until 2020. Within this group, we prefer Atwood and Rowan, as 1) we believe their DP backlogs should help reduce near-term risk, 2) Rowan has no newbuild commitments and Atwood is finalizing a contract in Brazil for one of its two uncontracted rigs, 3) we think utilization in the Middle East (Rowan) and Australia (Atwood) should be resilient on a relative basis; and 4) both of the drillers have fleets (both in terms of rig specification and fleet size) that make them more interesting M&A candidates.
  • Shell moving E&P people to Houston; No Impact on Cracker Plant.  Royal Dutch Shell plans to close its Franklin Park office next summer and move most of the 180 workers involved in gas and oil drilling there to its U.S. headquarters in Houston.

    The move is the latest sign of retrenching among top Marcellus shale gas producers as prices remain at three-year lows because of tepid demand and oversupply. Shell announced 6,500 layoffs worldwide this year and drilled only eight shale wells in Pennsylvania this year, compared to 17 during the same period in 2014 and 31 the year before, state records show.

    “By consolidating asset support to a hub location like Houston, we can continue to enhance our competitive position while building longer-term capability for our staff and our business,” spokeswoman Kimberly Windon said Tuesday.

    Producers have drilled 40 percent fewer shale wells in Pennsylvania this year compared to last year as they await higher demand and more pipelines to take gas to lucrative markets. Competitors including Consol Energy, Chevron and Noble Energy this year announced layoffs in the Marcellus.

    An unspecified number of employees at Shell's Appalachia office, which they moved into in 2011, will remain here and work from field offices such as one in Tioga County, where the company has been more active.

    The move does not affect ongoing work to prepare land in Beaver County for a multibillion-dollar ethane cracker plant that Shell is considering building along the Ohio River in Potter.

    “This decision and the proposed petrochemical facility are unrelated,” Windon said. “The proposed petrochemical project is independent from our Appalachia asset and the staff who support it.”

    The company did not say whether any of the workers here will lose their jobs when they shift to Houston.

    “Employee retention is key to our success and we remain committed to developing our people,” Windon said.
  • Pipelines coming to the Bakken.  The South Dakota Public Utilities Commission voted 2-1 on Monday to approve with conditions a siting permit for Energy Transfer Partners’ $3.9 billion Dakota Access Pipeline project, Kallanish Energy reports.

    Dakota Access is a 30-inch, 1,134-mile pipeline that will flow 450,000 barrels per day (BPD) of Bakken/Three Forks crude in North Dakota, through South Dakota and Iowa to existing infrastructure in Patoka, Illinois.

    Dakota Access/Energy Transfer expects to begin pipeline construction in early 2016, with the crude to begin flowing by the end of the year.
  • PA Game Commission Happy They’re Drilling on its State Land.  Gov. Tom Wolf's reinstatement this year of a ban on new leases for oil and gas drilling beneath state parks and forests does not extend to land owned by the Pennsylvania Game Commission, whose lease revenue has increased nearly fivefold in four years.

    “Because the Game Commission is an independent agency, we could not bind them to an executive order,” said Wolf's spokesman, Jeff Sheridan.

    The commission's revenue from such leases increased from $4.7 million in fiscal year 2011 to $22.1 million, or 20 percent of its $100.5 million budget in the fiscal year that ended June 30. The money helps support operations and training of new staff at the agency.

    Three shale gas producers will pay the most to the commission this year in lease fees and royalty payments: Seneca Resources, $2.9 million; Southwestern Energy, about $2 million; and Chesapeake Energy, $857,000.

    The operations benefit hunters with upgraded access roads, said Seneca spokesman Rob Boulware. The company and the Marcellus Shale Coalition have worked with hunters to make sure there are no safety issues, he noted, such as during the deer season that starts Monday.

    “A lot of our folks, because we've been here for over 100 years … our employees live in these areas where we work,” he said, adding that many employees hunt.

    Drilling has increased greatly over the past decade with shale exploration, but industry activity on state land and the Allegheny National Forest dates back more than a century.

    In 2010, then-Gov. Ed Rendell banned new oil and gas development in state parks and forests. Gov. Tom Corbett in May 2014 sought to allow new shale drilling as long it did not increase surface disturbances — roads, rigs and supporting infrastructure — on the land.

    In reinstating the ban in January, Wolf said the state needs to strike a balance between getting money from resources and maintaining “the economic and environmental viability of our parks and forests.”

    The game commission has leases dating to the 1960s, said Michael DiMatteo, its chief of environmental planning and habitat protection division. Of its 120 active gas, oil and coal leases, 45 are for shale gas extraction. Of those, 24 allow surface operations on the game lands. Companies must access the gas horizontally from adjoining properties in the other leases.

    Southwestern holds gas rights below about 2,300 acres of Game Commission land. Its 18 wells tapping that gas lie on private property adjacent to the game lands.

    About 89,000 of the commission's 1.5 million acres are under lease, DiMatteo said. Shale activity impacts about 855 acres on 24 game lands, including locations where the commission does not own the gas rights beneath.

    Most of the commission's available land has been leased, the agency said. But it signed several recent deals:

    •Vantage Energy agreed to pay $342,300 and 18 percent royalties for three years to tap gas beneath Game Land 223 in Greene County.

    •Chevron agreed to pay $641,100 and 18 percent royalties for a four-year lease involving 214 acres beneath Game Land 223. The company has operations on surrounding land.

    •Chevron will pay $645,000 and 18 percent of sales for gas beneath Game Land 238 in Fayette County.

    Royalties that the commission collects go to the game fund to pay for salaries, maintenance of game lands and habitat improvements, DiMatteo said. The commission, which is not supported by tax dollars, receives most of its income from the sale of hunting licenses, fees for which have not increased since 1999, said spokesman Travis Lau.

    The most recent class of cadets that passed through the commission's officer training program would not have been possible without the lease money, Lau said.

    The commission used some of the money to buy 28,300 acres with high habitat value to offset the surface activity from the shale work, DiMatteo said.

    Environmental advocates would like more input on leasing. The commission should publish a detailed map showing areas that are off-limits to gas development, said Larry Schweiger, CEO of PennFuture, a Harrisburg-based environmental group.

    “If the game commission is holding a large block of forest lands that are unbroken, you don't want to fracture those lands and fracture the habitat where are important wildlife on those lands,” Schweiger said.

    Lau said the commission accepts public comments at its quarterly meetings and includes maps of areas to be leased in agendas.

    “We do consider sensitive areas such as wetlands and habitats on which threatened and endangered species have been documented as off-limits to drilling,” he said.

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Rig Count

  • Baker Hughes Rig Count the week of December 4, 2015
  • PA
    • Marcellus 28 unchanged
    • Utica 1 unchanged
  • Ohio
    • Utica 19 unchanged
  • WV
    • Marcellus 14 unchanged
  • TX
    • Eagle Ford – 73 unchanged
    • Permian Basin  179 down 4
  • NM
    • Permian Basin – 38 unchanged
  • ND
    • Williston – 60 down 2
  • CO
    • Niobrara – 24 down 1
  • TOTAL U.S. Rig Count 712 down 2

PA Permits for November 19 to December 3, 2015

       County              Township                   E&P Companies

1.    Allegheny            Forward Hills                 EQT
2.    Allegheny            Jefferson Hills Boro        EQT
3.    Allegheny            Jefferson Hills Boro        EQT
4.    Allegheny            Jefferson Hills Boro        EQT
5.    Armstrong            Plumcreek                   EQT
6.    Beaver                Marion                          PennEnergy
7.    Butler                Jefferson                        XTO
8.    Clearfield            Huston                          EQT
9.    Greene                Cumberland                 Energy Corp of Am
10.    Greene                Franklin                     EQT
11.    Greene                Franklin                     EQT
12.    Greene                Franklin                     EQT
13.    Greene                Franklin                     EQT
14.    Greene                Franklin                     EQT
15.    Greene                Franklin                     EQT
16.    Greene                Franklin                     EQT
17.    Greene                Franklin                     EQT
18.    Greene                Franklin                     EQT
19.    Greene                Franklin                     Vantage
20.    Greene                Franklin                     Vantage
21.    Greene                Franklin                     Vantage
22.    Greene                Jefferson                   EQT
23.    Greene                Jefferson                   EQT
24.    Greene                Jefferson                   EQT
25.    Greene                Jefferson                   EQT
26.    Greene                Jefferson                   EQT
27.    Greene                Morgan                    EQT
28.    Greene                Morgan                    EQT
29.    Greene                Morgan                    EQT
30.    Greene                Morris                     EQT
31.    Greene                Morris                     Vantage
32.    Greene                Washington            EQT
33.    Indiana                Center                    XTO
34.    Jefferson             Washington             EQT
35.    Lycoming             McHenry                Anadarko
36.    McKean                Norwich                Seneca
37.    McKean                Norwich                Seneca
38.    McKean                Norwich                Seneca
39.    McKean                Norwich                Seneca
40.    McKean                Norwich                Seneca
41.    McKean                Norwich                Seneca
42.    McKean                Norwich                Seneca
43.    McKean                Norwich                Seneca
44.    McKean                Norwich                Seneca
45.    McKean                Norwich                Seneca
46.    McKean                Norwich                Seneca
47.    McKean                Norwich                Seneca
48.    Susquehanna        Jackson                SWN
49.    Tioga                    Liberty                  SWN
50.    Tioga                     Liberty                 SWN
51.    Washington            Blaine                Range
52.    Washington            Blaine                Range
53.    Washington            Blaine                Range
54.    Washington            Nottingham         EQT
55.    Washington            Robinson            Range
56.    Washington            Robinson            Range
57.    Washington            Somerset            Rice
58.    Washington            Somerset            Rice
59.    Washington            Somerset            Rice
60.    Washington            Somerset            Rice
61.    Washington            Somerset            Rice
62.    Washington            Somerset            Rice
63.    Washington            Somerset            Rice
64.    Washington            Somerset            Rice
65.    Washington            Somerset            Rice
66.    Washington            Somerset            Rice
67.    Washington            West Finley         SWN
68.    Westmoreland            Derry             WPX

OH Permits – weeks ending November 21 & 28, 2015

       County                Township          E&P Companies

1.    Belmont                Mead               XTO
2.    Belmont                Mead               XTO
3.    Belmont                York                Gulfport
4.    Belmont                York                Gulfport
5.    Belmont                York                Gulfport
6.    Belmont                York                Gulfport
7.    Carroll                  Perry               Chesapeake
8.    Carroll                  Washington      Rex
9.    Jefferson              Smithfield         Ascent Resources
10.    Jefferson            Smithfield         Ascent Resources
11.    Jefferson            Smithfield         Ascent Resources
12.    Monroe              Seneca            Statoil
13.    Monroe              Salem             Antero
14.    Noble                Seneca            PDC Energy
15.    Noble                Beaver              Antero

Joe Barone 610.764.1232
Vera Anderson 570.337.7149

Utica Summit 2019