Eastern & Southern Ohio Oil & Gas Activity Pulse

 Week of Jan. 19–26, 2026

1) Executive Snapshot

• Permits: Permit issuance in the region is continuing at a moderate and steady pace, consistent with recent weeks and showing disciplined operator engagement rather than spikes. Ohio accounted for a meaningful share of permits in the broader Marcellus/Utica region.

• Rigs: Rig counts remain stable, with no substantial increase or decrease reported; this aligns with the broader Appalachian rig trend.

• M&A / Corporate: Corporate narratives continue to shape the week’s headlines, particularly around governance and strategic positioning—but no major definitive transactions specific to Ohio operators were reported this week in open sources.

• Regulatory / Policy: Regulatory currents continue to shape cost structures (e.g., tax‑treatment discussions), though no new drill‑specific policies were introduced this week.

2) Permits (Ohio / Utica Shale)

• Recently published regional shale permit tallies illustrate ongoing activity: in the most recent reported period, about 26 new permits were issued across PA‑OH‑WV, with ~6 in Ohio. Major operators such as Antero, EOG, EQT, Gulfport and others received permits.

• Trend: This level reflects consistent, measured permit flow—not an upswing, but steady operational momentum.

3) Rig Activity

• Rig counts are steady week‑to‑week, with the Marcellus/Utica rig count holding around historical regional levels; Ohio represents a portion of that activity. There’s no major divergence in rig placements or withdrawals reported.

4) M&A / Corporate Developments

• Broader industry activity continues to be colored by corporate narratives (e.g., governance matters involving Ascent Resources and ongoing strategic positioning among majors in Appalachia), but no confirmed Ohio‑specific deals were captured this week in primary open sources.

5) Regulatory / Policy

• Ohio regulatory conditions remain supportive and comparatively competitive (e.g., relatively favorable permitting and business environment reported in broader regional economic reporting), though no new drill regulation shifts were noted this week.

6) Market & Economic Indicators

• Price & Market Signals: Broader market indicators point to relatively subdued natural gas pricing, with regional pricing data showing variability but no Ohio‑specific price blowouts this week.

• Operators in Appalachia are showing discipline, balancing production with price dynamics.

7) Development Watchpoints

• Steady but measured drilling authority continues regionally, without dramatic acceleration.

• Rig count monitoring will be key in the short term as Baker Hughes updates are released and operators respond to price signals.

8) Forward Look

• Next weekly Ohio Department of Natural Resources drilling permit report will clarify mid‑January activity and whether momentum holds into the end of January.

• Rig count releases may signal shifts in operator confidence if economic conditions or takeaway capacity change.

Bottom Line: Eastern & Southern Ohio’s oil & gas activity remains consistent and disciplined this week. Permit flow is steady, rigs hold at stable levels, and the broader narrative is shaped more by corporate strategy and longer‑term market forces than by sharp changes in drilling or regulatory policy.