Eastern & Southern Ohio Oil & Gas Pulse

Here’s the weekly Eastern & Southern Ohio Oil & Gas Activity Pulse for the most recent reporting period (Week of Jan. 19 – Jan. 26, 2026), using the standard permit/rigs/M&A/regulatory/market format:

1) Executive Snapshot

• Permits: Ohio’s shale drilling permit count remained steady, with roughly 4 new permits issued for Ohio in the Jan. 19–25 reporting window. Regional totals for the Marcellus/Utica across PA‑OH‑WV were about 10 permits, a notable drop compared with prior weeks but still reflective of ongoing drilling authorization activity.

• Rigs: The Marcellus/Utica rig count stayed stable, holding at ~39 active rigs region‑wide, with ~14 rigs in Ohio for multiple consecutive weeks, the highest sustained level in more than a year.

• M&A / Corporate: No confirmed new transactions were reported specific to Eastern/Southern Ohio this week in the sources available. Broader corporate narratives (e.g., strategy shifts by major operators) continue to inform market sentiment, though no fresh deal closures were surfaced.

• Regulatory / Policy: No new statewide drilling‑specific rules were identified this week; background regulatory and legal items (including compliance enforcement activities) remain in focus without substantive rule changes reported.

• Market Signals: Regional market signals indicate ongoing operational discipline and stable drilling activity; broader pricing and takeaway challenges persist but are not reflected in a major directional market shift this week.

2) Permits (Ohio / Utica Shale)

• New Permits: Ohio received approximately 4 new shale well permits during the week of Jan. 19–25.

• Operator Involvement: Operators receiving permits included established players such as Ascent Resources, EOG Resources, Expand Energy, and Pennsylvania General Energy.

• Trend: Permit issuance was down from recent higher weeks (e.g., ~27 regional permits two weeks prior) but remains active on a baseline level — reflecting continued authorization rather than expansion.

Takeaway: Authorization levels are steady, not accelerating sharply but supporting ongoing field development plans.

3) Rigs & Field Activity

• Rig Count: The Marcellus/Utica rig count has held at ~39 rigs for at least seven consecutive weekly Baker Hughes reports, with ~14 of those rigs in Ohio, the play’s most sustained elevated level in over a year.

• Interpretation: This indicates stable field activity and operational discipline, rather than rapid expansion or contraction.

4) M&A / Corporate Developments

• Deal Activity: No new confirmed M&A transactions specific to Eastern/Southern Ohio were identified in the most recent week’s reporting.

• Narrative Context: Broader corporate positioning, including strategic portfolio management by key operators with Utica exposure, continues to frame longer‑term expectations, though this week’s sources did not highlight fresh deal closures.

5) Regulatory & Legal Developments

• Drilling‑Specific Rules: This week’s reporting did not highlight new Ohio statewide drill regulation changes.

• Compliance & Enforcement: Ongoing regulatory focus includes issues such as environmental compliance and waste‑handling enforcement actions in Ohio, though no new drilling law shifts were documented in the recent pulse period.

6) Market & Economic Indicators

• Rig Stability as Signal: The steady rig count suggests operators are managing capital disciplined drilling, even as broader commodity prices and downstream demand dynamics remain variable.

• Pricing & Infrastructure: Broader reports outside the localized permit/rigs data continue to note pricing pressures and pipeline flow dynamics in the Appalachian basin, but these have not translated into a distinct regional shift this week.

7) Development Watchpoints

• Steady Baseline: Drilling authorization and rig activity remain consistent and disciplined with no sharp directional moves.

• Operator Strategy: Monitoring operator plans around capital allocation and acreage prioritization will remain key — especially if macro prices or infrastructure conditions change.

8) Forward Look

• Upcoming weekly ODNR and Baker Hughes data will help confirm whether recent patterns persist into February. Continued tracking of permit volumes and rig placements will clarify whether this steadiness represents a durable plateau or a prelude to broader shifts.

Bottom Line: The Eastern & Southern Ohio oil & gas activity pulse for this week shows stable rig counts, ongoing but modest permit issuance, and no major new M&A or regulatory shifts. The basin’s activity remains disciplined and steady, with operators maintaining a measured development posture.