Ohio’s Shale Industry Surges, $3.5 Billion in New Investment
Published: January 14, 2026
Ohio’s shale energy sector continues to accelerate, drawing $3.5 billion in new investment in the second half of 2025, according to a new analysis from Cleveland State University’s Levin College of Public Affairs and Education. This surge pushes total shale‑related investment in the state to more than $114 billion since 2011, reaffirming Ohio’s position as one of America’s most strategically important energy regions.
For mineral owners, this wave of capital is more than a headline — it’s a signal of expanding opportunity, increased drilling activity, and renewed operator focus on the Utica’s most productive acreage.
Ohio’s Upstream Growth Continues to Accelerate
The report shows upstream spending — the segment that includes drilling and well development — rose by $615 million compared to the first half of 2024. This growth is driven by:
- A surge in oil‑focused drilling across the Utica
- Production efficiencies powered by AI
- The Utica’s cost advantages over other shale basins
Operators developed 191 new wells during the study period — the highest six‑month total since 2017 — with more than 70% located in the Utica’s oil window.
Counties leading the way include:
- Belmont County — top producer for the third consecutive period
- Guernsey County — highest number of new wells, driven by volatile‑oil development
For landowners in these counties, increased drilling often correlates with:
- Higher royalty volumes
- More lease activity
- Greater operator responsiveness
- Increased opportunities for audit‑based recovery
Midstream Investment Remains Strong
Midstream spending — pipelines, gathering systems, and compression — reached $280.1 million in the second half of 2024. This includes:
- More than $124 million in gathering lines
- Over $155 million in compression infrastructure
Construction also began on 30+ miles of high‑pressure intrastate pipeline designed to supply natural gas to data‑center‑driven power generation in central Ohio.
This matters for landowners because midstream expansion:
- Supports long‑term production stability
- Reduces bottlenecks
- Increases operator incentives to maintain or expand drilling
Downstream Activity Expected to Grow
Downstream investment was modest — about $1.8 million in LPG fueling stations — but the report highlights a major trend: Ohio’s rising electricity demand, driven largely by data centers, is accelerating development of gas‑fired power generation.
With reforms under Ohio HB 15, analysts expect downstream investment to strengthen in coming years.
What This Means for Ohio Mineral Owners
The continued inflow of capital signals a strong, stable future for Ohio’s shale industry. For landowners, this environment creates several important opportunities:
- Higher likelihood of new drilling or re‑completion activity
- Increased operator spending on production infrastructure
- Greater potential for royalty underpayment recovery
- More leverage in negotiations and audit requests
As operators expand development — especially in oil‑rich counties — landowners should ensure:
- Their royalty statements are accurate
- Deductions comply with lease terms
- Production volumes match public data
- Interest is paid on late or suspended royalties
This is where Ohio Energy Advocates continues to serve as a trusted partner.
OEA’s Perspective
Ohio’s shale resurgence is not just an economic milestone — it’s a reminder that landowners deserve transparency, accuracy, and fair compensation as development accelerates.
OEA remains committed to:
- Auditing royalty payments
- Recovering unpaid or improperly deducted royalties
- Protecting landowner rights during operator expansion
- Providing clear, defensible financial analysis
As investment grows, so does the importance of ensuring landowners receive every dollar they are owed.
EOG’s 2026 Strategy: What It Means for Ohio Landowners
EOG Resources — one of the most dynamic operators in the country, is making a major shift in 2026 toward natural gas, and the Utica Shale in Ohio is now central to that plan. This pivot is driven by two powerful forces shaping America’s energy future:
- Rising global demand for LNG exports, and
- Massive electricity needs from AI and data centers across the Midwest and East Coast
For Ohio landowners, these trends point toward stronger long‑term demand for Utica gas, more stable development, and a renewed focus on the region’s mineral potential.
Why EOG Is Investing Heavily in the Utica
EOG spent $5.6 billion acquiring Utica acreage — a clear signal that Ohio’s gas is viewed as a premium, long‑term asset. The company sees the Utica as:
- Strategically located near major power‑demand hubs
- Capable of supplying reliable, 24/7 energy to data centers
- A key part of its future growth beyond oil
This positions Ohio as a major contributor to EOG’s next chapter.
AI and Data Centers Are Transforming Gas Demand
The rise of artificial intelligence has created unprecedented electricity needs. Large data centers require constant, dependable power — something natural gas provides better than any other fuel.
By placing its Utica assets near these growing power corridors, EOG is preparing to supply the next generation of digital infrastructure. For landowners, this means:
- Long‑term demand for Utica gas
- More incentive for operators to keep drilling
- Potentially stronger royalty opportunities over time
LNG Exports Could Support Higher Gas Prices
Later in 2026, EOG begins supplying gas to Cheniere’s LNG export facility at international prices, not the lower domestic Henry Hub price. As LNG exports expand, this global pricing exposure could help support:
- Better realized prices for operators
- More stable royalty environments
- Increased long‑term value for mineral rights
Infrastructure Investments Reduce Bottlenecks
EOG controls key infrastructure, including the 1 Bcf/day Verde Pipeline, which helps avoid the midstream constraints that often slow development in Appalachia. This improves the likelihood of:
- Steady drilling programs
- Fewer delays
- More predictable development timelines
What Landowners Should Watch in 2026
- Drilling activity in your county
- Royalty pricing trends as LNG markets expand
- Infrastructure progress that supports Utica takeaway
- Potential partnerships between EOG and major tech companies
Any of these developments could strengthen the long‑term outlook for Utica mineral owners.
Bottom Line for Ohio Landowners
EOG’s 2026 strategy is a positive long‑term signal for the Utica. By shifting toward high‑value natural gas, targeting premium markets like LNG and AI‑driven power, and investing heavily in Ohio, EOG is positioning the region for sustained development.
For landowners, this could mean:
- More drilling
- More stable royalty potential
- Stronger long‑term value for mineral rights
OEA will continue monitoring these trends and advocating for landowners as the Utica becomes an increasingly important part of America’s energy future.
Update: Kimmeridge Makes $6 Billion Bid for Ascent Resources
Published: December 16, 2025 Source: https://www.reuters.com/business/energy/us-investor-group-kimmeridge-offers-6-billion-gas-driller-ascent-resources-ft-2025-12-16/
U.S. investment firm Kimmeridge Energy Management has submitted a $6 billion offer to acquire Ascent Resources, one of the largest private natural gas producers in the Appalachian Basin. According to reporting from the Financial Times, the bid represents a significant premium over the valuation proposed by Ascent’s private‑equity backer, Energy & Minerals Group (EMG), which has been attempting to shift its 30%+ stake into a continuation fund valued around $5.5 billion.
The offer arrives amid a heated dispute among Ascent’s major investors. Abu Dhabi Investment Council recently filed suit against EMG, alleging the firm was attempting to push through the continuation‑fund transaction using misleading information and coercive tactics. Kimmeridge’s proposal would require 60 days of exclusive negotiations and is subject to due diligence, but it also gives existing Ascent investors the option to participate in up to 49% of the takeover.
Ascent Resources is a major operator in the Ohio Utica, and any ownership change could influence future development strategy, capital allocation, and midstream partnerships across the region.
Northern Oil & Gas’ $1.2 Billion Utica Acquisition
Northern Oil and Gas (NOG) has announced a major expansion in Ohio
Published: December 10, 2025
Unveiling a $1.2 billion joint acquisition with Infinity Natural Resources. Under the agreement, NOG will acquire a 49% undivided interest in the upstream and midstream assets previously owned by Antero Resources and Antero Midstream. NOG’s share of the purchase price totals $588 million in cash, subject to customary closing adjustments.
Upstream Highlights
- The acquisition includes 35,000 net acres in the core of the Utica Shale.
- More than 100 undeveloped drilling locations have been identified.
- Expected 2026 production net to NOG is ~65 MMcfe/day (92% gas), with a projected 30%+ annual growth rate through the end of the decade.
- The asset features a low PDP decline rate (~15% next year, trending to ~13%).
- NOG anticipates $100 million in 2026 cash flow from operations at current strip pricing.
Midstream Highlights
- The midstream package includes 140+ miles of gathering pipelines, compression, and 90 miles of water infrastructure.
- The system is built to handle up to 600 MMcfe/day and connects directly to premium markets via the Tallgrass REX pipeline.
- Midstream cash flow is projected to grow 75% by 2028, with additional upside from potential third‑party volumes.
Strategic and Financial Impact
- The assets are expected to support a significant increase to NOG’s borrowing base.
- NOG plans to fund the acquisition through cash flow, cash on hand, and its RBL facility.
- The company has already added multi‑year natural gas hedges tied to the transaction.
- A $58.8 million deposit has been placed in escrow.
- The effective date is July 1, 2025, with closing expected by Q1 2026.
Management Perspective
NOG leadership emphasized that this is the largest acquisition in company history, calling the Utica one of the most attractive natural gas plays in the U.S. The company highlighted the benefits of vertical integration, strong margins, and long‑term development visibility. Executives also noted that Infinity has been a reliable operating partner and that the joint development structure aligns both companies for sustained growth.
Packed, Loaded: Infinity Natural Resources Eyes Expansion
Infinity Natural Resources is doubling down in the Utica
Dec 2, 2025
Key Highlights
- Ohio’s No. 3 oil producer: Infinity trails only EOG Resources, which captured a 71% share of Utica oil production after acquiring Encino Energy.
- Strong balance sheet: $71M net debt and $304M available liquidity from a $375M credit line.
- Share buyback: $75M repurchase plan will remove 40% of IPO shares from the market, signaling confidence in long‑term Utica strategy.
- Acquisition track record: Already completed 350 deals to secure 3,000 net acres across Ohio’s Utica and Pennsylvania’s Marcellus.
- Future outlook: Infinity remains on the hunt for a “big bolt‑on” acquisition to consolidate acreage and production.
Why It Matters for Landowners
- Lease negotiations: Infinity’s expansion could bring new offers or amendments in Utica units.
- Royalty audits: Consolidation often leads to re‑evaluated royalty streams.
- Market dynamics: With EOG dominating and Infinity scaling, landowners face shifting operator leverage.
EOG Utica Production “Stronger Than Expected”
Energy Companies | EOG Resources | Ohio | Statewide
Published: November 12, 2025
EOG Resources reported stronger-than-expected results in its third-quarter update following its recent acquisition of Encino Energy. The company now controls roughly 1.1 million leased acres in the Utica, which EOG has designated as one of its key “foundational plays.”
According to EOG’s Executive VP & COO, Jeffrey Leitzell, Utica production volumes outperformed expectations in 3Q25, driven in part by the successful drilling of a new dry gas well and strong base production from the former Encino assets.
The update signals continued investment and development across eastern Ohio, as EOG integrates and expands the acreage it acquired earlier this year.
OEA continues to monitor Utica activity and its potential impact on leasing, pooling, and landowner negotiations throughout the region.
Gulfport Energy Expands Drilling Activity in Ohio
Gulfport Energy Expands Drilling Activity in Ohio’s Marcellus and Utica Shale
Energy Companies | Gulfport Energy | Ohio | Statewide
November 6, 2025
Gulfport Energy — already the third-largest driller in Ohio’s Utica Shale by total wells drilled — announced in its third-quarter update that it is moving full steam ahead with natural gas development across eastern Ohio.
The company reported a major expansion of its Marcellus drilling inventory, nearly tripling future locations by adding approximately 125 new gross drilling sites. This aggressive move underscores Gulfport’s long-term commitment to Ohio’s natural gas potential.
In addition, Gulfport confirmed the successful completion of two Utica U-development test wells, validating new drilling feasibility and unlocking an estimated 20 additional dry gas locations. These results mark an important milestone in maximizing output across both the Marcellus and Utica formations.
For Ohio landowners, the message is clear — drilling and lease activity are accelerating statewide, and new development zones are being opened through deeper and more efficient well designs.
OEA continues to monitor these developments to help landowners understand their lease options and secure the strongest possible terms before signing new agreements.
Antero Returns to Dry Gas Drilling; Ohio Utica is for Sale
What Antero Resources’s Utica Sale Signals for Landowners
Published: November 2025
Source: Marcellus Drilling News
Antero Resources, the largest Marcellus/Utica (M-U) driller in West Virginia, released its Q3 2025 update with two significant announcements. One is that newly appointed CEO Michael Kennedy is "excited" for the company to return to dry gas drilling after "more than a decade," with the first new dry gas well specifically intended to service the data center market. Second, we can confirm our prior speculation to say that Antero is officially marketing its Ohio Utica assets for sale.
Antero’s shift back to dry-gas drilling and the decision to market its Ohio Utica assets highlights new opportunities for mineral rights owners.
For Ohio landowners holding minerals or leases within the Utica play, these announcements could have meaningful implications:
1. Assets coming up for sale mean possible repositioning.
When a major operator like Antero markets acreage, new buyers may enter the area—sometimes with different lease terms or royalty structures. That means current landowners may have leverage to revisit bonus, royalty, or term discussions.
2. Renewed drilling focus on dry gas may renew interest in previously overlooked acreage.
Antero’s emphasis on servicing specific markets (like data centers) from dry-gas wells suggests that the type of assets favored by buyers is evolving. Landowners should ensure their leases and mineral rights align with what the market now values.
3. Timing is important—now may be a good moment to get a professional review.
With change in the air, landowners approached by companies should pause and evaluate offers carefully. A qualified evaluation may be key to understanding current benchmark rates and how your rights stack up before committing.
Expand Energy Adds 7,500 Acres in Marcellus
Expand Energy Boosts Ohio-West Virginia Shale Footprint with 7,500-Acre Marcellus Acquisition
Date: October 30, 2025
Expand Energy, following its 2024 merger of Chesapeake Energy and Southwestern Energy, has expanded its Appalachian footprint by acquiring approximately 7,500 net acres in the Marcellus play across Ohio and West Virginia for about $57 million, contributing to a larger Q3 acquisition of roughly 82,500 acres. Marcellus Drilling News+1
The new acreage is estimated to support 40+ well locations, signaling potential increased drilling and development activity in eastern Ohio’s core shale areas. Marcellus Drilling News+1
Why It Matters for Ohio Landowners
- The acquisition may lead to more lease contact, unitization notices, and infrastructure development in affected counties near Ohio-West Virginia shale operations.
- Landowners with leases in or near the newly acquired acreage should review key terms such as pooling/ unitization, royalty protections, and surface-use rights to ensure they’re aligned with potential expanded drilling units.
- When major operators expand their leasehold footprint, there is often increased pressure on adjoining land—from right-of-way requests to changes in operator or drilling strategy.
OEA Insight
At Ohio Energy Advocates, we closely track acreage expansions because they often precede heightened operator activity and changes in lease status. If your property is within or adjacent to Expand Energy’s newly added acreage, we recommend a lease review now to verify your protections and ensure you’re well-positioned ahead of any development.
Source:
“Expand Energy 3Q Added 7,500 Acres to ‘Core Marcellus’ in OH, WV,” Marcellus Drilling News, October 30, 2025. Marcellus Drilling News+1
EnCap Investments Closes $2.0 Billion Appalachian Basin Fund
Date: October 26, 2025
EnCap Investments L.P., one of the largest private-equity firms in the U.S. energy sector, has completed a $2.0 billion continuation vehicle to support PennEnergy Resources, a leading Marcellus Shale operator with assets across Pennsylvania and the broader Appalachian Basin.
👉 Read the full announcement from BusinessWire (Oct 26 2025)
Key Details
- The continuation fund allows EnCap to extend its investment in PennEnergy Resources, providing liquidity to existing investors and new capital for long-term development.
- PennEnergy will use the funding to accelerate horizontal drilling programs and pursue acquisitions of high-productivity natural-gas acreage.
- The transaction underscores continued investor confidence in the Appalachian Basin’s gas potential amid strong North American demand forecasts.
Why It Matters for Ohio Landowners
- Expanded private-equity investment in the region often precedes increased leasing, midstream expansion, and acreage consolidation, especially across eastern Ohio.
- Landowners may see lease transfers or operator changes as capital moves into regional development companies.
- Confirming that royalty obligations and surface protections remain intact during these ownership transitions is essential.
OEA Insight
Ohio Energy Advocates monitors investment and ownership shifts across the Appalachian Basin to anticipate changes that could affect Ohio mineral owners.
If your lease or royalty payments are tied to a company acquired or recapitalized through a fund like EnCap’s, OEA can review the transfer documents and ensure that your original lease terms remain enforceable.
Source:
BusinessWire, “EnCap Investments Closes on $2.0 Billion PennEnergy Continuation Vehicle”, Oct 26 2025.
Ohio Sees Increase in New Well Permits Across the Utica
Date: October 21, 2025
Recent data from the Ohio Department of Natural Resources (ODNR) and industry reports show a rise in new drilling permits across Ohio’s Utica Shale, reflecting continued momentum in the region’s natural gas development.
👉 Read more at Marcellus Drilling News
Key Details
- During the week of October 13–19, 2025, regulators issued 37 new drilling permits across the Marcellus and Utica regions, including 13 in Ohio.
- The majority of Ohio’s new permits were concentrated in Carroll, Belmont, and Jefferson Counties, where horizontal wells continue to drive Utica production growth.
- Active operators include EOG Resources, Encino Energy, and Ascent Resources, all increasing their development programs following recent capital expansions.
Why It Matters for Ohio Landowners
- A surge in new well permits often signals upcoming pooling activity, unit expansions, and increased infrastructure buildout across eastern Ohio.
- Landowners may soon receive unitization or right-of-way notices as operators prepare to connect new drilling pads.
- Reviewing existing lease terms — especially pooling, royalty, and surface-use provisions — ensures that landowners remain protected as drilling ramps up.
OEA Insight
Ohio Energy Advocates continues to monitor ODNR’s weekly permit filings to identify new units and development trends that may affect Ohio mineral owners.
If you receive a notice of pooling or drilling activity near your property, OEA can help review your lease, confirm the unit boundaries, and ensure your compensation and surface protections are correctly applied.
Source:
Marcellus Drilling News, “Ohio, Pennsylvania, and West Virginia Issue 37 New Shale Permits (Oct 13–19 2025)”.
Headline: Ohio Senate Bill 219 Seeks Major Updates to Laws.
Date: October 16, 2025
Ohio lawmakers have introduced Senate Bill 219, a comprehensive proposal to reform the state’s oil and gas statutes. The bill would create a new Oil & Gas Resolution and Remediation Fund (OGRRF) to support well-plugging and orphan-well clean-up efforts.
👉 Read more from Ohio Capital Journal (Oct 16 2025)
Key Changes Proposed in SB 219
- Streamlines notice requirements when a landowner finds an orphaned well — replacing certified mail with online or published notice.
- Clarifies that Ohio regulators have authority over any portion of a well located within the state, even if part of the well crosses the border.
- Authorizes creation of drilling units (unitization) ordered by the Chief of the Division and confirms that operations under such orders do not constitute lease breaches when compliant.
- Shortens the statute of limitations for lease-termination claims from 21 years to 6 years.
- Makes “road-use and safe-use agreements” with local governments voluntary (limited to three-year terms) for horizontal well operators.
📄 View the official Bill Text and Legislative Analysis and Ohio Legislature Bill Page.
Industry commentary: Ohio Oil & Gas Association (OOGA)
What It Means for Landowners
- Could accelerate plugging of orphaned wells, reducing surface and liability risks.
- Alters unitization and pooling rules, potentially changing how horizontal drilling units are formed.
- The shorter statute of limitations may reduce how long landowners can challenge lease or royalty disputes.
- Revised notice requirements mean you may receive fewer mailed notices and more online postings — vigilance will be essential.
OEA Insight
Ohio Energy Advocates recommends that landowners review existing oil and gas leases now, focusing on unitization, pooling, and termination clauses, to be ready if SB 219 becomes law.
OEA will continue monitoring the bill’s progress and issue alerts as it advances through committee.
Sources:
- Nick Evans, Ohio Capital Journal, “Ohio state senator proposes dedicated well-plugging fund, other regulatory changes.” (Oct 16 2025)
- Ohio Legislature – SB 219 Bill Page
EOG Resources Acquires Encino for $5.6 Billion
EOG Resources Acquires Encino for $5.6 Billion. Major Move in Ohio’s Utica Shale
Date: May 30, 2025
EOG Resources announced it will acquire Encino Acquisition Partners for $5.6 billion (inclusive of net debt), greatly bolstering its presence in the Ohio‐Utica Shale. EOG Resources, Inc.+2Reuters+2
Under the deal, EOG will gain approximately 675,000 net core acres, boosting its Utica position to about 1.1 million net acres and expanding its total resource base to more than 12 billion barrels of oil equivalent. Reuters+1
Key Details
- The acquisition will be funded via approximately $3.5 billion in debt and $2.1 billion in cash. EOG Resources, Inc.+1
- EOG expects the transaction to be immediately accretive to its financial metrics including cash flow and free cash flow, and to generate meaningful synergies in the Utica play. TGS+1
Why It Matters for Ohio Landowners
- Large-scale capitalization of this size often signals increased drilling, unit formation, and infrastructure activity in the region, which may affect lease terms, pooling notices, and operational scope in eastern Ohio.
- Leaseholders should review their agreements and track any operator assignments or consolidation that may follow this acquisition, so their royalty and surface rights stay protected under new operator ownership.
- With major consolidation, landowners may face changes in drilling strategy, pooling boundaries, and timing of development—making proactive representation through OEA beneficial.
OEA Insight
Ohio Energy Advocates is monitoring this transaction closely. If you hold a lease with Encino or with acreage near their Ohio operations, now is a good time to have OEA review your lease for pooling, unitization and assignment provisions. We’ll alert you to important changes stemming from this acquisition.
Source:
- Reuters, “Oil and gas firm EOG strengthens Utica footprint with $5.6 billion Encino deal.” May 30, 2025. Reuters
- Business Journal Daily, “EOG Resources Completes $5.6B Acquisition of Encino.” Aug 12, 2025. Business Journal Daily
