Welcome to Energy Markets Daily. Friday, December 26, 2025 — Geographic Feature: Ohio. Quick note — our team is out of the office for the holidays, so we're doing geographic features this week. Regular programming returns Monday, December 29th. Today: Ohio — the Utica Shale's quiet giant. **NATURAL GAS PRICES** Ohio seeing the impact of higher winter prices. Enbridge Gas Ohio's Standard Choice Offer rate hit $4.92 per MCF in December — up from $3.88 the previous month. EIA projected Henry Hub averaging nearly $4.30 this winter. **UTICA SHALE RENAISSANCE** EOG Resources acquired Encino Acquisition Partners for $5.6 billion, boosting their Ohio Utica position to 1.1 million net acres. EOG calls the Utica a foundational asset — running five rigs and three completion crews through end of 2025. Northern Oil and Gas agreed to purchase a 49% interest in Ohio Utica assets for $588 million. Production estimated at 65 million cubic feet equivalent per day net to NOG for 2026. **THE PRODUCTION STORY** The EOG-owned Wehr Spring Valley Farm well generated 40,489 barrels of oil and 203,299 MCF of natural gas in its first quarter. Seven new shale well permits issued in Ohio just between December 8-14. The industry is shifting toward natural gas and condensate plays in the Appalachian region. **DATA CENTER DEMAND** Ohio's data center growth is increasing power demand and straining the electric grid. This is contributing to rising electricity prices but also creating long-term demand for natural gas generation. **RENEWABLES** Ohio has 3,965 MW of utility-scale solar online, powering roughly 667,000 homes. 167.5 MW came online in 2025 with Ross Solar and Fayette Solar projects. **WHY OHIO MATTERS** For investors looking at Appalachian natural gas, Utica shale exposure, or Midwest power infrastructure — Ohio is underappreciated. We connect qualified opportunities with institutional and family office capital. Reach out: [email protected]. Subject: Energy Capital. This is Energy Markets Daily. Have a great weekend. Regular programming returns Monday, December 29th.

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