The Marcelus Drilling News reports that the Market Realist published a seven-part series on the Utica shale.
That report included an assessment of who the players are and what they are doing in the Utica shale in Ohio, western Pennsylvania and northern West Virginia.
Here is what the Marcellus Drilling News reported:
From Part 3:
Chesapeake is the largest player in the Utica Shale at the moment. In its 2Q13 results, it gave the following update on the play.
85 MMcfe (millions of cubic feet equivalent) per day of production in 2Q13
Average daily peak production of 42 wells producing in Utica in 2Q13 of ~6.6 MMcfe per day
11 rigs in the Utica, 10 by year end 2013
As of June 30, 2013, 321 wells in the Utica (106 producing, 93 waiting on pipeline connection, 122 in various stages of completion)
In Anadarko’s 2013 10-K, it disclosed that in 2012, it had drilled five exploration wells in its 411,000 gross acre position. It completed seven wells that are currently in the production testing and evaluation phase. The company has said little about the Utica Shale through 2013.
CONSOL Resources and Hess Corp.
CONSOL Resources and Hess Corp. operate a joint venture (or JV) in the Utica Shale. In total, the JV covers 70,000 acres in the core area (35,000 acres net to each party). In non-core areas, the JV covers 90,000 acres (45,000 net to each party). For 2013, between the two parties, 27 gross wells are planned, with 11 to be drilled by CONSOL and 16 to be drilled by Hess.
Halcon Resources has ~140,000 net acres in the Utica Shale. It expects to spend ~$200 million in the play in 2013, and to spud 20 to 25 gross operated wells.(1)
From Part 4:
EV Energy Partners
EV Energy Partners (EVEP) is an MLP, of which EnerVest is the controlling member of the GP (general partner). Both EnerVest (private) and EVEP (public) hold assets in the Utica Shale. Combined, EVEP and EnerVest have more than 900,000 acres in Ohio (not all of which is prospective for the Utica Shale). EVEP has 177,000 net working interest acres. As of June 20, 2013, overall Utica activity included 747 wells permitted, 359 wells drilled, and 102 wells producing. Chesapeake Energy, EnerVest, and Total are also working together in a joint venture (or JV) in the Utica, which is currently running 12 to 16 rigs. In June, the JV had 65 producing wells, 54 wells waiting on pipeline capacity, and 540 planned total wells to be drilled through 2014.
Gulfport Energy has 136,000 net acres in the Utica Shale and 6.59 net MMboe (million barrels of oil equivalent) of proved reserves. GPOR produced 3,524 barrels of oil equivalent per day during 2Q13 in the play. For 2013, the company plans to invest ~$499 million of capital expenditures in the area and is currently running seven rigs there, with a plan to drill ~55 to 60 gross wells. During 2Q13, the company spud 16 wells. Average production in 2Q13 was 3,524 barrels of oil equivalent per day, and the quarter exited at 6,993 barrels of oil equivalent per day.
Magnum Hunter has ~80,000 net acres prospective for the Utica Shale. On August 12, 2013, a wholly owned subsidiary of Magnum Hunter agreed to acquire rights to up to 32,000 net acres over a ten-month period, for a total maximum purchase price of $142 million. The company spud its first horizontal well in the Utica Shale in April.
PDC Energy has ~46,000 net acres in the Utica Shale. The company plans to spend $96 million there in 2013, with one operated horizontal rig and 11 planned new wells. It expects 2013 production from the play to be ~1,074 barrels of oil equivalent per day.
Rex Energy had 80,200 net acres in the Utica Shale as of year end 2012. For 2013, the company plans to drill 8.1 net (nine gross) wells in the area.(2)
Click the links below to view some great charts, graphs and maps.
(1) Market Realist (Aug 26, 2013) - Which major players are investing in the Utica Shale? (Part 3)
(2) Market Realist (Aug 26, 2013) - Which major players are investing in the Utica Shale? (Continued) (Part 4)
Chesapeake Energy Corp,the Oklahoma-based firm is the No. 1 driller in Ohio.
Rig Count Interactive Map by Baker Hughes, an energy services company.
Shale Sheet Fracking, a Youngstown Vindicator blog.
The Ohio Environmental Council, a statewide eco-group based in Columbus.
Earthjustice, a national eco-group.
People's Oil and Gas Collaborative-Ohio, a grass-roots group in Northeast Ohio.
Concerned Citizens of Medina County, a grass-roots group.
No Frack Ohio, a Columbus-based grass-roots group.
Fracking: Gas Drilling's Environmental Threat by ProPublica, an online journalism site.
Pipeline, blog from Pittsburgh Post-Gazette on Marcellus shale drilling.
Allegheny Front, environmental public radio for Western Pennsylvania.