Gulfport Energy reported Wednesday that production was up 161 percent from a year earlier, but profits were down 69 percent in that same period.
The Oklahoma-based company is one of the biggest players in the Utica Shale in eastern Ohio.
Gulfport’s net daily production for the first quarter of 2015 averaged approximately 424.4 million cubic feet of equivalents per day. That represents an 11 percent increase over fourth quarter 2014 production.
For the first quarter 2015, Gulfport’s net daily production mix was comprised of 68 percent natural gas, 12 percent oil and 20 percent natural gas liquids.
The company drilled 16 wells and started production from eight wells in Ohio in the first quarter 2015.
During the first quarter, net production from Gulfport’s Utica acreage increased by 213 percent over first quarter 2014. That was a 12 percent increase from fourth quarter 2014.
Gulfport has three horizontal rigs drilling in Ohio. It has leased about 212,000 acres in Ohio.
A press release today, in the wake of a crude oil train derailing and exploding in North Dakota:
For Immediate Release
Statement: Oil Train Derails, Explodes in North DakotaTo read more or comment...
From a press release today:
THURSDAY: At Kinder Morgan Shareholder Meeting in Houston, Tsleil-Waututh Nation Leader Opposes TransMountain Pipeline Expansion
Thousands Sign Corporate Watchdog’s Petition Urging Kinder Morgan to Respect Indigenous Rights and Abandon Pipeline Expansion Plan
HOUSTON, TEXAS -- On Thursday, May 7th, representatives of the Tsleil-Waututh Nation in the Pacific Northwest will attend Kinder Morgan’s (KMI) Annual General Shareholder Meeting in Houston to oppose the corporation’s planned expansion of the TransMountain oil pipeline across Canada. The pipeline, which would cut through Tsleil-Waututh Traditional Territory, would pump more than 890,000 barrels of crude oil a day from Canadian tar sands to export ships on the Pacific coast.
Last week, representatives of the Tsleil-Waututh Nation met with institutional investors based in New York City to urge them to support two proposals --
Rueben George, Sundance Chief and member of the Tsleil-Waututh First Nation in the Pacific Northwest, will be joined by Lisa Lindsley, Senior Shareholder Advocacy Manager for SumOfUs.org and Eugene Kung of West Coast Environmental Law to discuss the evolving legal and financial opposition to the expansion of the TransMountain pipeline. Lindsley will also deliver more than 48,000 signatures from SumOfUs members asking Kinder Morgan executives to “respect Indigenous rights and stop your plans to build the Trans Mountain pipeline now."
VIEW THE PETITION HERE: http://sumofus.org/kinder-morgan
# # # # #
The Tsleil-Waututh Nation (TWN),the “People of the Inlet” are Coast Salish peoples who originate in the Pacific Northwest, particularly around the Salish Sea, which includes Puget Sound near Seattle, the Juan de Fuca Straight near Victoria, and the Georgia Straight near Vancouver, BC. In 2012, the TWN community voted unanimously to oppose the proposed TMX because of the grave threat it presents to their land of origin, spiritual identity and survival. www.sacredtrust.ca
From Rex Energy:
STATE COLLEGE, Pa., May 5, 2015 (GLOBE NEWSWIRE) -- Rex Energy Corporation (Nasdaq:REXX) announced its first quarter 2015 operational and financial results.
"Through sharp focus on the technical side, the Rex Energy team continues to improve operational performance while maintaining financial discipline," said Tom Stabley, Chief Executive Officer of Rex Energy. "We've enhanced completion designs, increased sand concentration, and realized drilling and service efficiencies to improve well performance, and increase IP rates and EURs. With these enhancements and our current CAPEX budget, we expect to grow 2015 production by approximately 25%.To read more or comment...
Low prices for natural gas and liquids are forcing Chesapeake Energy Corp. to cut back on its Ohio operations.
The Oklahoma-based energy giant said on Wednesday that its intends to scale back its drilling in the Utica Shale in the coming months, as profits drop and production continues to climb.
It will cut the number of drilling rigs in Ohio from five to two by the middle of the third quarter and will reduce the number of Ohio crews that hydraulically fracture or frack the rock from four to 2.5 for the rest of 2015, Chesapeake said in an earnings call with analysts and the media.
It is making similar cuts elsewhere with some of the biggest reductions coming in the Eagle Ford Shale in Texas.
The company needs to maintain two drilling rigs in order to hold onto its leased acreage in eastern Ohio.
Chesapeake, the No. 1 player in the Utica Shale, is also very pleased with recent natural gas results in Columbiana County.
Three recently completed wells are significantly better than nine earlier-drilled wells in Columbiana and that is very promising, said spokesman Chris Doyle.
It is seeing a 50 percent improvement in production with the new wells, and the company could be expanding its core area beyond neighboring Carroll County into Columbiana County, he said.
Chesapeake is continuing to expand its laterals in Ohio in order to get better results, officials said.
The company in 2012 averaged 4,900 feet per lateral. That grew to 5,150 feet in 2013 and to 6,200 feet in 2014.
The laterals will likely average about 7,900 feet with 41 frack stages in 2015, about 27 percent longer than the previous year, officials said.
Longer laterals with additional fracking pay out far more than shorter laterals, the company said.
Extending Ohio laterals will cost Chesapeake more.
It is anticipating spending $8.2 million per well in 2015. That’s up from $6.7 million in 2013 and $7.2 million in 2014, the company said.
Chesapeake began production on 38 new Utica wells in the first quarter. The average peak production of those wells was 1,272 barrels of oil equivalents per day.
Net production in the Utica Shale in the first quarter averaged about 110 thousand barrels of oil equivalents per day, an increase of 10 percent from the previous quarter, the company said.
Chief executive officer Doug Lawler reported that despite low prices, Chesapeake’s overall production grew by 14 percent in the first quarter, compared to the first quarter 2014.
It is the No. 2 producer of natural gas in the United States.
A press release from Enlink Midstream today:
ENLINK MIDSTREAM REPORTS FIRST QUARTER 2015 RESULTS
DALLAS, May 6, 2015— The EnLink Midstream companies, EnLink Midstream Partners, LP (NYSE: ENLK) (the Partnership) and EnLink Midstream, LLC (NYSE: ENLC) (the General Partner), today reported results for the first quarter of 2015.To read more or comment...
Pennsylvania shale drillers have a growing interest in the little-known Utica Shale.
It is deeper and less-understood than the prominent Marcellus Shale.
There are about 100 Utica wells in Pennsylvania.
But some Utica wells in Pennsylvania are putting up big, big numbers of dry natural gas.To read more or comment...
New research published on Monday in the Proceedings of the National Academy of Sciences shows evidence of a connection between gas drilling and water contamination that occurred in Pennsylvania's Bradford County in 2010.
The researchers at Penn State University used a new method of testing for contaminants that can detect much smaller amounts of chemicals than the instruments typically used in commercial laboratories.
Click here to read more from NPR's StateImpact Pennsylvania.To read more or comment...
Ohio has approved 1,889 Utica Shale permits, as of May 2.
That total includes 1,466 drilled Utica wells and 861 producing Utica wells, says the Ohio Department of Natural Resources.
Ohio has 29 drilling rigs at work.
Eight new permits were approved: six in Belmont County and two in Monroe County.To read more or comment...
From Louisiana-based Stone Energy Corp. on Monday:
LAFAYETTE, La., May 4, 2015 /PRNewswire/ -- Stone Energy Corporation (NYSE: SGY) today announced financial and operational results for the first quarter of 2015. Some of the highlights include:
Chairman, President and Chief Executive Officer David Welch stated, "We delivered increased production in the first quarter, driven by our successful Cardona project and incremental Appalachian volumes, and will have additional deep water development projects in progress during the year. Given the current commodity price environment, we have made significant reductions across our capital budget and in our lease operating expenses. The suspension of our Appalachian drilling has allowed our team to focus on the most efficient and effective ways to develop our acreage position for both the Marcellus and Utica shales. Additionally, we have an exciting portfolio of exploration prospects that provides us with significant resource potential. We remain committed to maintaining a liquid and flexible balance sheet with an undrawn bank facility and over $160 million in cash."
Financial ResultsTo read more or comment...
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.