Utica Shale

Utica Shale Description ImageThe Utica shale formation is one of the newest natural gas discoveries in North America. It is located in New York state and the Canadian province of Quebec, along the St. Lawrence River Valley. Some geologists have suggested the gas-bearing formation extends as far south as Pennsylvania. The other major shale formation in this area is the better-known Marcellus shale.

Estimates of natural gas deposits in the formation range from a low of about 2 trillion cubic feet (tcf) to a high of 60 to 70 tcf. At this time, most companies active in the Utica shale are drilling exploratory wells on the Canadian side of the border because the state of New York has been reluctant to grant drilling permits to date. Some production rates have tested up to 1 million cubic feet per day.

Utica Shale Map

Utica Shale News

Magnum Hunter names reservoir engineering vice-president

Mar 5, 2015

Magnum Hunter Resources Corp., Houston, has appointed Charlie Gibson as vice-president of reservoir engineering, effective. He will report to Gary C. Evans, chairman and chief executive officer.

Antero Resources cuts 2015 Marcellus spending vs. 2014

Feb 26, 2015

Antero Resources Corp., Denver, said it plans to spend $1.6 billion during 2015 for drilling and completion activities in the Marcellus and Utica shale plays, marking a 36% reduction as compared with 2014 drilling and completion expenditures.

Chesapeake’s $4-4.5 billion capex down 37% vs. last year

Feb 25, 2015

Chesapeake Energy Corp., Oklahoma City, is budgeting total capital expenditures, including capitalized interest, of $4-4.5 billion for 2015.

Magnum Hunter slashes budget by 75%

Feb 18, 2015

Magnum Hunter Resources Corp., Houston, plans a $100 million upstream capital expenditure budget for 2015, down from the $400 the company planned for 2014.

Pennsylvania contemplates tax hikes to fix $2 billion deficit

Feb 10, 2015

A severance tax on unconventional natural gas development and production is likely to be part of Pennsylvania Gov. Tom Wolf's scheduled Mar. 10 budget address.

Utica briefs

Feb 10, 2015

Maryland moves forward on fracturing regulations

Feb 10, 2015

Maryland state officials planned to draft regulations that would allow hydraulic fracturing in the Marcellus shale in West Maryland provided that natural gas producers abide by certain stipulations limiting the risks of water contamination and air pollution.

Fracturing becoming a common municipal ballot item

Feb 10, 2015

Various municipalities, including Denton, Tex., have banned or sought to ban hydraulic fracturing through ballot issues while some states such as New York have imposed moratoriums, citing environmental issues or health concerns.

Hess cuts capital budget by 16% to $4.7 billion

Feb 9, 2015

Hess Corp. has set a capital budget of $4.7 billion for 2015, down 16% from $5.6 billion spent last year. The company at the beginning of 2014 reported a $5.8 billion budget for the year.

Carrizo cuts drilling, completion spending by 35%

Jan 27, 2015

Carrizo Oil & Gas Inc., Houston, is cutting its drilling and completion capital expenditure plan for the year by 35% to $450-470 million, but expects to keep oil production roughly flat with last year’s fourth quarter.

Hess cuts capital budget by 16% to $4.7 billion

Jan 27, 2015

Hess Corp. has set a capital budget of $4.7 billion for 2015, down 16% from $5.6 billion spent last year. The company at the beginning of 2014 reported a $5.8 billion budget for the year.

ETP, Regency to merge in $18-billion deal

Jan 26, 2015

Energy Transfer Partners LP (ETP) and Regency Energy Partners have agreed to merge in a unit-for-unit transaction, plus a one-time cash payment to Regency unit holders, valued at $18 billion, including the assumption of net debt and other liabilities of $6.8 billion.

American Energy Appalachia makes executive appointments

Jan 13, 2015

Jeffrey A. Fisher has been named chief executive officer of the newly formed American Energy Appalachia Holdings LLC (AEA), a unit of American Energy Partners LP (AEP).

American Energy’s Utica, Marcellus units to merge

Jan 8, 2015

American Energy–Utica LLC (AEU) and American Energy–Marcellus LLC (AEM), both affiliates of American Energy Partners LP (AELP), will merge in an all-stock transaction. 

Severance tax would backfire, Pennsylvania association leaders warn

Jan 5, 2015

Enacting a severance tax aimed at Pennsylvania's unconventional natural gas activity would substantially harm the commonwealth beyond the industry itself, three oil and gas trade association officials warned.

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