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

BHI: US rig count posts first increase in 29 weeks

Jun 26, 2015

Buoyed by respective rises in natural gas-directed and offshore rigs, the US drilling rig count gained 2 units during the week ended June 26 to reach 859 rigs working, marking its first increase in 29 weeks, according to data from Baker Hughes Inc.

American Energy to spin off, rename another unit

Jun 25, 2015

American Energy–Midstream LLC, a unit of Oklahoma City-based American Energy Partners LP (AEP), is transitioning to a standalone company and will change its name to Traverse Midstream Partners LLC. The moves will be effective July 1.

BHI: US rig count continues fall in 27th straight week

Jun 12, 2015

The US drilling rig count declined 9 units during the week ended June 12 to settle at 859 rigs working, according to data from Baker Hughes Inc.

Utica Briefs

Jun 11, 2015

Gulfport Energy to buy more Utica acreage in Ohio

Jun 10, 2015

Gulfport Energy Corp., Oklahoma City, has agreed to acquire 35,326 net acres in the Utica shale in Ohio from American Energy-Utica LLC.

EIA: US shale oil output to decline 91,000 b/d in July

Jun 9, 2015

Crude oil production in July from seven major US shale plays is expected to drop 91,000 b/d to 5.49 million b/d compared with June, according to the US Energy Information Administration’s latest Drilling Productivity Report (DPR). The forecasted decline is up 5,000 b/d compared with June’s decline from May.

Marathon commissions unit at Kentucky refinery

Jun 5, 2015

Marathon Petroleum Corp. (MPC) has commissioned a 35,000-b/d condensate splitting unit at its 242,000-b/d Catlettsburg, Ky., refinery to boost the site’s capacity to process production from shale regions in Ohio, Pennsylvania, and West Virginia.

Ohio weighs post-production costs, royalty calculations

Jun 1, 2015

Post-production cost deductions are a common source of royalty litigation. Local lease-interpretation rules determine whether particular deductions are proper and defensible in court. Different jurisdictions, however, follow different rules to different ends.

Magnum Hunter selling noncore Utica acreage

May 26, 2015

Magnum Hunter Resources Corp., Dallas said its wholly owned subsidiary Triad Hunter LLC has signed a definitive agreement to sell certain noncore undeveloped Utica leasehold acreage in West Virginia for $40.8 million to an undisclosed independent producer.

Atlantic Coast Pipeline identifies alternate route segments

May 19, 2015

Atlantic Coast Pipeline LLC (ACP) has identified several alternate route segments as potentially having the least impact to environmental, historic, and cultural resources and is incorporating them into the proposed route of its 550-mile, 1.5-bcfd interstate natural gas transmission pipeline across three states. The alternate segments are in Augusta and Nelson counties, Va.

EIA: Oil output from major US shale to fall 86,000 b/d in June

May 12, 2015

Crude oil production in June from seven major US shale plays is expected to decrease 86,000 b/d compared with May to 5.6 million b/d, about even with where the total stood in March, according to the US Energy Information Administration’s latest Drilling Productivity Report (DPR).

Chesapeake reports 1Q net loss of $3.782 billion

May 7, 2015

Chesapeake Energy Corp., Oklahoma City, reported a first-quarter net loss of $3.782 billion, down from a net income of $374 million in first-quarter 2014.

Hess reports 1Q net loss of $389 million, trims budget

Apr 29, 2015

Hess Corp. reported a net loss of $389 million during the first quarter compared with net income of $386 million in first-quarter 2014. An adjusted net loss of $279 million was down from an adjusted net income of $446 million in first-quarter 2014.

Gulfport Energy to acquire Paloma Partners III

Apr 16, 2015

Gulfport Energy Corp., Oklahoma City, has agreed to acquire Paloma Partners III LLC, Houston, for $300 million. The deal is expected to close in the third quarter.

Williams to buy more of Utica East

Apr 6, 2015

Williams Partners LP agreed to buy an additional 21% interest in Utica East Ohio Midstream LLC from EV Energy Partners LP for $575 million.

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