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Friday, December 20, 2013

EQT Has Big Plans for Marcellus Shale, More Modest for Utica Shale



From an EQT press release:
EQT Production: 

EQT Production 2014 CAPEX is projected to total $1.9 billion, excluding land acquisitions. The breakdown is $1.6 billion for well development; $50 million for developmental geological and geophysical activities, and the remainder for capitalized overhead, well maintenance and compliance. The 2014 drilling program is expected to support 2015 sales volume of 575 – 600 Bcfe.
Marcellus Development
The Company plans to spend approximately $1.1 billion on Marcellus well development in 2014 – drilling 186 Marcellus wells with an average lateral length of 4,800 feet. All of the wells will be on multi-well pads to maximize operational efficiency and well economics. Approximately 90% of the Marcellus drilling program will focus on the Company’s two core development areas of southwestern Pennsylvania and northern West Virginia; with the remainder in central Pennsylvania to further de-risk this future development area. EQT Production owns approximately 560,000 net Marcellus acres.
Utica Development
The Company plans to spend approximately $145 million on Utica well development in 2014 – drilling 21 wells in its liquids-rich acreage located in Guernsey County, Ohio. The 2014 Utica wells are expected to have an average lateral length of 6,500 feet. EQT Production owns approximately 14,000 net Utica acres in Ohio.
Read the whole press release here. 

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