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Monday, January 20, 2014

Are the Utica Shale Production Numbers Good or Bad News for Drillers?

From The Motley Fool:
The Utica shale formation was supposed to be "the best thing to hit Ohio since the plow." Or at least that what former Chesapeake Energy (NYSE: CHK  ) CEO Aubrey McClendon thought. Based on the recent numbers from the Ohio Department of Natural Resources, though, it may not be as spectacular as many had hoped. Recent well data shows that wells in the region are producing about 82% natural gas. This may not sound like a huge deal, but it could be discouraging for big Utica players like Chespeake, Gulfport Energy (NASDAQ:GPOR  ) , Magnum Hunter Resources (NYSE: MHR  ) , and Antero Resources(NYSE: AR  ) that were hoping to find a considerable amount more liquids in the region than its Pennsylvainia counterpart the Marcellus shale.


Read more here.

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