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Friday, May 9, 2014

First Quarter Report Round-Up: Anadarko, Carrizo, Gulfport, MarkWest and Antero

Utica shale drillers have come fast and furious with their 1st quarter 2014 reports over the past couple of days.  This article will give you a quick one-stop rundown to what these various companies had to say.

First is Anadarko.  The Akron Beacon Journal gave this quick rundown on what it had to say about the Utica shale:
There was no Utica shale news during Tuesday's first quarter 2014 earnings call by Anadarko Petroleum Corp. 
It was not mentioned in the 15-page transcript. 
The company has seven producing wells in eastern Ohio: in Coshocton, Guernsey, Muskingum and Noble counties.
Next up is Carrizo:
In the Utica Shale, Carrizo's condensate production during the quarter averaged more than 380 Bbls/d. The Company's first well, the Rector 1H in Guernsey County, Ohio, has recently been shut-in awaiting midstream infrastructure following its long-term stabilized test. The well flowed up casing for 113 days, and produced more than 57 MBbls of condensate on a gross basis, or an average of more than 500 Bbls/d. Prior to being shut-in, the well had recently been flowing at a stabilized rate of approximately 420 Bbls/d of condensate and 1.8 MMcf/d of rich natural gas on a 16/64 in. choke. Carrizo has a 95% working interest in the Rector 1H well. 
Carrizo expects to spud its next Utica Shale well, the Brown 1H in northern Guernsey County, later this quarter. Carrizo will be the operator of the Brown 1H, and expects to have a 50% working interest in the well. Carrizo currently expects to drill 9 gross (7 net) operated Utica Shale wells during 2014. 
The Company is evaluating midstream solutions for its Utica production, and currently expects to have an agreement in place within the next 1-2 months. This should allow the Company to have midstream infrastructure in place in the fourth quarter. 
Carrizo has continued to expand its position in the condensate window of the Utica Shale play since the beginning of the year. The Company's acreage position in the play now stands at approximately 25,700 net acres. The additional bolt-on acreage is located primarily in Guernsey County.
 Here is part of what Gulfport Energy said:
Michael G. Moore, the Company's Chief Executive Officer and President, commented, "One of my top priorities since taking over my position as Chief Executive Officer was to challenge the management team to prudently consider the balance between near-term growth and long-term value. Ultimately, the team concluded a more measured, methodical approach to the development program in the Utica was needed. As a result, we currently anticipate year-over-year production volume growth of 228% to 272%, for 2014 as compared to 2013, which continues to be an industry leading metric when compared to our peers. By shifting our focus to a more managed, methodical strategy, our team firmly believes we will maximize the life and recovery of our wells, create a more efficient development plan and ultimately provide consistent long-term results that maximize stockholder value."
 MarkWest had this to say:
Utica: 
In January 2014, MarkWest Utica EMG and the Partnership commenced operations of the jointly-owned Hopedale fractionation and marketing complex (Hopedale complex) in Harrison County, Ohio. The Hopedale complex currently consists of a 60,000 barrels per day (Bbl/d) propane and heavier purity products (C3+) fractionator, over 230,000 barrels of purity product storage, truck loading facilities, and a 24-bay rail car loading facility with slots to accommodate 200 rail cars. The Hopedale complex is connected by NGL pipeline to MarkWest Utica EMG’s Cadiz processing complex in Harrison County, Ohio, to its Seneca processing complex in Noble County, Ohio, and to the Partnership’s extensive NGL gathering network in the Marcellus Shale. 
In February 2014, MarkWest Utica EMG commenced operations of Seneca II, a 200 MMcf/d processing plant at the Seneca complex in Noble County, Ohio. The Seneca complex currently consists of two cryogenic processing plants totaling 400 MMcf/d of capacity and is supported by long-term, fee-based agreements with Antero, Gulfport Energy Corporation (NASDAQ: GPOR), Rex Energy Corporation (NASDAQ: REXX), PDC Energy (NASDAQ: PDCE) and other producers. A third 200 MMcf/d plant at the complex was announced in May of 2013 and is expected to be completed during the second quarter of 2014. 
In February 2014, MarkWest Utica EMG announced the expansion of the Seneca complex with the development of a fourth 200 MMcf/d processing plant that is expected to be operational by the second quarter of 2015. The new plant is anchored by Antero under a long-term, fee-based contract and will expand total processing capacity of the complex to 800 MMcf/d.
And finally, from Antero Resources:
Antero recently leased 6,363 net acres under and around Piedmont Lake in Belmont and Harrison Counties,Ohio from the Muskingum Watershed Conservancy District ("MWCD"), Ohio's biggest water conservancy district, for $95 million. The acreage provides the Company with 29 gross 3P locations assuming 1,000' inter-lateral distance. This represents the second transaction Antero has entered into with the MWCD. In 2013, the Company signed a lease with the MWCD to develop 6,500 acres under and around the MWCD's Seneca Lakeproperty in Guernsey and Noble Counties, Ohio. Antero currently holds 115,000 net acres in the core of theUtica Shale play in Ohio.

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