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Monday, July 27, 2015

EQT Announces Monster Production From Utica Shale Well

EQT CEO David Porges
From Seeking Alpha's transcript of EQT's 2nd quarter earnings call:
Moving on to our dry gas Utica well. Last week we successfully completed the fracking of this well. The frac was an 18 stage job in a 3,221 foot lateral that utilized ceramic proppant. We were able to successfully place 100% of the planned proppant while maintaining our desired pumping rates. 
Last night we concluded a 24 hour deliverability test to sales of this well. During this test, the well averaged 72.9 million cubic feet per day with an average flowing casing pressure of 8,641 psi. This equates to a 24 hour IP per 1,000 foot of lateral of 22.6 million cubic feet per day. To the best of our knowledge, this is the highest reported IP of any Utica well to-date and the per-foot rate is more than double the previous high. As you might expect, we're very pleased with the results of this well. 
I want to make note of the fact that we were able to flow this well directly into the sales pipeline without shutting in production from our other wells. This was possible primarily because of the integrated nature of our Upstream and Midstream businesses. 
Our Midstream group was able to reconfigure the gathering system to allow this capacity to be available, which likely would not have been possible on a third-party system. Our current plan is to produce this well to choke controlled rate of approximately 24 million cubic feet per day to manage the stress on the proppant and to monitor the pressure decline so we can begin to get an understanding of the decline profile and EUR potential of this well. 
Currently the well is producing 26 million cubic feet per day and approximately 2,000 barrels of frac water per day with flowing casing pressure of 9,555 psi. In fact, the flowing pressure is currently climbing as the well continues to clean up.
You can read the rest of that earnings call transcript here.

EQT's release of their 2nd quarter results is available here.

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