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Thursday, January 28, 2016

Utica Shale Drilling Down by Nearly 90% During 3rd Quarter 2015 Compared to 2014

From the Akron Beacon Journal comes this quick look at the ODNR's record of number of wells drilled by quarter in the Utica shale:
1Q 2011: 3.
2Q 2011: 4.
3Q 2011: 5.
4Q 2011: 17.
1Q 2012: 29.
2Q 2012: 47.
3Q 2012: 58.
4Q 2012: 72.
1Q 2013: 90.
2Q 2013: 114.
3Q 2013: 93.
4Q 2013: 112.
1Q 2014: 124.
2Q 2014: 112.
3Q 2014: 144.
4Q 2014: 133.
1Q 2015: 102.
2Q 2015: 63.
3Q 2015: 15.
While the decline has been evident in watching weekly permitting numbers, this look at quarterly drilling data really drives home how much things have slowed.  The collapsing price of natural gas and oil has throttled things back to the pace of 2011, before things really even got started in the Utica shale.  Now the question is how much longer it will take for prices to recover, and how much worse can things possibly get in the meantime?

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