According to Baker Hughes (BHI), the Utica Shale currently has 11 active rigs, down from 13 in February 2016. In comparison, 31 rigs were in operation in the shale in March 2015.
From March 2008 to March 2016, additional natural gas production per rig at the Utica Shale rose from ~0.20 MMcf (million cubic feet) per day to 6.9 MMcf per day, or by ~33x. In the 12 months to March 2016, natural gas production addition per rig rose 25%.
Utica Shale energy operators
Steady Utica Shale production can positively affect oilfield equipment and service providers such as RPC (RES), Precision Drilling (PDS), Baker Hughes (BHI), as well as contract drillers such as Patterson-UTI Energy (PTEN). These companies may continue to improve revenues and profits from operating in the Utica Shale if drilling activity rises. Notably, RES accounts for 4.0% of the SPDR S&P Oil & Gas Equipment & Services ETF (XES).Read more by clicking here.
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