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Wednesday, August 3, 2016

EQT Shifting Focus Away From Utica Shale

From NGI:
Nearly a year after the company said it would suspend its Upper Devonian Shale drilling in favor of the deep, dry Utica, EQT Corp. is reviving the program, with management saying on Thursday that it's a "use it or lose it play." 
While the company has plans to turn a fifth deep Utica well to sales next month and spud another by the end of the year, it plans to slow down in order to more carefully analyze the data it has collected. The company said last August that it would suspend its Upper Devonian drilling this year and redirect more capital to the Utica, where it laid out plans to drill up to ten wells this year (see Shale Daily, Aug. 3, 2015). 
"We continue to approach the Utica as an exploration project, trying various techniques, reviewing results, repeating what worked and trying new things in our effort to improve results both on recoveries and costs," President of Exploration and Production Steven Schlotterbeck said Thursday on a call to discuss the company’s second quarter results. "We talked before about spudding five to ten wells this year and given the one-by-one nature of our program and a desire not to get ahead of the data, we expect to end up closer to five wells in 2016." He added that the company would continue to provide updates on the deep Utica program going forward.
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