Oil and gas companies are ramping up again.
It’s not a feverish pace. The handful of Marcellus Shale drillers that discussed their plans with analysts last week described a cautious return to the fields of Pennsylvania, Ohio and West Virginia predicated on the recent rise in natural gas prices, the long-awaited dip in oil and gas production, and the promise of rising demand from industrial projects and exports.
They all vowed to be swayed not by growth targets but by economics; as the market is finding its footing, they’ll drill where it’s the biggest bang for the buck.
The “where” isn’t necessarily a place but a bucket of conditions unique to each company.
For Downtown-based EQT Corp., it’s in the Marcellus and Upper Devonian shales in Greene, Southern Allegheny and eastern Washington counties.
For Consol Energy Inc., it’s mostly in the dry Utica Shale in Monroe County, Ohio, and some in the Marcellus in Washington County.Click here to continue reading.
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