As U.S. natural gas production slows amid cost-cutting, one U.S. state is bucking the trend.
Gas output from Ohio, home to the Utica shale formation, jumped 13 percent in August even as supplies dropped across the bulk of the U.S., including the neighboring Marcellus play in Pennsylvania. Chesapeake Energy Corp., Rice Energy Inc. and Gulfport Energy Corp. drilled most of the new wells in the state, data from Bloomberg Intelligence show.
Producers are doubling down on Ohio amid speculation that gas flows from the Utica will eventually rival output from the Marcellus, America’s biggest shale reservoir. An energy price rout earlier this year strained explorers’ balance sheets, prompting drillers to refocus their efforts on regions that yield the most fuel at the lowest cost.Continue reading by clicking here.
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