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ODNR Releases 4th Quarter 2015 Utica Shale Production Figures
During the fourth quarter of 2015, Ohio’s horizontal shale wells produced 6,249,116 barrels of oil and 302,505,428 Mcf (303 billion cubic feet) of natural gas, according to figures released today by the Ohio Department of Natural Resources (ODNR). The production totals for the fourth quarter of 2015 increased over the third quarter of 2015 as oil increased by 10 percent while gas increased by almost 25 percent.
Quarterly production in 2015 also shows a fourth quarter horizontal shale well production increase of more than 75 percent for oil and 80 percent for gas from 2014’s fourth quarter totals. Total production for the last two years, with the percent increase in production from 2014 to 2015, can be found below:
Barrels of oil:
Mcf of gas:
The ODNR quarterly report lists 1,265 wells, 1,230 of which reported production. Thirty-five wells reported no production. Of the 1,230 wells reporting production results:
The average amount of oil produced was 5,081 barrels.
The average amount of gas produced was 245,939 Mcf.
The average number of third quarter days in production was 83.
Due to investor pressure, the U.S shale drillers are being pushed to improve financial and operational performance after a few years of poor returns. Even though the industry has improved its numbers, when compared to last year, investors still want more to be done for them to earn more money. That's why two mid-tier shale drillers, Cabot and Climarex, have decided to merge in order to eliminate $100 million in annual costs, which means more money for the investors. This all-stock transaction is valued at about $7.4 billion, which is relatively high for the oil and gas sector. The new entity will be renamed and the headquarters located in Houston, Texas. Cabot shareholders will own 49.5 percent of the new entity, and Climarex the rest. The Cimarex-Cabot merger will address the investor's demand for a higher amount of returning cash. The initial plan is to pay a 50-cent-per-share special dividend on closing the deal while offering a quarterly variable div
Last week, American Energy Partners Inc. stated its plans to acquire three oil and natural gas producers. The deal is valued at almost $11 million and includes companies in western Pennsylvania and West Virginia. American Energy Partners said it would obtain all of the stock and units of the three undisclosed companies. CEO Brad Domitrovitsch says: “ This transaction furthers our commitment to acquiring steady cash-flowing businesses while enhancing our ability to develop alternative green energy opportunities with the vast amount of acreage included in the package.” The sale involves 467 wells currently yielding 1.25 Bcfe/d and midstream assets spread over 695 acres (includes 100% owned surface and mineral rights). Additionally, there are no drilling commitments or obligations for the properties. American Energy controls several subsidiaries, including: Oilfield Basics LLC Hickman Geological Consulting LLC American Energy Solutions LLC Hydration Company of PA Gilbert Oil and Gas T
In 2018, 59% of total oil production in the U.S came from hydraulic fracking, which means it accounted for more than two-thirds of domestically manufactured gas. By 2024, fracking will reach an astounding $68 billion market value! Of course, fracking is not a new drilling method as you can trace it back hundreds of years. That's why we want to consider the history of hydraulic fracturing (fracking). We will be stating historical facts about it and focusing on the major historical occurrences that have influenced modern-day fracking. Pre-Fracking Days The idea of fracking started back in 1862 when Edward A.L. Roberts (Civil War veteran) witnessed Confederate soldiers exploding artillery rounds into a canal that obstructed a battlefield. At the time, Edward A.L. Roberts called it superincumbent fluid tamping. On April 26th, 1865, Edward A.L. Roberts began experimenting with exploding torpedoes, which consisted of lowering a torpedo containing an amount of powder from fifteen to tw