Marcellus/Utica shales surprise with near record production
>>>Some interesting nuggets in this<<<
Aug 25 2016, 10:51 ET | By: Carl Surran, SA News Editor
Natural gas production from the Marcellus and Utica shales remains surprisingly strong and defying predictions that output would fall, averaging 22.63B cf/day so far in August, up 2% from last month and the most since February’s all-time high of 22.78B cf/day.
Even though the number of drilling rigs has declined, new production per rig now averages ~11.4M cf of gas in the Marcellus, up 18% Y/Y, as producers have managed to maintain volumes by tapping inventories of drilled but uncompleted wells and burrowing deeper, longer wells that yield more gas.
Production has been strong despite regional prices at ~$1.2757/MMBtu, less than half the price for benchmark gas in Louisiana.
Top Marcellus/Utica producers include EQT, RRC, RICE, CVX, CNX, VTG, REXX, XOM, NBL, COG, CHK. |
