Krugliak, Wilkins, Griffiths & Dougherty Co., L.P.A. presents
Utica Journal Discoveries - An Electronic Oil and Gas Newsletter
With offices located in the heart of the Utica Shale play in
Canton, Akron, Alliance, New Philadelphia & Sugarcreek, Ohio
EQT - Corp. plans to put more emphasis on exploring the deep Utica shale as continued low gas prices push the Downtown producer to focus on only the best spots for drilling and pipeline development. "The focus in 2016 will be on this more narrowly drawn notion of what the core Marcellus would be assuming the deep Utica play works," CEO David Porges told analysts Thursday while discussing third quarter financial results that were hurt by a 42 percent drop in realized prices from a year ago.
Natural gas prices plunged Monday to their lowest level in more than three years on concerns that the market will remain oversupplied this winter. Adding to investors' fears, some companies are hinting at a new production boom. Most of the growth in natural-gas production in recent years has been in the Marcellus Shale in Pennsylvania and West Virginia. Some industry experts say the Utica Shale, which stretches into Ohio and also lies underneath the Marcellus in some places, could be just as bountiful.
Ohio Energy Inc.
Hess Corp. won't address reports that it's planning to sell its Utica shale acreage in Ohio. This month the New York driller hired Goldman Sachs Group Inc. (NYSE:GS) to solicit bids that could give the company up to $500 million, according to Bloomberg. But when asked by analysts on a third-quarter earnings call about the report, executives declined to comment.
With natural gas touching $2/Mcf, a level last seen in 1999 (unadjusted for inflation), cries of anguish can be heard throughout the industry (and those like me with some gas royalties), but also surprise among analysts who were convinced that a price of $5/Mcf was necessary to maintain production. Even this summer, some thought weakening shale gas production foretold higher prices, ignoring the continuing surge of gas in storage.
DENVER, Oct. 28, 2015 /PRNewswire/ -- Antero Resources Corporation AR, +8.03% ("Antero" or the "Company") today released its third quarter 2015 financial results. The relevant financial statements are included in Antero's Quarterly Report on Form 10-Q for the quarter ended September 30, 2015, which has been filed with the Securities and Exchange Commission ("SEC").
STOCKHOLM (AP) - Norwegian oil and gas company Statoil posted a loss in the third quarter despite attempts to slash costs amid declining oil prices. The state-controlled company posted a net loss Wednesday of 2.8 billion kroner ($330 million) in the July-September period, compared with a loss of 4.7 billion kronor in the same quarter last year.
American Energy Partners LP (AEP), the U.S. oil and gas venture of former Chesapeake Energy Corp (CHK.N) CEO Aubrey McClendon, has hired investment banks to find ways to shore up its finances, according to people familiar with the matter. The move by the Oklahoma City, Oklahoma-based firm, which was founded by McClendon in 2013, highlights the cash crunch gripping the oil patch, as the industry deals with the worst crude price crash in more than six years.