Utica Shale

Chesapeake Energy Updates Utica Shale Operations

Chesapeake Energy (CHK) disclosed an operational update on its activity in Ohio where the company has a large development program targeting the Utica Shale.  The company is operating 12 rigs here and estimates that it will have 16 rigs by the end of 2012 on its 1.3 million net acres.  

Chesapeake Energy has drilled a total of 87 wells to date into the Utica Shale and has 28 wells waiting on completion or on pipeline.  The company signed a joint venture with Total (NYSE:TOT) to help with development here and has $1.35 billion left on the original drilling carry.  Chesapeake Energy expects the remainder of the funds to be used by the end of 2014.

Second Quarter of 2012 Earnings Season For The Energy Sector

Here’s an interesting article on the Motley Fool blog that discusses the upcoming earnings season in the Energy Sector.  Second quarter of 2012 earnings season will be an important one to watch due to the recent weakness in oil prices:

Gearing Up For Earnings Season

CONSOL Energy Reports Utica Shale Update For Second Quarter of 2012

CONSOL Energy (CNX) and Hess Corporation (HES) are involved in a joint venture agreement on the development of the Utica Shale in Ohio.

CONSOL Energy is operating two rigs in Ohio, with one drilling the NBL 1A in Noble County and the other drilling the PRT 2A in Portage County. The company recently completed the TUSC 3A Utica Shale well in Tuscarawas County, Ohio, and reported “commercial amounts of light crude oil” along with 1,400 Btu gas.  The well has been shut in pending further operations.

CONSOL Energy expects to drill 12 Utica Shale wells in 2012, down from the earlier estimate of 16 wells.

Hess is operating one rig in Belmont County, Ohio, and is currently drilling the Capstone 2H-9 well into the Utica shale.  The company expects to drill six wells in 2012 on its Ohio acreage.